Capital and Labor Reallocation Inside Firms
---- Acknowledgements ----
We thank Simon Gervais, Cam Harvey, Marcin Kacperczyk, Owen Lamont (NBER discussant), David Matsa, Gordon Phillips, Adriano Rampini, Joshua Rauh, Michael Roberts, Philipp Schnabl, Antoinette Schoar, Andrei Shleifer, Jeremy Stein, and seminar participants at the NBER Corporate Finance Summer Institute (2012), the Micro@Sloan Conference (2012), MIT, NYU, HBS, Duke, INSEAD, Utah, ASU, Florida, Bentley, and Stockholm School of Economics for helpful comments. The research in this paper was conducted while the authors were Special Sworn Status researchers of the U.S. Census Bureau at the New York and Boston Census Research Data Centers. Any opinions and conclusions expressed herein are those of the authors and do not necessarily represent the views of the U.S. Census Bureau or the National Bureau of Economic Research. All results have been reviewed to ensure that no confidential information is disclosed.