Liquidity and Inefficient Investment
---- Acknowledgements -----
We would like to thank Nicola Gennaioli, Bengt Holmstrom, Anil Kashyap, Guido Lorenzoni, and Alp Simsek for helpful comments, and Kirill Borusyak for outstanding research assistance. Oliver Hart gratefully acknowledges financial support from the U.S. National Science Foundation through the National Bureau of Economic Research. Luigi Zingales gratefully acknowledges financial support from the Center for Research in Security Prices (CRSP), and the Initiative on Global Markets at the University of Chicago The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.