Waves in Ship Prices and Investment
---- Acknowledgements -----
We thank Andreas Beroutsos, Murray Carlson, Ben Esty, Fritz Foley, Fotis Giannakoulis, Stefano Giglio, Charlie Norz, David Scharfstein, Andrei Shleifer, Erik Stafford, Jeremy Stein, Martin Stopford, Larry Summers, Adi Sunderam and seminar participants at Columbia, Harvard, MIT, Princeton, the SFS Finance Cavalcade, and the Texas Finance Festival for helpful suggestions. We are grateful to Jared Dourdeville for excellent research assistance and to Clarkson Research for providing data. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.