Investment and the Cost of Capital: New Evidence from the Corporate Bond Market
---- Acknowledgments ----
We appreciate helpful comments and suggestions from Eileen Mauskopf, Stacey Tevlin, Jonathan Wright, and seminar participants at the Federal Reserve Board, the European Central Bank, the Bank of Canada, the Federal Reserve Bank of San Francisco, the Bank of Japan and the University of Tokyo. Jason Grimm and Isaac Laughlin provided superb research assistance. Simon Gilchrist thanks the National Science Foundation for financial support. The views expressed in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Board of Governors of the Federal Reserve System, or those of anyone else associated with the Federal Reserve System, or the views of the National Bureau of Economic Research.