NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Fiscal Risk and the Portfolio of Government Programs

Samuel G. Hanson, David S. Scharfstein, Adi Sunderam

NBER Working Paper No. 22763
Issued in October 2016

---- Acknowledgments ----

We thank Andy Abel, John Campbell, George Constantinides, Eduardo Davilla, Martin Oehmke, Guillermo Ordonez, Thomas Philippon, Julio Rotemberg, Matt Weinzierl, and seminar participants at Columbia, Chicago, Duke, Harvard, Kellogg, the NBER Corporate Finance Summer Institute, NYU, Princeton, and Wharton for helpful comments. We gratefully acknowledge funding from the Harvard Business School Division of Research. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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