NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Why Does Capital No Longer Flow More to the Industries with the Best Growth Opportunities?

Dong Lee, Han Shin, René M. Stulz

NBER Working Paper No. 22924
Issued in December 2016

---- Acknowledgments ----

Lee is from Korea University Business School, Shin is from School of Business at Yonsei University, and Stulz is from the Fisher School of Business, Ohio State University, NBER, and ECGI. We are grateful for comments from Heitor Almeida, Sergey Chernenko, Harry DeAngelo, Andrei Gonçalves, Luke Taylor, Toni Whited, and participants at a seminar at Ohio State. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for René M. Stulz ----

René Stulz serves on the board of a bank and consults and provides expert testimony for financial institutions.

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