NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Flexible Prices and Leverage

Francesco D’Acunto, Ryan Liu, Carolin Pflueger, Michael Weber

NBER Working Paper No. 23066
Issued in January 2017

---- Acknowledgments ----

This research was conducted with restricted access to the Bureau of Labor Statistics (BLS) data. The views expressed here are those of the authors and do not necessarily reflect the views of the BLS or the National Bureau of Economic Research. We thank our project coordinator at the BLS, Ryan Ogden, for help with the data. We also thank Laurent Bach, Alex Corhay, Ralf Elsas, Michael Faulkender, Josh Gottlieb, Lifeng Gu, Sandy Klasa, Catharina Klepsch, Mark Leary, Kai Li, Max Maksimovic, Vikram Nanda, Boris Nikolov, Gianpaolo Parise, Gordon Phillips, Michael Roberts, Philip Valta, Nicolas Vincent, Giorgo Sertsios, Hannes Wagner, Toni Whited, and seminar participants at the 2016 NBER Corporate Finance, 2016 NBER Capital Markets and the Economy, 2016 ASU Winter Finance, BYU, 2016 Edinburgh Corporate Finance Conference, EFA 2015, 2016 FIRS Conference, 2016 ISB Summer Finance Conference, Frankfurt School, 2015 German Economist Abroad Conference, LMU Munich, McGill Risk Management Conference, 2016 Corporate Finance Symposium, University of Arizona, SFI Geneva, and 2016 WFA. Pflueger gratefully acknowledges funding from the Social Sciences and Humanities Research Council of Canada (grant number 430-2014-00796). Weber gratefully acknowledges financial support from the Fama-Miller Center and the Neubauer Family Foundation.

---- Disclosure of Financial Relationships for Carolin Pflueger ----

Carolin Pflueger is working at and receiving salary from the University of British Columbia (Canada). Funding from the Social Sciences and Humanities Research Council of Canada (grant number 430-2014-00796) is gratefully acknowledged.

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