NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Does the Stock Market Make Firms More Productive?

Benjamin Bennett, René Stulz, Zexi Wang

NBER Working Paper No. 24102
Issued in December 2017

---- Acknowledgments ----

Bennett is from the Fisher School of Business, The Ohio State University, Stulz is from the Fisher School of Business, NBER and ECGI, and Wang is from the Institute for Financial Management, University of Bern. We are grateful for comments to Kewei Hou, Xiaoji Lin and participants at a seminar at the Ohio State University. 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 Stulz ----

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

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