Investing in Customer Capital

Carlo Geat, Freddy Pinzon, and Sixun Tang provided excellent research support. We are grateful to Michael Alter, Nicolas Crouzet, Andrea Eisfeldt, Sam Hanson, Steve Kaplan, Simone Lenzu, Yueran Ma, Quinn Maingi, Dimitris Papanikolaou, Leena Rudanko, Chad Syverson, Luke Taylor, Stephen Terry, Rob Vishny and seminar participants at Chicago Booth, Columbia GSB, Harvard Business School, the Federal Reserve Bank of Richmond, the Money and Financial Research Group meeting at INSEAD and the National University Singapore, the Midwest Macro meeting at the Federal Reserve Bank of Kansas City, the NBER Corporate Finance meeting, the NBER Macroeconomics and Productivity meeting, the Mitch Daniels School of Business at Purdue University, USC Marshall, and the Western Finance Association Conference for helpful comments. We are grateful to the University of Chicago Booth School of Business and the Fama Miller Center for financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• November 14, 2024
• February 14, 2025
• June 12, 2025