Expectations and Investment

Nicola Gennaioli, Yueran Ma, Andrei Shleifer

NBER Working Paper No. 21260
Issued in June 2015

---- Acknowledgments ----

We are deeply grateful to John Graham and Campbell Harvey for providing data from the CFO survey, and to Joy Tianjiao Tong for helping us to access the data. We thank our discussants Monika Piazzesi and Chris Sims, as well as Gary Chamberlain, Martin Eichenbaum, Carlo Favero, Robin Greenwood, Luigi Guiso, Sam Hanson, Chen Lian, Jonathan Parker, Fabiano Schivardi, Jim Stock, and Mirko Wiederholt for useful suggestions. We also thank Yang You for research assistance. 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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