Young Firms, Old Capital

We thank seminar and conference participants at American University, Chicago Booth, Clemson, Colorado Finance Summit, Duke/UNC I&E Research Conference, FDIC, Federal Reserve Bank of Philadelphia, Federal Reserve Board, Frankfurt, GSU Conference on Financing Tangible and Intangible Capital, Georgia Tech, HEC Workshop on Entrepreneurship, HKU, Junior Entrepreneurial Finance and Innovation Workshop, Kellogg, McGill, Maryland, Michigan State, Midwest Finance Association, Oklahoma Workshop in Entrepreneurship and Finance, Pittsburgh, Princeton, Rice, SFS Cavalcade, Syracuse, Tilburg, Toronto, Utah, Washington St. Louis Corporate Finance Conference, and Yale (Applied Micro; Finance). We also thank Tony Cookson, Francois Derrien, Jason Donaldson, William Mann, Sahil Raina, Adriano Rampini, Xinxin Wang, and Liu Yang for detailed comments. Huijun Sun and Ran You provided excellent research assistance. Yale International Center for Finance provided research support. We thank Erik Gilje for generously sharing data on county-level shale oil shocks. All errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.