Do Behavioral Frictions Prevent Firms from Adopting Profitable Opportunities?

We are very grateful to our discussants Manuel Adelino, Tomomichi Amano, Jie Bai, Milo Bianchi, Miriam Bruhn, Michael Ewens, Camille Hebert, Rawley Heimer, Kai Li, Luca Lin, Song Ma, Michaela Pagel, Ryan Pratt, and Melanie Wallskog. We thank seminar participants at Arizona, Baruch, Ben Gurion, Cape Town, Chicago, Duke, Harvard, IMF, KAIST and Korea, Maryland, Melbourne, Monash, Northwestern, Peking, Sydney, Tulane, and Washington, as well as participants at several conferences including NBER Corporate Finance, NBER Organizational Economics, and SITE Psychology and Economics for helpful comments. We thank Noah Forougi, Mohammad Atif Haidry, Miguel Angel Jimenez, Cesar Landin, Nicolas Min, Alexandra Wall, Honghao Wang, and Tiange Ye for research assistance. We are grateful for funding from the CEGA-Visa Financial Inclusion Lab and LIFT at UC Berkeley. The authors declare that they have no financial or material interests in the results of this research. UC Berkeley IRB approvals 2018-02-10796 and 2020-03-13091; AEA RCT Registry: AEARCTR-0006540. 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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