Liquidity Windfalls and Reallocation: Evidence from Farming and Fracking

The author thanks Nittai Bergman, Raj Iyer, Andrew Lo, Bob Merton, and Stew Myers for continued support, advice, and encouragement; Jean-Noel Barrot, Alex Bartik, Asaf Bernstein, Hui Chen, Josh Coval, Tom Covert, Doug Diamond, Mark Egan, Lily Fang, Xavier Giroud, Daniel Green, Nat Gregory, Charlie Hadlock, Peter Haslag, Sudarshan Jayaraman, Leonid Kogan, Seung Kwak, Jack Liebersohn, Debbie Lucas, Daniel Saavedra Lux, Andrey Malenko, Ezra Oberfield, Bruce Petersen, Antoinette Schoar, Nemit Shroff, Tyler Shumway (the editor), Jeremy Stein, Anjan Thakor, Adrien Verdelhan, Haoxiang Zhu, two anonymous referees, an associate editor, seminar participants at MIT, Washington University in Saint Louis, Imperial College, Minnesota, Indiana, Northwestern, Michigan State, Emory, Boston College, University of North Carolina Chapel Hill, Illinois Urbana-Champaign, Ohio State, and meeting participants at the American Economic Association Meetings for helpful discussions and comments; and Farm Credit System Associations, the U.S. Department of Agriculture National Agricultural Statistics Service Data Laboratory, Mark Nibbelink, and Jim Burt for assistance in providing data.