Inflexibility and Leverage

The authors thank Bo Becker (editor), the associate editor, two anonymous referees, Heitor Almeida, Philip Bond, Sudipto Dasgupta, Nuri Ersahin, Vidhan Goyal, Jarrad Harford, Timothy Johnson, Evgeny Lyandres, Roni Michaely, Özde Öztekin, Carolin Pflueger, Farzad Saidi, Michael Schwert, David Thesmar, Alexander Wagner, Jin Yu, and conference participants at the American Finance Association Annual Meeting, the SFS Cavalcade North America, the Midwest Finance Association Annual Meeting, the China International Conference in Finance, the Financial Management Association Meetings, and the Finance Down Under Conference for helpful comments. All errors are our own.