---- Acknowledgements -----
For helpful comments and conversations, we are grateful to Nadine Baudot-Trajtenberg, Alma Cohen, Randy Heron, Ira Kay, Erik Lie, MP Narayanan, and participants in a Harvard workshop for their helpful comments. For financial support, we would like to thank the John M. Olin Center for Law, Economics, and Business, the Harvard Law School Program on Corporate Governance, and the Lens Foundation for Corporate Excellence. Because Yaniv Grinstein is a visiting academic scholar at the Securities and Exchange Commission during 2006-2005, we should note that, as a matter of policy, the Securities and Exchange Commission disclaims responsibility for any private publication or statement of any SEC employee or Commissioner. This paper expresses the authors' views and does not necessarily reflect those of the Commission, the Commissioners, other members of the SEC staff, or the National Bureau of Economic Research.