Sell Side School Ties
---- Acknowledgements -----
We would like to thank Josh Coval, Eugene Fama, Owen Lamont, and seminar participants at the University of Florida, Harvard Business School, SIFR, University of Chicago, Bentley College, and the Society of Quantitative Analysts for helpful comments. We also thank Nick Kennedy, Stephen Wilson, Laura Dutson, Matthew Healey, Meng Ning, Courtney Stone, and Bennett Surajat for excellent research assistance. In addition, we are grateful to BoardEx and Linda Cechova for providing firm board data, and to Devin Shanthikumar and Alexander Ljungqvist for sharing data with us. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.