---- Acknowledgements -----
A previous version of this paper was titled "Catering to Characteristics." We are grateful to Malcolm Baker, John Campbell, Sergey Chernenko, Lauren Cohen, Ben Esty, Borja Larrain, Owen Lamont, Jon Lewellen, Jeff Pontiff, Huntley Schaller, Andrei Shleifer, Erik Stafford, Jeremy Stein, Adi Sunderam, Ivo Welch, Jeff Wurgler, and seminar participants at Harvard, INSEAD, HEC, AllianceBernstein, the University of Michigan, and the NBER Behavioral Working Group for helpful suggestions. The Division of Research at the Harvard Business School provided funding. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.