NBER Working Paper No. 16724
---- Acknowledgements ----
We thank Todd Gormley (AFA discussant), Charles Hadlock, Jerry Hoberg, Hernan Ortiz-Molina, Gordon Phillips, Michael Schill (EFA discussant), Erik Theissen, and an anonymous referee for their detailed comments and suggestions. Comments from audiences at the 2010 AFA Meetings, the 2010 EFA Meetings, ESMTBerlin, Michigan State University, MIT, Simon Fraser University, University of British Columbia, University of Mannheim, University of Michigan, University of Utah, and Vienna University are also appreciated. Lifeng Gu and Fabrício D'Almeida provided excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.