---- Acknowledgements -----
Isil Erel and Michael Weisbach are Fellows of the National Center for the Middle Market at the Fisher College of Business, Ohio State University, and acknowledge the Center’s support for this research. We would like to thank Heitor Almeida, Bo Becker, Murillo Campello, Serdar Dinc, Mara Faccio, Joan Farre-Mensa, Antonio Galvao, Jerry Hoberg, Byoung-Hyoun Hwang, Berk Sensoy, René Stulz, Tracy Wang, and Jun Yang, as well as seminar participants at Purdue University for helpful suggestions. We received excellent research assistance from Jongsik Park. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.