NBER Working Paper No. 18174
---- Acknowledgements -----
The authors are from CREI and UPF, Harvard University, and University of Chicago, respectively. We are grateful to Charles Angelucci, Nick Barberis, John Campbell, Roman Inderst, Sendhil Mullainathan, Lubos Pastor, Raghuram Rajan, Jonathan Reuter, Josh Schwartzstein, Charles-Henri Weymuller, Luigi Zingales and Yanos Zylberberg for extremely helpful comments. Disclosure: Shleifer was a co-founder of LSV Asset Management, a money management firm, but is no longer a shareholder in the firm. Shleifer’s wife is a partner in a hedge fund, Bracebridge Capital. Vishny was a co-founder of LSV Asset Management. He retains an ownership interest. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.