Finance and the Preservation of Wealth
NBER Working Paper No. 19117
---- Acknowledgements -----
Universita' Bocconi and CREI, Harvard University, and University of Chicago, respectively. We are grateful to Charles-Henri Weymuller for extremely helpful comments, and to the Smith Richardson Foundation for financial support. 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.