. . . and the Cross-Section of Expected Returns
---- Acknowledgements ----
We appreciate the comments of Viral Acharya, Jawad Addoum, Tobias Adrian, Andrew Ang, Ravi Bansal, Mehmet Beceren, Itzhak Ben-David, Bernard Black, Jules van Binsbergen, Oliver Boguth, Tim Bollerslev, Alon Brav, Ian Dew-Becker, Robert Dittmar, Jennifer Conrad, Michael Cooper, Andres Donangelo, Wayne Ferson, Simon Gervais, Bing Han, John Hand, Andrew Karolyi, Abby Yeon Kyeong Kim, Lars-Alexander Kuehn, Sophia Li, Harry Markowitz, Kyle Matoba, David McLean, Marcelo Ochoa, Peter Park, Lubos Pastor, Andrew Patton, Lasse Heje Pedersen, Tapio Pekkala, Jeff Pontiff, Ryan Pratt, Alexandru Rosoiu, Tim Simin, Avanidhar Subrahmanyam, Ivo Welch, Basil Williams, Yuhang Xing, Josef Zechner and Xiaofei Zhao as well as seminar participants at the 2014 New Frontiers in Finance Conference at Vanderbilt University, the 2014 Inquire Europe-UK meeting in Vienna, the 2014 WFA meetings, and seminars at Duke University, University of Utah, and Penn State university. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.