---- Acknowledgments ----
We would like to thank Stefano DellaVigna and Joshua Pollet for providing portions of the data. We would also like to thank Stefano DellaVigna, Mark Grinblatt, Dirk Hackbarth, Guido Imbens, Alan Krueger, David Laibson, Justin McCrary, Terry Odean, Jesse Rothstein, Andrei Shleifer, Betsey Stevenson, Justin Wolfers, David Yermack, Luigi Zingales, and participants in seminars at Berkeley, Drexel, Duke, LBS, LSE, Mannheim, Princeton, Stanford, UCLA, Wharton, Washington University, the 2004 Stanford Media, NBER Personnel Economics, and SITE Psychology & Economics and the 2005 NBER Summer Institute in Corporate Finance, AEA and "People and Money" conferences for helpful comments. Nicole Hammer, Jared Katseff, Camelia Kuhnen, and Catherine Leung provided excellent research assistance. We acknowledge financial support from the Russell Sage Foundation. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.