NBER Working Paper No. 22828
---- Acknowledgments ----
Respectively, Kenneth King Stonier Chair at the Marshall School of Business, University of Southern California; Ph.D. candidate, The Ohio State University; and Everett D. Reese Chair of Banking and Monetary Economics, The Ohio State University and NBER. For helpful comments, we thank David Denis, Arthur Korteweg, Richard Roll, Michael Schwert, Michael Weisbach, Ivo Welch, and brownbag seminar participants at Ohio State. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.