Assignment of Stock Market Coverage
---- Acknowledgments ----
We are very grateful to Bernard Salanie and Pierre-Andre Chiappori for many helpful comments. We also thank Pengjie Gao, Bruno Biais, Doug Diamond, Diego Garcia, Vish Vishwanathan, Sheridan Titman, Laura Starks and seminar participants at AFA 2017, the 2016 Conference on Finance and Accounting, University of Wisconsin, University of Texas at Austin and Hong Kong University of Science and Technology for helpful suggestions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.