NBER Working Paper No. 24748
---- Acknowledgments ----
We thank Hengjie Ai, Oliver Boguth, Jean-Sebastien Fontaine, Thomas Gilbert, Nina Karnaukh, Emanuel Mönch, Ali Ozdagli, Andrea Vedolin, Mihail Velikov, Paul Whelan, Amir Yaron, and participants at several seminars and conferences. Weber gratefully acknowledges financial support from the University of Chicago Booth School of Business and the Fama-Miller Center. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.