---- Acknowledgments ----
We would like to thank Deborah Lucas, Briana Chang, Wei Cui, Joel David, Matthias Kehrig, Huiyu Li, Benjamin Moll, Adriano Rampini and David Zeke for helpful conversations and comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
---- Disclosure of Financial Relationships for Andrea L. Eisfeldt ----
I have a long-term consulting relationship with AQR.