We are grateful to an anonymous institutional investor for making the data used in this study available, and
to Eric Green for many helpful discussions and suggestions. We also thank the Salomon Center at NYU Stern
for generous financial assistance, and Steve Kaplan and Jeff Wurgler for many helpful comments. We are
grateful to Eric Stern for excellent research assistance. All errors are our own. The views expressed herein
are those of the authors and not necessarily those of the National Bureau of Economic Research.