The authors thank Brad Barber, Murillo Campello, Paulo Costa, Bruno Ferman, Marcelo Fernandes, Sinan Gokkaya, Bernardo Guimaraes, Jack Liebersohn, Steffen Meyer, Terrance Odean, Emanuel Ornelas, Michaela Pagel, Vladimir Ponczek, Mounu Prem, Rik Sen, Petra Vokata, Baolian Wang, and Marcos Nakaguma as well as participants at Frankfurt School of Finance and Management, Goethe University, Miami University, Sao Paulo School of Economics-Fundação Getúlio Vargas (FGV), Sao Paulo School of Business-FGV, University of California–Riverside, University of New South Wales, University of Sao Paulo, Universidad Torcuato Di Tella, University of Virginia–Darden School of Business, Financial Management Association 2020, Society for Financial Studies 2020 Finance Cavalcade, Western Finance Association 2020 Conference, III Meeting of Applied Economics, Sixth Brazilian Behavioral Economics and Finance Meeting, 12th Meeting of the Luso-Brazilian Finance Network, and the 2018 Brazilian Finance Association Meeting for their valuable comments. The authors also thank Eduardo Astorino for excellent research assistance.