The authors thank Pat Akey, Saad Alnahedh (French Finance Association Paris December meeting discussant), Laurent Frésard, Denis Gromb, Markus Hinterleitner, Johan Hombert, Brandon Julio (London Business School Summer Finance Symposium discussant), Ernst Maug, Adair Morse (Western Finance Association Meetings discussant), Evren Ors, Jacob Sagi, Stefan Zeume (European Finance Association Meetings discussant), and seminar participants at HEC Paris, Lancaster University, University of Birmingham, University of Bristol, University of Exeter, University of Fribourg, University of Mannheim, University of North Carolina at Chapel Hill, University of Pittsburgh, University of Toronto, University of Zurich, WFA meetings, EFA meetings, LBS Summer Finance Symposium, and the AFFI Paris December meetings for helpful comments and suggestions.