The authors thank Charles Courtemanche, Steve Dimmock, Eliezer Fich, Andrey Golubov, Russell Jame, Jon Karpoff, Amit Kumar, Frank Parker, David Sovich, the editor, associate editor and two anonymous referees; seminar participants at the American Finance Association Annual Meeting, Financial Management Association Annual Meeting, Boise State University, and University of Kentucky; and Jared Horn and Lee Meeker for research assistance.