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SCHILL', 'raw_affiliation_strings': ['Cooper is with the David Eccles School of Business, The University of Utah. Gulen is with the Krannert Graduate School of Management, Purdue University. Schill is with the University of Virginia – Darden Graduate School of Business Administration. We thank Mike Cliff, Kent Daniel, Naveen Daniel, David Denis, John Easterwood, Wayne Ferson, John Griffin, Ro Gutierrez, Michael Lemmon, Laura Xiaolei Liu, Elena Loutskina, Bill Maxwell, John McConnell, Grant McQueen, Raghu Rau, Jacob Sagi, Paul Simko, Jeff Wurgler, an anonymous referee, the editor (Rob Stambaugh), and seminar participants at BYU, Indiana University, ISCTE, Michigan State University, Purdue University, University of Michigan, University of Porto, University of Virginia, Virginia Tech, and meetings of the American Finance Association, CRSP Forum, and the Financial Management Association for their helpful comments. 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