We thank Berk Sensoy, René Stulz, and Cristian Tiu for helpful comments. Ben-David is with The Ohio State University and the National Bureau of Economic Research, Birru is with The Ohio State University, and Rossi is with the University of Arizona. Ben-David is a co-founder and a partner in an investment advisor that manages a small number of friends-and-family accounts for an incentive fee. Until 2016, the investment advisor was a general partner in a hedge fund.