Journal of Financial Economics

Managing Editor: G. William Schwert William E. Simon Graduate School of Business Administration, University of Rochester, Rochester, New York, NY 14627, USA, Founding Editor: M.C. Jensen , Advisory Editors: E.F. Fama University of Chicago, Chicago, IL, USA, K.R. French Dartmouth College, Hanover, NH, USA, J. Shanken Emory University, Atlanta, GA, USA, A. Shleifer Harvard University, Cambridge, MA, USA, C.W. Smith Jr University of Rochester, New York, NY, USA, R.M. Stulz Ohio State University, Columbus, OH, USA, Associate Editors: Hendrik Bessembinder The David Eccles School of Business, Salt Lake City, UT, USA, John Campbell Harvard University, Cambridge, MA, USA, Harry DeAngelo USC Marshall School of Business, Los Angeles, CA, USA, Darrell Duffie Stanford University, Stanford, CA, USA, Benjamin Esty Harvard Business School, Boston, MA, USA, Richard Green Carnegie Mellon University, Pittsburgh, PA, USA, Jarrad V.T. Harford University of Washington, Seattle, WA, USA, Christopher James University of Florida, Gainesville, FL, USA, Simon Johnson Massachusetts Institute of Technology (MIT), Cambridge, MA, USA, Steven Kaplan University of Chicago, Chicago, IL, USA, Andrew Karolyi Cornell University, Ithaca, NY, USA, Josh Lerner Harvard Business School, Boston, MA, USA, Tim Loughran University of Notre Dame, Notre Dame, IN, USA, Michelle Lowry Pennsylvania State University, University Park, PA, USA, Kevin Murphy USC Marshall School of Business, Los Angeles, CA, USA, Mica S. Officer USC Marshall School of Business, Los Angeles, CA, USA, Lubos Pastor University of Chicago, Chicago, IL, USA, Neil Pearson University of Illinois at Urbana-Champaign, Champaign, IL, USA, Jay Ritter University of Florida, Gainesville, FL, USA, Richard Sloan Barclays Global Investors, San Francisco, CA, USA, Jerold Warner University of Rochester, New York, NY, USA, Toni Whited University of Rochester, New York, NY, USA, Karen Wruck-Hopper Ohio State University, Columbus, OH, USA, David Yermack New York University, New York, NY, USA, Editorial Assistant: Kathleen Madsen William E. Simon Graduate School of Business Administration, University of Rochester, Rochester, New York, NY 14627, USA, Senior Manuscript Editor: Janice Willett