I am extremely grateful to Dirk Jenter, Francisco Pérez-González, and John Beshears for guidance and discussions on this paper. I would like to give special thanks to Rajkamal Iyer (Editor) and an anonymous referee for comments that substantially improved the paper. I also thank Shai Bernstein, William Cong, Yesol Huh, Sebastian Infante, Doron Israeli, Arthur Korteweg, Iván Marinovic, Felipe Varas, and the seminar participants at the Joint Finance/Accounting Stanford student seminar for helpful discussions and comments. I acknowledge funding from Proyecto Fondecyt Iniciación #11160874. All errors are my own.