Friends in High Places

We would like to thank Dan Bergstresser, Ethan Cohen-Cole, Shawn Cole, Josh Coval, Bernard Dumas, David Primo, Ben Esty, Fritz Foley, Ken Froot, Burton Hollifield, Victoria Ivashina, Jim Kau, Harold Mulherin, Lukasz Pomorski, Keith Poole, Roberto Rigobon, Bill Schwert, Toby Stuart, Marco van der Leij, Rick Wilson, and seminar participants at Arizona State University, Carnegie Mellon University, Columbia University, DePaul University, University of Georgia, Harvard Business School, INSEAD, Rice University, University of Texas at Dallas, University of Toronto, Jane Street Capital, the State Street Global Markets Annual Research Retreat, and the Cambridge Conference on Financial Networks for helpful comments. We also thank David Kim for excellent research assistance. We are grateful for funding from the National Science Foundation. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• October 4, 2010