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We thank Cam Harvey, an associate editor, two anonymous referees, Yakov Amihud, Jeff Benton, Ekkehart Boehmer, Robin Greenwood, Joel Hasbrouck, Jerry Liu, Marios Panayides, L\u0306ubos\u0306 Pa\u0301stor, Avanidhar Subrahmanyam, Dimitri Vayanos, Vish Viswanathan, Masahiro Watanabe, Pierre-Olivier Weill, and participants at the NBER Market Microstructure meeting, the Trading Frictions in Asset Markets conference at UCSB, the 2008 AFA meeting, Columbia University, the Federal Reserve Bank of New York, University of Maryland, University of Michigan, the Office of Economic Analysis of the U.S. Securities and Exchange Commission, Society of Quantitative Analysts, University of Amsterdam, University of California Santa Barbara, University of Toronto, University of Utah, and University of Washington for helpful comments. Hendershott gratefully acknowledges support from the National Science Foundation. 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