1. Michael Bailey is a Senior Economic Research Scientist, Facebook, Inc., Menlo Park, California.
2. Rachel Cao is a PhD candidate in economics, Harvard University, Cambridge, Massachusetts.
3. Theresa Kuchler is an Assistant Professor of Finance, at the Stern School of Business, New York University, New York City, New York.
4. Johannes Stroebel is a Professor of Finance, at the Stern School of Business, New York University, New York City, New York. Stroebel is the corresponding author at .
5. Arlene Wong is an Assistant Professor of Economics at Princeton University, Princeton, New Jersey.