1. Department of Economics and Department of Finance, Kenan–Flagler Business School; and Department of Economics, University of North Carolina, Chapel Hill, North Carolina 27599-3305, USA;
2. Centre for Economic Policy Research, London EC1V 0DX, United Kingdom
3. Louvain School of Management, Université Catholique de Louvain, 1348 Louvain-La-Neuve, Belgium
4. Institute of Finance, Università della Svizzera Italiana and Swiss Finance Institute, 6900 Lugano, Switzerland;
5. Rady School of Management, University of California at San Diego, La Jolla, California 92093-0093, USA;
6. Department of Financial Economics, University of Alicante, San Vicente del Raspeig 03080, Spain;
7. Department of Finance and Real Estate, Colorado State University, Fort Collins, Colorado 80523, USA;