1. Department of Finance, London Business School; Regent's Park London NW1 4SA UK
2. Department of Banking and Finance; University of Zurich; Plattenstrasse 14 8032 Zurich Switzerland
3. Swiss Finance Institute; Walchestrasse 9 8006 Zurich Switzerland
4. Centre for Economic Policy Research; 33 Great Sutton Street London EC1V 0DX UK