1. Department of Management, Strategy and Innovation, KU Leuven, Warmoesberg 26, Brussels 1000, Belgium
2. Department of Marketing and Strategy, Hasselt University, Agoralaan, building D, Diepenbeek 3590, Belgium
3. Joint Research Centre, Rue du Champ, European Commission, de Mars 21, Brussels 1050, Belgium
4. Department of Management, Strategy and Innovation, KU Leuven, Naamsestraat 69, Leuven 3000, Belgium
5. Bruegel, Rue de la Charité, 33, Saint-Josse-ten-Noode 1210, Brussels
6. CEPR, 33 Great Sutton Street, London EC1V 0DX, UK