1. School of Business and Economics, Vrije Universiteit Amsterdam, 1081 HV Amsterdam, Netherlands;
2. Swiss Institute of Banking and Finance, University of St. Gallen, CH-9000 St. Gallen, Switzerland;
3. Stern School of Business, New York University, New York, New York 10003;
4. European Corporate Governance Institute, 1000 Brussels, Belgium;
5. National Bureau of Economic Research, Cambridge, Massachusetts 02138