1. Rotterdam School of Management, Erasmus University, 3062 PA Rotterdam, Netherlands
2. PwC, 3065 WB Rotterdam, Netherlands; and Rotterdam School of Management, Erasmus University, 3062 PA Rotterdam, Netherlands
3. Rotterdam School of Management, Erasmus University, 3062 PA Rotterdam, Netherlands; and University of Groningen, 9747 AE Groningen, Netherlands
4. University of Zurich, 8032 Zurich, Switzerland, Swiss Finance Institute, CH-8006 Zurich, Switzerland; and Centre for Economic Policy Research, London EC1V 0DX, United Kingdom