1. Cass Business School, City, University of London, London EC1V 0HB, United Kingdom; and Center for Economic and Policy Research, London EC1V 0DX, United Kingdom
2. Management School, Lancaster University, Lancaster LA1 4YX, United Kingdom; and Center for Economic and Policy Research, London EC1V 0DX, United Kingdom
3. Frankfurt School of Finance and Management, 60314 Frankfurt am Main, Germany