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- Published online January 13, 2022.
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© 2022 by the Board of Regents of the University of Wisconsin System This open access article is distributed under the terms of the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0 and is freely available online at: http://jhr.uwpress.org
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- Christoph Merkle,
- Philipp Schreiber and
- Martin Weber⇑
- Christoph Merkle is an associate professor of finance at Aarhus University and a research fellow at the Danish Finance Institute.
- Philipp Schreiber is a full professor of finance at Esslingen University.
- Martin Weber is a senior professor of finance at the University of Mannheim and a research fellow at the CEPR.
- corresponding author: cmerkle{at}econ.au.dk
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