John M. Barrios, Yael Hochberg

NBER Working Paper No. 27008
Issued in April 2020

---- Acknowledgments ----

We thank Lauren Cohen, Francesco D’Acunto, Jonathan Dingel, Ray Fisman, Tarek Hassan, Seema Jayachandran, Elisabeth Kempf, Christian Leuz, Charlie McLure, Paola Sapienza, Andrei Shleifer, Kelly Shue, Margarita Tsoutsoura, Michael Weber, Constantine Yannelis, Luigi Zingales for helpful conversations, comments and suggestions. Jin Deng provided excellent research assistance. All errors are our own. We gratefully acknowledge the support of the Stigler Center and the Becker Friedman Center at the University of Chicago Booth School of Business. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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