
Volume 37, Issue 2
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- Received:June 04, 2024
- Accepted:October 03, 2025
- Published Online:October 29, 2025
Copyright © 2025 The Author(s)
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The authors thank Ivan Carbajal, Charles Chu, Sreedhari Desai, Jin Goh, Alex Imas, Jon Jachimowicz, Leslie John, Michael Norton, Christopher Petsko, Basima Tewfik, Ting Zhang, and seminar participants at the Tuck School of Business for feedback on this work. The authors are also extremely grateful to the many people who provided research assistance on this project, including Sanurag Basu, Isa Cuevas, Jordyn Hitzeman, Anoushka Kiyawat, Madison Rhee, Matthew Ryan, Cherie Sang, Simon Wesenberg, Marisa Wolfson, Kayla Zhang, and Xingruo Zhang, with particular thanks to Benjamin Keller, Austin Smith, and Emmet Sullivan. The authors are also grateful for the support provided by the Biehler Junior Faculty Fellowship at the University of Chicago Booth School of Business.
