The authors are grateful for comments from Luca Anderlini, Axel Anderson, Sirio Aramonte, Jun Kyung Auh, Jennie Bai, Turan Bali, Chuqiao Bi, Mary Ann Bronson, Micheal Cichello, Behzad Diba, Dragon Yongjun Tang, Martin Evans, Douglas Gale, Garance Genicot, Limor Golan, Juan Pedro Gomez, Iftekhar Hasan, Kinda Hachem, Zhangkai Huang, Gazi Kara, David Marquez-Ibanez, Thomas Noe, Thorvardur Olafsson, Steven Ongena, Franco Peracchi, Yuliy Sannikov, Manuel Santos, Elod Takats, David Valencia, Quan Wen, Maya Waisman, Wei Xiong, Eleanor Xu, Owen Zidar, and seminar participants at Georgetown University, George Washington University, and at the 2017 Fordham-Bank of Finland conference. They thank the jury of the 2018 Eastern Finance Association conference for choosing this paper as the best paper on international finance.