The authors thank Jean-Noel Barrot, Vahid Moghani, Sara Rellstab, Joacim Täg, Felix Zwart, and seminar participants at Bayes Business School (City University, London), Erasmus University Rotterdam, Tilburg University, the Technische Universität Mänchen, the 7th HEC Paris Workshop on “Banking, Finance, Macroeconomics and the Real Economy,” the 1st European meeting of the Labor and Finance Group, the 35th congress of the European Economic Association, and the Frankfurt School of Finance and Management for helpful comments and discussions.