All authors are members of the Centre for Financial Research (CFR), Cologne, Germany. For helpful comments and discussions, the authors thank Vikas Agarwal, Gelly Fu, Stefan Jaspersen, Peter Limbach, David Moreno, Alexander Puetz, Pablo Ruiz Verdu, Yannick Voshardt, Jay Wang, participants at the 2020 FMA Annual Meeting, 2021 FMA European Conference, IZA/Econtribute Human Capital Meeting, and seminar participants at the University Carlos III de Madrid, University of Cologne, Iowa State University, and University of Missouri.