The authors thank the editor (Lukas Schmid), two anonymous referees, Peter Feldhütter, Jakub Hajda, Dominique Kunz, Andrea Maino, Tatyana Marchuk, Daniel Streitz, Adam Winegar, and seminar participants at Copenhagen Business School, Moscow State University, The Nordic Finance Network (NFN) Webinar, and the Swiss Finance Institute (SFI) Research Days in Gerzensee for helpful comments.