The authors thank Bo Becker (the editor), two anonymous referees, Matt Blackwell, Ralph de Haas, Fulvia Fringuellotti, Stefano Iacus, Theo Cotrim Martins, David Martinez Miera, Isabella Mueller, Anna-Leigh Stone, the seminar and conference participants at Erasmus University, De Nederlandsche Bank, FIRS (online), ifo Dresden Workshop on Macroeconomics and International Finance, University of Houston Alumni conference, IFABS (Oxford), Conference on the Comparative Analysis of Enterprise Data, ERMAS (Cluj-Napoca), IBEFA (Portland), and FMA (Atlanta) for valuable feedback and comments, and Lisa Plag and Nicole Stoelinga for excellent research assistance. Any remaining errors are the authors’ own. The views expressed in this paper are those of the authors only and do not necessarily represent those of DNB or the Eurosystem.