The authors thank Jorge M. Silva-Risso for providing the transaction data and seminar participants at the Georgia Institute of Technology for sharing helpful comments. The second author thanks the DMSB research grant program for support. The fourth author thanks the Kilts Center for Marketing at the Booth School of Business, University of Chicago for financial assistance. This study has benefited substantially from conversations with professors Yu Jeffrey Hu and Sriram Venkataraman. All errors are the authors’ own. The usual disclaimer applies.
