The authors thank the department editor, Camelia Kuhnen, the associate editor, and two anonymous reviewers for helpful comments and suggestions. The authors are also grateful to Simona Abis, Vicente Bermejo, Patrick Bolton, Tony Cookson, Victor DeMiguel, Ariadna Dumitrescu, Rich Evans, Javier Gomez Biscarri, Philip Hamill, Filippo Ippolito, Alberto Manconi, Andrea Polo, Fabrice Riva, Emanuele Rizzo, Maria Tselika and Fernando Zapatero, as well as seminar participants at CUNEF, Universitat Pompeu Fabra, Université Paris Dauphine, Kozminski University, and conference participants at the 2021 International Conference of the French Finance Association, the 2021 Finance Forum of the Spanish Finance Association, the 2022 FMA Consortium on Asset Management and Fintech, the 2022 British Accounting and Finance Association SWAG Annual Conference, and the 2023 Midwestern Finance Association for helpful comments and suggestions.