Columbia Business School, Columbia University, New York, New York 10027; and Fudan International School of Finance (FISF), Fudan University, Shanghai 200011, China; and National Bureau of Economic Research, Cambridge, Massachusetts 02138; and Centre for Economic Policy Research, Paris 75007, France
Columbia Business School, Columbia University, New York, New York 10027; and Fudan International School of Finance (FISF), Fudan University, Shanghai 200011, China; and National Bureau of Economic Research, Cambridge, Massachusetts 02138; and Centre for Economic Policy Research, Paris 75007, France
The authors thank Markus Brunnermeier, Bo Becker, Ron Giammarino, Bruce Grundy, Zhiguo He, Harrison Hong, Han Xia, Kairong Xiao, and seminar participants at the Australian National University, Monash University, Columbia University, and the 9th ABFER annual conference for their useful comments on the paper. All errors are the authors’ own.
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