The authors are grateful to Brayden King and two anonymous reviewers for the outstanding and constructive feedback. The authors thank Pino Audia, Christine Beckman, Gianluca Carnabuci, Michael Jensen, Balazs Kovacs, Martina Montauti, Edward Smith, Daniel Wagner, and seminar participants at Cambridge University, Ludwig Maximillian Universitat, Universitat Pompeu Fabra, Tilburg University, and the University of Gronigen for their feedback and advice. The authors gratefully acknowledge the Universita della Svizzera Italiana for generous financial support. Any errors found within are the responsibility of the authors alone.