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Michela Verardo is at the London School of Economics. We thank two anonymous referees, an anonymous Associate Editor, and the Editor, Kenneth Singleton, for many insightful comments and suggestions. We are grateful for comments from Amil Dasgupta', 'Kathy Yuan as well as from conference participants at the 2011 IDC Summer Conference, 2012 WFA, and 2015 CFA UK Society', 'Paul Woolley', 'René Stulz', 'Sheridan Titman', 'seminar participants at the Universities of Aarhus, Amsterdam, Arizona, BI Oslo, Cattolica Milan, Cologne, Drexel, Erasmus Rotterdam, ESSEC, IESE Barcelona, Kent, London School of Economics, Lugano, Mannheim, Michigan State, Nottingham, Reading, and Vienna. Verardo gratefully acknowledges financial support from the Paul Woolley Centre at the London School of Economics. The authors have no conflicts of interest to disclose.', 'Łukasz Pomorski'], 'affiliations': [{'raw_affiliation_string': 'Hao Jiang is at Michigan State University. 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