Abstract
Christoph Merkle, Philipp Schreiber and Martin Weber⇑ Christoph Merkle is an associate professor of finance at Aarhus University and a research fellow at the Danish Finance Institute. Philipp Schreiber is a full professor of finance at Esslingen University. Martin Weber is a senior professor of finance at the University of Mannheim and a research fellow at the CEPR. corresponding author: cmerkle{at}econ.au.dk
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