Research assistants Lucas Blasius Research Analyst, Swedish House of Finance / Stockholm School of Economics Philipp Bössendörfer Research Analyst, Swedish House of Finance / Stockholm School of Economics Joakim Davidsson Research Analyst, Swedish House of Finance / Stockholm School of Economics Saloni Drolia Research Analyst, Swedish House of Finance / Stockholm School of Economics Mohammad Reshad Esfehani Research Analyst, Swedish House of Finance / Stockholm School of Economics Masoud Fahmideh Kalatehei Research Analyst, Swedish House of Finance / Stockholm School of Economics Yao Fu Senior Research Analyst, Swedish House of Finance / Stockholm School of Economics Agnese Gentile Research Analyst, Swedish House of Finance / Stockholm School of Economics Giulia Grasso Research Analyst, Swedish House of Finance / Stockholm School of Economics August Hansson Senior Research Analyst, Swedish House of Finance / Stockholm School of Economics Eline Jacobs Research Analyst, Swedish House of Finance / Stockholm School of Economics Andreas Karlsson Research Analyst, Swedish House of Finance / Stockholm School of Economics Diana Tagliaferri Research Analyst, Swedish House of Finance / Stockholm School of Economics Lorenzo Tonon Research Analyst, Swedish House of Finance / Stockholm School of Economics Jie Wen Research Analyst, Swedish House of Finance / Stockholm School of Economics Haiping Yu Research Analyst, Swedish House of Finance & Misum at Stockholm School of Economics