Discussants Laurent Bach Assistant Professor, ESSEC Business School Hans Dalborg, Visiting Professor Marieke Bos Deputy Director, Swedish House of Finance Associate Professor (Docent), Swedish House of Finance Peter Englund Researcher, Swedish House of Finance Professor Emeritus, Department of Finance, SSE Mariassunta Giannetti Researcher, Swedish House of Finance Katarina Martinson Professor of Finance, Department of Finance, SSE Florian Heider European Central Bank Marcin Kacperczyk Imperial College Roine Vestman Researcher, Swedish House of Finance Professor, visiting from Stockholm University Ariel Zetlin-Jones Carnegie Mellon University Irina Zviadadze Associate Professor of Finance, HEC Paris Bertil Danielsson Visiting Professor