Rüdiger Fahlenbrach, Kevin Rageth, René M. Stulz

NBER Working Paper No. 27106
Issued in May 2020, Revised in June 2020

---- Acknowledgments ----

We thank seminar participants at the joint online research seminar of the universities of Bonn, Dortmund, Wuppertal, and WHU and the University of Chicago Booth’s Stigler Center online seminar. We thank Heitor Almeida, Harry DeAngelo, Dirk Jenter, Peter Limbach, Raghu Rau, Henri Servaes, and Luigi Zingales for helpful comments. We are grateful to Leandro Sanz for scientific assistance. Fahlenbrach gratefully acknowledges financial support from the Swiss Finance Institute. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. This version is a revision of the paper posted in April on SSRN with the same title.

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