Panle Jia Barwick

We thank Florian Ederer for his insightful discussion, Jaden Chen, Jacob Dorn, Leemore Dafny, Joe Harrington, Fiona Scott Morton, Ellie Prager, and participants at seminars and conferences for their helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

We thank Larry Goulder, Agustín Gutiérrez, Bård Harstad, Keith Head, Charlie Murry, Jianwei Xing, Qinshu Xue, and seminar participants at Shanghai Jiaotong U., Shanghai U. of Finance and Economics, Stanford, U. of Chicago, UC-Riverside, and UT-Austin for helpful comments. Xiufang Cao, Yangsai Chen, Chuwei Fu, Zhuoyan Han, Xinhan Hu, Jason Huang, and Haohan Wenyan provided excellent research assistance.

We would like to thank the discussants, Luis Lopez and David Zhang, as well as seminar participants at WFA, ASSA-AREUEA Conference, the Singapore Management University, UW-Madison and University of Hawaiʻi at Mānoa, for their helpful comments. All remaining errors are our own. We have no financial relationships to disclose. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.