NBER Working Paper No. 18537
---- Acknowledgements -----
We are grateful to Tobias Adrian, Laurent Clerc, Linda Goldberg, Sam Hanson, Anil Kashyap, Yueran Ma, Jamie McAndrews, Thomas Philippon, Carmen Reinhart, Andrei Shleifer, Jeremy Stein, Adi Sunderam, and seminar participants at the Federal Reserve Bank of New York, Federal Reserve Board of Governors, the European Central Bank, TSE-Banque de France conference in Paris, Harvard, Sciences-Po, Zûrich, and the NBER IFM and Risks of Financial Institutions meetings for their input. Greenwood received funding from the George F. Baker Foundation at the Harvard Business School. Landier aknowledges financial support from the Scor Chair at Fondation Jean-Jacques Laffont at the Toulouse School of Economics. Thesmar thanks the HEC foundation for funding. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.