NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Flights to Safety

Lieven Baele, Geert Bekaert, Koen Inghelbrecht, Min Wei

NBER Working Paper No. 19095
Issued in May 2013

---- Acknowledgements -----

The authors greatly benefited from discussions with seminar participants at Antwerp University, the National Bank of Belgium, the University of the Basque Country, and Tilburg University, and in particular with Hans Dewachter, Eric Ghysels, Frank de Jong, and Joost Driessen. Baele, Bekaert, and Inghelbrecht gratefully acknowledge financial support from the National Bank of Belgium and Inquire Europe. The opinions expressed are those of the authors and do not necessarily reflect views of the National Bank of Belgium or the Federal Reserve System or the National Bureau of Economic Research.

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