NBER Working Paper No. 23162
---- Acknowledgements ----
We are grateful to Effi Benmelech, Jess Cornaggia, Song Ma, Enrico Moretti, Holger Mueller, Charles Nathanson, Josh Rauh, Amit Seru, as well as seminar participants at Stanford, NYU, Penn State University, University of Toronto, the 2017 Jackson Hole Finance Conference, and the Yale Junior Finance Faculty Conference for helpful comments and suggestions. Any opinions and conclusions expressed herein are those of the authors and do not necessarily represent the views of the U.S. Census Bureau or the National Bureau of Economic Research. All results have been reviewed to ensure that no confidential information is disclosed.