Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means -electronic, mechanical, photocopying, recording, or otherwise -without the permission of ESMT. JEL classification: D53, D80, G01, G02, G11, G12, G20 * European School of Management and Technology (ESMT) Berlin, Germany, e-mail: axel.stahmer@esmt.org. Special thanks are due to Joerg Rocholl and Paul Heidhues for their extraordinary support and many useful comments that helped improve this paper. I am grateful to the ESMT and Humboldt University seminar participants, in particular Guillermo Baquero and Sascha Steffen as well as Christoph Wagner, Dora Simroth and Benedikt Meyer-Bretschneider for their constructive input. All errors are my own. I also wish to thank the JP Morgan team, which helped develop the paper idea. Terms of use: Documents in
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