[1] Ludwig Maximilians Univ Munchen, ISTO, Munich, Germany
[2] TBS Business Sch, Dept Finance & Econ, Toulouse, France
[3] Univ Pompeu Fabra, Dept Econ & Business, Barcelona, Spain
[4] City Univ London, Dept Econ, London, England
[5] Katholieke Univ Leuven, DIW Berlin, Leuven, Belgium
[6] Univ Amsterdam, Amsterdam, Netherlands
[7] Ludwig Maximilians Univ Munchen, Org Res Grp, Munich, Germany
[8] Ctr Econ Policy Res CEPR, London, England