Abstract
The authors thank Jonas Peeters, Neel Shah, and Luofeng Zhou for excellent research assistance and CompStak for generously providing data for academic research. We would like to thank Chen Zheng (discussant), Cameron LaPoint (discussant) and seminar participants at AREUEA (DC), AREUEA International (Dublin), the USC Macro-Finance Conference, the Chinese University of Hong Kong finance seminar, National University of Singapore, Columbia Business School finance seminar, and the Urban Economics Association Conference (DC). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.