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Previous versions of this paper were presented at seminars at BI Norwegian Business School and Toulouse School of Economics, and at the ANZESG 2024 meeting in Melbourne. The authors would like to thank all seminar and meeting participants, and in particular Anindya Banerjee (Editor), Jan Ditzen, Eric Gautier, Koen Jochmans, Bonsoo Koo, Adam Lee, Wooyong Lee, Thierry Magnac, Luca Margaritella, Simo
