© The Author(s) (published by Oxford University Press on behalf of The Society for Financial Studies) Posted on November 13, 2013 by SCG DR Copyright Holders: The Author(s) (published by Oxford University Press on behalf of The Society for Financial Studies) Self-archiving policy Conditions Accepted version: X Published version: X Remarks: This journal does not permit authors to deposit their accepted manscript (“postprint”) or final published version of the article in institutional and/or centrally organized repositories. Verification Date: 13.11.2013