Bibliografisk note

Funding Information:
Morten Bennedsen is at the University of Copenhagen and INSEAD. Elena Simintzi is at the University of North Carolina, Kenan‐Flagler Business School, and CEPR. Margarita Tsoutsoura is at Washington University in St. Louis, CEPR, and NBER. Daniel Wolfenzon is at Columbia University and NBER. We thank our discussants Irem Demirci, Daniel Ferreira, Camille Hebert, David Matsa, Geoff Tate, Karin Thorburn, and Rebecca Zarutskie. We are grateful for excellent comments from seminar participants at UC San Diego, IESE Barcelona, Columbia Business School, Cornell University, Darden, INSEAD, UIC, UCLA, ASU as well as from conference participants at LBS Summer Finance Symposium, Stanford SITE conference, CEPR Incentives, Management and Organization 2018 conference, European Commission‐Gender Equality Unit, Colorado Finance Summit, Swedish House of Finance and AFFECT conference, the Corporate Finance Beyond Public Companies conference, 2019 SOLE conference, 2019 EFA meetings, 2019 WFA meetings, and 2020 AEA meetings. We thank Brian J. Lee and Jiacheng Yan for excellent research assistance, He Zhang for data management, and Mona Larsen (VIVE), Helle Holt (VIVE), and Maria Boysen (Statistic Office Denmark) for help understanding data. We are grateful for financial support from the Danish National Research Foundation (Niels Bohr Professorship) and the Danish Finance Institute. We have read disclosure policy and we have no conflicts of interest to disclose. The Journal of Finance's

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