“…2 For evidence at the aggregate stock market level, see, for example, Alfaro et al (2020), Baker et al (2020), and Gormsen and Koijen (2020). For cross-sectional evidence, see Bretscher, Hsu, and Tamoni (2020), Ding et al (2020), Fahlenbrach, Rageth, and Stulz (2020), Gerding, Martin, and Nagler (2020), Glossner et al (2020), Pagano, Wagner, and Zechner (2020), Ramelli and Wagner (2020), and others.…”