The authors thank the Bill & Melinda Gates Foundation for its support of this research. Thanks are also owed to the research assistants at the Center on Finance, Law & Policy, especially Megan Kelly and Avaskhan Assanaliyev. 

Authors 

Michael S. Barr 

msbarr@umich.edu 

Adrienne A. Harris 

adrienah@umich.edu 

Lev Menand 

lmenand@law.columbia.edu 

Wenqi (Michael) Xu 

mikeyxu@umich.edu 

University of Michigan Center on Finance, Law & Policy Weill Hall Suite 5211 

735 S. State St. 

Ann Arbor, MI 48109