26 Highlights: https://docs.google.com/document/d/1I7PaurZ3iqvZgGJKocvid7KlIIgPj8v69JXZmd6Y... 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