21 Highlights https://drive.google.com/file/d/1O2yCLRPuAvWgPu6sfNRZMKzovBcE7LPK/view?usp=d... 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, and especially to Avaskhan Assanaliyev. The authors are also grateful for the editorial assistance of Tracey Van Dusen and Christie Baer. Authors Michael S. Barr msbarr@umich.edu Adrienne A. Harris adrienah@umich.edu Megan Kelly megkel@umich.edu Emma Macfarlane emmamac@umich.edu Bryan Ricketts rickettb@umich.edu University of Michigan Center on Finance, Law & Policy Weill Hall Suite 5211 735 S. State St. Ann Arbor, MI 48109