Thomas M. Eisenbach and Martin C. Schmalz
Staff Reports, Number 711, February 2015
Author Disclosure Statements
Thomas M. Eisenbach
I am employed by the Federal Reserve Bank of New York. The views expressed in the article under submission reflect my views and the views of my co-authors, but do not necessarily represent the views of the Federal Reserve Bank of New York, Federal Reserve Board, or the Federal Reserve System.
I have not received outside financial support for the research in this article.
I have not received any fees or payments from any institutions that might be relevant to the content of the research under submission.
No close relative has received funding or financial support, or is an officer, director, or board member of any relevant organization.
The article was vetted prior to circulation outside the Federal Reserve Board and the Federal Reserve Bank of New York.
Martin C. Schmalz
Martin Schmalz declares that he has no relevant or material financial interests that relate to the research described in this paper.