[1] Aarhus Univ, Aarhus Sch Business & Social Sci, Dept Econ & Business, Fuglesangs Alle 4, DK-8210 Aarhus V, Denmark
[2] Cent Univ Finance & Econ, Sch Insurance, Beijing, Peoples R China
[3] Univ Lyon, CNRS, GATE UMR5824, 93 Chemin Mouilles, F-69130 Ecully, France
[4] IZA, Bonn, Germany
[5] Univ Innsbruck, Dept Publ Finance, Innsbruck, Austria