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? We thank Gideon Saar (the editor) and an anonymous referee for helpful comments. We would also like to thank Timotheos Angelidis, Nikolaos Antypas, Taufiq Choudhry, Efthimios Demirakos, Alfonso Dufour, Athanasios Episcopos, Dimitrios Georgoutsos, Chih-Ching Hung (discussant), Fred Liu (discussant), Frank McGroarty, Leonidas Rompolis, Nikolaos Tessaromatis, Andrianos Tsekrekos, Simone Varotto, Chardin Wese Simen and Yan Xu (discussant) for helpful suggestions, as well as conference participants at the 2019 British Accounting and Finance Association Corporate Finance & Asset Pricing Conference, the 2019 Paris Financial Management Conference, the 2020 Financial Management Association Virtual Conference, and the 60th Southern Finance Association Annual Meeting, and seminar participants at the Athens University of Economics and Business and the ICMA Centre at Henley Business School, University of Reading.
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