Research Assistance

We thank Moxie Clifford and Trang Do for excellent research assistance.

Comments and Suggestions

We thank Matt Baron, Thomas Eisenbach, Carola Frydman (discussant), Itay Goldstein, Todd Keister, Sarah Quincy, and participants at Georgetown University, Federal Reserve Board of Governors, and NYU Financial History Workshop for helpful comments and suggestions on improving the paper and/or underlying dataset.