* NUS Business School, National University of Singapore. Ivan Png thanks the Tuck School of Business, Dartmouth College, for warmly hosting a visit during which this study began. We thank Jim Pooley, Lu Yi Davin Chor, Lee Fleming, Paul Wolfson as well as other NUS and Dartmouth colleagues, and audiences at Harvard Law School, Stanford Law School, Yale Law School, the NBER Productivity Lunch, DR...