Abstract

offered useful criticisms. We are grateful to Hans-Christian Boy for outstanding research assistance, and Jonathan Hersh, Maximilian von Laer, and Diego Puga for help with the geographic data. Davide Cantoni and Noam Yuchtman kindly shared their data on year of incorporation and first market for German cities. Voigtländer acknowledges financial support from the UCLA Center for International Business Education and Research (CIBER). Voth thanks the European Research Council for generous funding. The views expressed herein are those of the authors and do not necessarily reflect the view

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