First Author:   Afschin Gandjour Frankfurt School of Finance & Management a.gandjour@fs.de   Adickesallee 32-34 Frankfurt am Main, 60322, Germany   +49-(0)69-154008832(Phone) +49-(0)69-154008832(Fax) Second Author: Dimitrios Kourouklis MINES ParisTech dimitrios.kourouklis@mines-paristech.fr   Paris, 75006, France