Dr Pascal Gantenbein, MRICS, is the Henri B. Meier Professor of Financial Management at the University of Basel. Before joining the faculty in Basel, he worked at the Swiss Institute of Banking and Finance at the University of St. Gallen. His academic activities are in the areas of corporate finance, portfolio management, risk management, real estate finance, and venture finance. Dr Simone Westerfeld is Professor of Banking and Finance at the Institute for Finance, School of Business FHNW, Basel, and Lecturer at the School of Finance, at the University of St. Gallen (HSG). Her empirical research activities focus in particular on financial intermediation, relationship lending, and credit risk management.Beatrix Wullschleger is Research Associate at the Institute for Finance, School of Business FHNW, Basel. She graduated from the University of St. Gallen (HSG) with a Master’s degree in Economics, and received a federal diploma as a financial analyst and asset manager from the Swiss Training Center for Investment Professionals (AZEK). Her academic activities focus on portfolio management, alternative investments, and credit risk management.