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So if I have the hypothesis that individuals are affected by personal experiences, that should translate into corporate decision making, decision making for their company. And indeed that's exactly what we find. So we do see then if you think about a company as a person just for a second, you do see that, say, a bank who has gone through periods of difficulties, being close to maybe having to be closed down, being close to a bank run, et cetera, that this experience in quotation marks of the bank stays with the company for decades to come, that they're more conservative in their risk taking..

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