NBER Working Paper No. 14386
Issued in October 2008, Revised in March 2012
---- Acknowledgments ----
For helpful comments, I thank Robert Barro, John Campbell, Mikhail Chernov, Gregory Duee, Xavier Gabaix, Paul Glasserman, Francois Gourio, Dana Kiku, Bruce Lehmann, Christian Juillard, Monika Piazzesi, Nikolai Roussanov, Jerry Tsai, Pietro Veronesi and seminar participants at the 2008 NBER Summer Institute, the 2008 SED Meetings, the 2011 AFA Meetings, Brown University, the Federal Reserve Bank of New York, MIT, University of Maryland and the Wharton School. I am grateful for financial support from the Aronson+Johson+Ortiz fellowship through the Rodney L. White Center for Financial Research. Thomas Plank and Leonid Spesivtsev provided excellent research assistance. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.