Advisors and Asset Prices: A Model of the Origins of Bubbles
---- Acknowledgements ----
We thank Kerry Back, Henry Cao, John Eatwell, Simon Gervais, Ming Huang, Robert Jarrow, Maureen O'Hara, Jacob Sagi, Robert Shiller, Sheridan Titman, Pietro Veronesi, and seminar participants at the Bank of England, Cornell University, St. Louis Federal Reserve Bank, 2006 American Finance Association Annual Meeting in Philadelphia, 12th Mitsui Life Symposium at University of Michigan, Cambridge-Princeton Conference on Finance, CEPR/Pompeu Fabra Bubble Conference, Duke-UNC Asset Pricing Conference, Financial Intermediation Research Society Conference in Shanghai and NBER Behavioral Finance Conference for helpful comments. We thank the National Science Foundation for financial support under grants SES0350770 and SES0718407. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.