Fund Managers, Career Concerns, and Asset Price Volatility
---- Acknowledgements ----
We are grateful to Fernando Alvarez, Cristina Arellano, Péter Benczúr, Emmanuel Farhi, Bernardo Guimaraes, Nobuhiro Kiyotaki, Narayana Kocherlakota, István Kónya, Arvind Krishnamurthy, Guido Lorenzoni, Guillermo Ordonez, Rafael Repullo, Balázs Szentes, Nancy Stokey, Harald Uhlig, Dimitri Vayanos, Laura Veldkamp, Neng Wang, Iván Werning, and seminar participants at Central Bank of Hungary (MNB), Washington University in St. Louis, Northwestern, 2007 SED Annual Meeting in Prague, 2007 EEA-ESEM Anual Meeting in Budapest, CREI-CEPR Conference on Sovreign Risk, University of Chicago, Conference "Beyond Liquidity" at the Chicago GSB, 2008 Minnesota Workshop in Macroeconomic Theory, Wharton School, Philadelphia Federal Reserve Bank, Fuqua, CEMFI, Harvard University. This research was funded in part by the Initiative on Global Markets at the University of Chicago Graduate School of Business. An early version of this paper was circulated under the title "Fund Managers and Defaultable Debt." The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.