NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Risk Aversion and Clientele Effects

Douglas W. Blackburn, William N. Goetzmann, Andrey D. Ukhov

NBER Working Paper No. 15333
Issued in September 2009

---- Acknowledgements -----

We thank George Constantinides, Ravi Jagannathan, Mike Long, Pascal Maenhout, Robert Shiller, Richard Shockley, Matthew Spiegel, Vijay Yerramilli, and seminar participants at Harvard Business School, Indiana University, INSEAD, London School of Economics, Michigan State University, University of Massachusetts – Amherst, University of Vienna, and participants of Frontiers of Finance 2007, The Seventh Maryland Finance Symposium – Behavioral Finance, 2007 Triple Crown Conference in New York, Washington Area Finance Association 2007 conferences for helpful comments and suggestions. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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