NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Differences of Opinion and International Equity Markets

Bernard Dumas, Karen K. Lewis, Emilio Osambela

NBER Working Paper No. 16726
Issued in January 2011

---- Acknowledgements -----

Dumas and Osambela acknowledge with thanks the financial support of the Swiss National Center for Competence in Research in "FinRisk". We thank for valuable comments Daniel Andrei, Philippe Bacchetta, Sebastien Betermier, Guiseppe Bertola, Philip Bond, Markus Brunnermeier, Giancarlo Corsetti, Julien Cujean, Stephan Dieckman, Charles Engel, Linda Goldberg, Amit Goyal, Robert Hauswald, Burton Hollifeld, Julien Hugonnier, Philipp Illeditsch, Urban Jermann, Jakub Jurek, Andrew Karolyi, Leonid Kogan, André Kurman, David Ng, Stavros Panageas, Anna Pavlova, Krishna Ramaswamy, Bryan Routledge, Duane Seppi, Jose Scheinkman, Norman Schürhoff, Chris Sims, Nicholas Souleles, Pascal St-Amour, Luke Taylor, Chris Telmer, Raman Uppal, Wei Xiong, Motohiro Yogo, Fabrizzio Zilibotti and seminar participants at The Wharton School of the University of Pennsylvania, University of Lausanne, the CEPR conference "Fourth Annual Workshop on Global Interdependence" at the European University Institute, the NBER meeting of International Finance and Macroeconomics, Princeton University, Carnegie Mellon University, the "Adam Smith Asset Pricing Conference" at the Oxford-Man Institute and the AFA meetings. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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