Market Timing, Investment, and Risk Management

Patrick Bolton, Hui Chen, Neng Wang

NBER Working Paper No. 16808
Issued in February 2011

---- Acknowledgements -----

We are grateful to Viral Acharya, Michael Adler, Nittai Bergman, Charles Calomiris, Xavier Gabaix, Zhiguo He, Jennifer Huang, Stewart Myers, Emi Nakamura, Paul Povel, Adriano Rampini, Doriana Ruffino, Jeremy Stein, Jeffrey Wurgler and seminar participants at Columbia, Duke Fuqua, Fordham, LBS, LSE, SUNY Buffalo, Berkeley, UNC-Chapel Hill, Global Association of Risk Professionals (GARP), Theory Workshop on Corporate Finance and Financial Markets (at NYU), and Minnesota Corporate Finance Conference for their comments. 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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