NBER Working Paper No. 16972
---- Acknowledgements -----
I thank John Campbell, George Constantnides, Doug Diamond, Gene Fama, Zhiguo He, Bryan Kelly, Juhani Linnanmaa, Toby Moskowitz, Lubos Pastor, Monika Piazzesi, Amit Seru, Luis Viceira, Lu Zhang and Guofu Zhou for very helpful comments. I gratefully acknowledge research support from CRSP and outstanding research assistance from Yoshio Nozawa. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.