Capital Mobility and Asset Pricing
---- Acknowledgements ----
We are grateful for reactions at Oxford University, the Gerzensee European Summer Symposium in Financial Markets, the University of Toulouse, The London School of Economics, London Business School, Yale University, NBER Asset Pricing Conference, and especially for comments from Bruno Biais, Eddie Dekel, Julien Hugonnier, Jean-Charles Rochet, Larry Samuelson, Avanidhar (Subra) Subrahmanyam, Jean Tirole, Dimitri Vayanos, and Glen Weyl. The advice of the editor and several anonymous referees was very useful. We are thankful for the research assistance of Sergey Lobanov and Felipe Veras. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.