NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Feedback Effects and the Limits to Arbitrage

Alex Edmans, Itay Goldstein, Wei Jiang

NBER Working Paper No. 17582
Issued in November 2011

---- Acknowledgements -----

For helpful comments, we thank Philip Bond, Mike Fishman, Kathleen Hanley, Dirk Jenter, Pete Kyle, Sam Taylor, James Thompson, Dimitri Vayanos, Kostas Zachariadis, and seminar participants at the Federal Reserve Board, Wharton, the LSE Paul Woolley Centre Conference, and the Theory Conference on Corporate Finance and Financial Markets. We thank Ali Aram, Guojun Chen, Chong Huang and Edmund Lee for excellent research assistance. AE gratefully acknowledges financial support from the Dorinda and Mark Winkelman Distinguished Scholar award and the Goldman Sachs Research Fellowship from the Rodney L. White Center for Financial Research. 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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