Demand for Crash Insurance, Intermediary Constraints, and Risk Premia in Financial Markets
---- Acknowledgments ----
We thank Tobias Adrian, David Bates, Robert Battalio, Geert Bekaert, Harjoat Bhamra, Ken French, Nicolae Garleanu, Zhiguo He, Boris Ilyevsky, Gary Katz, Bryan Kelly, Lei Lian, Andrew Lo, Dmitriy Muravyev, Jun Pan, Lasse Pedersen, Steve Ross, Paul Stephens, Ken Singleton, Emil Siriwardane, Moto Yogo, Hao Zhou, as well as participants at numerous conferences and seminars for comments, and we thank Ernest Liu for excellent research assistance. We also acknowledge financial support from Hong Kong RGC (644311). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.