is given to the source. Realization Utility

for helpful comments. We are especially grateful to Xuedong He, Jonathan Ingersoll, and Lawrence Jin for many discussions about this project. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications