Francis A. Longstaff
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Academic Faculty of Finance, The Ohio State University. I am grateful for the comments and suggestions received from Warren Bailey, Stephen Buser, K. C. Chan, George Constantinides, Wayne Ferson, Campbell Harvey, Shmuel Kandel, Hersh Shefrin, Robert Stambaugh, René Stulz, Finance workshop participants at The Ohio State University, and participants at the 1988 Western Finance Association Meetings. I am particularly grateful for the referee's insights and suggestions. All errors are my responsibility