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HLW6292Final

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Options and Bubbles Ste ve Heston Mark Loewenstein Greg ory A. Willard ∗ January 24, 2006 ∗ University of Maryland. Address correspondence and reque sts for reprints to Stev e Hest on, Robert H. Smith School of Business, Van Munching Hall, University of Maryland, College Park, Maryland, 20742 ([email protected] u). We thank Y acine A¨ ıt-Sahalia (the editor) and an anonymous referee, as well as seminar participants at the University of Maryland, Princeton Uni- versity, Washington University in Saint Louis, Carnegie Mellon, and George Washington University, inc luding Kerry Back, Gurdip Baksh i, Hong Liu, and Dilip Madan for their commen ts. We are responsible for any errors. 1
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