University,OhioStateUniversity,StanfordUniversity,andWashingtonUniversityatSt.Louis forhelpfulcomments.HirshleiferthankstheNipponTelephoneandTelegraphProgramofAsian FinanceandEconomicsforfinancialsupport. THEJOURNALOFFINANCE•VOL.LIII,NO.6•DECEMBER1998 1839 ...