Bibliographical noteFunding Information:
All three authors, University of Minnesota. This project was aompleted while Gordon J. Alexander was a visiting faculty member at the University of California, Los Angeles. The authors are indebted to the Twin Cities Society of Security Analysts and the School of Management of the University of Minnesota for financial support of this -project. The authors also would like to acknowledge the generous computational assistance of Thomas R. Hoffmann and the helpful comments of Sheridan Titman.