Realization Utility

We thank Daniel Benjamin, Patrick Bolton, John Campbell, Lauren Cohen, Erik Eyster, Nicolae Garleanu, Simon Gervais, Bing Han, Vicky Henderson, Bige Kahraman, Peter Kelly, Antonio Mele, Matthew Rabin, Chris Rogers, Paul Tetlock, Jeffrey Wurgler, the referees, and seminar participants at Arizona State University, Brown University, Cornell University, Harvard University, the LSE, New York University, Notre Dame University, Oxford University, Princeton University, the University of California at Berkeley, the University of Texas at Austin, Yale University, the Gerzensee Summer Symposium, and the NBER 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.

• October 22, 2008