Asymmetric Reversals -- by Federico Baldi-Lanfranchi, Pierre Collin-Dufresne, Kent D. Daniel

Kent Daniel serves as an advisor for several financial firms, none of which had any interest or participation in this research, and none of which reviewed this work. Collin-Dufresne gratefully acknowledges the financial support of the Swiss Finance Institute. He serves occasionally as an expert witness consultant for Cornerstone Research. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.