First Author:   John P. Conley Vanderbilt University j.p.conley@vanderbilt.edu   Department of Economics, Vanderbilt University Nashville, 37235, USA   615-322-2920(Phone) 615-322-2920(Fax) http://www.cba.uiuc.edu/jpconley Second Author: Fan-chin Kung City University of Hong Kong kungfc@cityu.edu.hk   Kowloon, Hong Kong   852 2788 7407(Phone) 852 2788 8806(Fax) http:// personal.cityu.edu.hk/~kungfc