- I. The Model
- A. Information Structure
- B. Firm Valuation
- II. Idiosyncratic Volatility and Stock Returns
- A. Theoretical Findings
- B. Testable Implications and Empirical Support
- III. Implementation of the Model
- A. Simulation Methodology
- B. Calibration
- C. Results
- IV. Conclusion
- Appendix
- References
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