First Author:   Andrew Wait University of Sydney a.wait@econ.usyd.edu.au   Economics, University of Sydney Sydney, 2006, AUSTRALIA   61-2-93513060(Phone) 61-2-93513060(Fax) Second Author: Vladimir Smirnov University of Sydney v.smirnov@econ.usyd.edu.au   Economics, University of Sydney Sydney, 2006, AUSTRALIA   61-2-9036 9297(Phone) 61-2-9351-4341(Fax)