This appears to be an unusually sophisticated and well-written student paper. In any event, it is recommended.
As gratifying a little blurb as I've ever received!
In a related vein, I found some typos in the version of the last paper I posted here; I have since corrected and made other very minor changes. Until SSRN gets the revised paper out, a cleaned-up version can be downloaded here. Downloading there won't increase my SSRN download numbers, and the chance of making the all-important SSRN niche rankings, but these are the sacrifices I am willing to make for the sake of very slight improvements in readability.
My best wishes to everyone for a very happy holiday, or what remains of it!