STEPHEN A. ROSSSloan School of Management, Massachusetts Institute of Technology Stephenv A. Ross is the Franco Modigliani Professor of Financial Economics at the Sloan School of Management, Massachusetts Institute of Technology. One of the most widely published authors in fi nance and economics, Professor Ross is recognized for his work in developing the arbitrage pricing theory, as well as for having made substantial contributions to the discipline through his research in signaling, agency theory, option pricing, and the theory of the term structure of interest rates, among other topics. A past president of the American Finance Association, he currently serves as an associate editor of several academic and practitioner journals. He is a trustee of CalTech and Freddie Mac.

RANDOLPH W. WESTERFIELD Marshall School of Business, University of Southern California Randolph W. Westerfi eld is Dean Emeritus of the University of Southern California’s Marshall School of Business and is the Charles B. Thornton Professor of Finance.

Professor Westerfi eld came to USC from the Wharton School, University of Pennsylvania, where he was the chairman of the fi nance department and member of the fi nance faculty for 20 years. He is a member of several public company boards of directors, including Health Management Associates, Inc., William Lyon Homes, and the Nicholas Applegate Growth Fund. His areas of expertise include corporate fi nancial policy, investment management, and stock market price behavior.

JEFFREY F. JAFFE Wharton School of Business, University of Pennsylvania Jeffrey F. Jaffe has been a frequent contributor to the fi nance and economics literatures in such journals as the Quarterly Economic Journal, The Journal of Finance, The Journal of Financial and Quantitative Analysis, The Journal of Financial Economics, and The Financial Analysts Journal. His best-known work concerns insider trading, where he showed both that corporate insiders earn abnormal profi ts from their trades and that regulation has little effect on these profi ts. He has also made contributions concerning initial public offerings, regulation of utilities, the behavior of marketmakers, the fl uctuation of gold prices, the theoretical effect of infl ation on interest rates, the empirical effect of infl ation on capital asset prices, the relationship between small-capitalization stocks and the January effect, and the capital structure decision.

RAM KUMAR KAKANI XLRI Jamshedpur, School of Business and HR Ram Kumar Kakani’s research interests skate the intersection between corporate fi nance, corporate strategy, and fi nancial analysis, brought forth by the empirical work on the Indian business groups at the Indian Institute of Management (IIM) Calcutta. His interests also include capital market operations and developmental issues. He is the author of Financial Accounting for Management, published by McGraw-Hill Education, and has published articles in publications including AI & Society, Decision, Finance India, General Management Review, Innovation Journal, and Management and Accounting Research. He has been ranked by Social Science Research Network as one of the top 1% authors in the profession, and has been conferred the Best Young Teacher Award by the Association of Indian Management Schools. He was a visiting scholar at Copenhagen Business School, Denmark. Aditya Birla Research Center of London Business School and the National Stock Exchange have funded his research work.