About the Authors

Stephen A. Ross, Massachusetts Institute of Technology

Stephen Ross is presently the Franco Modigliani Professor of Finance and Economics at the Sloan School of Management, Massachusetts Institute of Technology. One of the most widely published authors in finance and economics, Professor Ross is recognized for his work in developing the Arbitrage Pricing Theory and his 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, a director of the College Retirement Equity Fund (CREF), and Freddie Mac. He is also the co-chairman of Roll and Ross Asset Management Corporation.

Randolph W. Westerfield, University of Southern California

Randoloph W. Westerfield is Dean of the Marshall School of Business at University of Southern California and holder of the Robert R. Dockson Dean's Chair of Business Administration.From 1988 to 1993, Professor Westerfield served as the chairman of the School's finance and business economics department and the Charles B. Thornton Professor of Finance. He came to USC from The Wharton School, University of Pennsylvania, where he was the chairman of the finance department and member of the finance faculty for 20 years. His areas of expertise include corporate financial policy, investment management and analysis, mergers and acquisitions, and stock market price behavior. Professor Westerfield has served as a member of the Continental Bank trust committee, supervising all activities of the trust department. He has been consultant to a number of corporations, including AT&T, Mobil Oil and Pacific Enterprises, as well as to the United Nations, the U.S. Department of Justice and Labor, and the State of California.

Jeffrey Jaffe, University of Pennsylvania

Jeffrey F. Jaffe had been a frequent contributor to finance and economics literature. His best known work concerns insider trading. He has also made contributions concerning initial public offerings, regulation of utilities, the behaviour of marketmakers, the fluctuation of gold prices, the theoretical effect of inflation on the interest rate, the empirical effect of inflation on capital asset prices, the relationship between small capitalization stocks and the January effect, and the capital structure decision.

Gordon Roberts, York University

Gordon Roberts is Canadian Imperial Bank of Commerce Professor of Financial Services at the Schulich School of Business, York University. His extensive teaching experience includes finance classes for undergraduate and MBA students, managers, and bankers. Professor Roberts conducts research on duration models for bond portfolio management, corporate finance, and banking. He serves on the editorial boards of the Canadian Journal of Administrative Sciences, FINÉCO, and the Banking and Finance Law Review.