Professor of Management. Prior to that, he was an assistant professor of fi-
nance at the Harvard Business School from 1987–1990. He received his B.A.
in economics summa cum laude from Princeton University in 1983, and his
Ph.D. in economics from M.I.T. in 1986. Stein’s research has covered such
topics as: behavioral finance and stock-market efficiency; corporate invest-
ment and financing decisions; risk management; capital allocation inside
firms; financial intermediation; and monetary policy.
Avanidhar Subrahmanyam(“Subra”) is currently a Professor of Finance
at UCLA. He received his Ph.D. in finance from the Anderson School in
- He was Assistant Professor at Columbia University from 1990 to 1993,
and Visiting Associate Professor at Anderson in 1993–1994. His current re-
search interests range from the relationship between the trading environ-
ment of a firm’s stock and the firm’s cost of capital to behavioral theories
for asset price behavior to empirical determinants of the cross-section of
equity returns. Professor Subrahmanyam is the author or coauthor of nu-
merous refereed journal articles on these and other subjects in leading fi-
nance and economics journals. He is a member of the Working Research
Group on Market Microstructure recently established by the National Bu-
reau of Economic Research (NBER) in Cambridge, Mass. He has received
best paper awards at the Journal of Finance, the Journal of Financial Eco-
nomics, Western Finance Association meetings and the International Con-
ference of Finance in Taiwan, and has been nominated several times for
the best paper at the Journal of Finance. He is a co-editor of the Journal
of Financial Marketsand a past associate editor of the Journal of Finance
and the Review of Financial Studies. He has served as a consultant
for several firms including the NASDAQ Stock Exchange, the National
Stock Exchange in Mumbai (Bombay), India, San Jose Mercury News,
Irwin/McGraw-Hill, Law and Economics Group, and Deutsche Bank.
Sheridan Titmanholds the McAllister Centennial Chair in Financial Ser-
vices at the University of Texas and is a research associate of the National
Bureau of Economic Research. He has a B.S. from the University of Col-
orado and an MS and Ph.D. from Carnegie Mellon University. Professor
Titman taught at UCLA for over ten years where in addition to his teaching
and research activities he served as the department chair for the finance
group and as the Vice Chairman of the UCLA management school faculty.
Between 1992 and 1994 Professor Titman was one of the founding profes-
sors of the School of Business and Management at the Hong Kong Univer-
sity of Science and Technology where he was the vice chairman of the faculty
and the chairman of the faculty appointments committee. From 1994 to
1997 he served as the John J. Collins, S. J. Chair in Finance at Boston Col-
lege. In the 1988–89 academic year Professor Titman worked in Washing-
ton D.C. as the special assistant to the Assistant Secretary of the Treasury
for Economic Policy. He has served on the editorial boards of the leading
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