and securities’ valuation. His research has appeared in such scholarly jour-
nals as the Journal of Finance, Review of Financial Studies, Journal of Fi-
nancial and Quantitative Analysis, Journal of Financial Intermediation,
and Financial Management. His research has been also frequently featured
in The Wall Street Journal, New York Times, the Economist, Investor’s
Business Daily, San Francisco Chronicle, BusinessWeek, Forbes, Barrons,
Money, Reuters, Worth, and others. Professor Michaely was a director of
the Israeli Securities Authority (ISA) from 1998 to 2003. He consults in the
area of securities valuation, restructuring, and conflict of interest in the
banking industry.
Terrance Odeanis an associate professor of Finance at the Haas School
of Business at the University of California, Berkeley. He earned a B.A. in
Statistics at UC Berkeley in 1990 and a Ph.D. in Finance from the univer-
sity’s Haas School of Business in 1997. He taught finance at UC Davis from
1997 through 2001. As an undergraduate at Berkeley, Odean studied judg-
ment and decision making with Daniel Kahneman. This led to his current
research focus on how psychologically motivated decisions affect investor
welfare and securities prices. During the summer of 1970, he drove a yel-
low cab in New York City.
Jayendu Patelleads ChoiceStream’s team of research scientists whose ex-
pertise span micro-econometrics, Bayesian statistics, choice modeling, col-
laborative filtering, library science/taxonomy, and search. He received his
Ph.D. from the University of Chicago. Prior to joining ChoiceStream as
Chief Scientist in 2001, Dr. Patel was a professor at Boston University, Har-
vard University, and Boston College. His current interests relate to con-
sumer choice, judgment and decision-making, and corporate finance.
Tano Santosis the 1967 Associate Professor of Business at the Finance
and Economics division of Columbia Business School. He obtained his
Ph.D. in Economics at the Department of Economics of the University of
Chicago. His thesis focused on the timing and real side effects of financial
innovations. Before coming to Columbia University he was in the faculty of
the Chicago Business School. Santos current research focuses on asset pric-
ing and the institutions of financial markets.
Robert J. Shilleris the Stanley B. Resor Professor of Economics, Cowles
Foundation for Research in Economics, Yale University, and fellow at the
International Center for Finance, Yale School of Management. He received
his Ph.D. in economics from the Massachusetts Institute of Technology in
1972, and his since been awarded several honorary doctorates/professor-
ships. He is Research Associate of the National Bureau of Economic Re-
search, a fellow of the American Academy of Arts and Sciences, a fellow of
the Econometric Society, a recipient of a Guggenheim fellowship, and a
member of the American Philosophical Society. He has written widely on
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