Sheridan Titman holds the McAllister Centennial Chair in Financial Services 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 Colorado and an M.S. 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 professors of the School of Business and Management at the Hong Kong University 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 College. In the 1988-89 academic year Professor Titman worked in Washington D.C. as the special assistant to the Assistant Secretary of the Treasury for Economic Policy. Professor Titman has published numerous articles on both investments and corporate finance and coauthored a leading advanced corporate finance textbook entitled Financial Markets and Corporate Strategy." He has served on the editorial boards of the leading academic finance journals, was an editor of the Review of Financial Studies, and is the founding editor of the International Review of Finance. He is a past director of the American Finance Association and is a current director of both the Asia Pacific Finance Association and the Western Finance Association. Professor Titman has won a number of awards for his research excellence, including the Batterymarch fellowship in 1985, which was given to the most promising assistant professors of finance, and the Smith Breeden prize for the best paper published in the Journal of Finance in 1997.