The late Stephen A. Ross was the Franco Modigliani Professorof Finance and Economics at the Sloan School of Management, MassachusettsInstitute of Technology. One of the most widely published authors in financeand economics, Professor Ross was known for his work in developing theArbitrage Pricing Theory as well as his substantial contributions to thediscipline through his research on signaling, agency theory, option pricing,and the theory of the term structure of interest rates, among other topics. Apast president of the American Finance Association, he also served as anassociate editor of various academic and practitioner journals. He was atrustee of CalTech. RandolphW. Westerfield is Dean Emeritus and the Charles B. Thornton Professor inFinance Emeritus at the University of Southern California's Marshall School ofBusiness. Professor Westerfield came to USC from the Wharton School, Universityof Pennsylvania, where he was the chairman of the finance department and amember of the finance faculty for 20 years. He is a member of the board oftrustees of Oaktree Capital mutual funds. His areas of expertise includecorporate financial policy, investment management, and stock market pricebehavior. Bradford D. (Brad) Jordan, University of Florida, Visiting Scholar. Before arriving at UF, Dr. Jordan held the duPont Endowed Chair in Banking and Financial Services at the University of Kentucky, where he was department chair for many years. He specializes in corporate finance and securities valuation. His recent research examines mutual fund manager skill, the effect of taxes on security values, the valuation of exotic options, and the pricing of IPOs. He has published numerous articles in leading finance journals, and he has received a variety of research awards, including the Fama/DFA Award in 2010. Dr. Jordan is also coauthor of Corporate Finance 13/e, Fundamentals of Corporate Finance 13/e, and Essentials of Corporate Finance 8/e, three of the most widely used business finance textbooks in the world that are published by McGraw Hill.