Lawrence S. Ritter (late) was Professor of Finance and Economics Emeritus at the Stern School of Business of New York University. A former Chief of the Domestic Research Division of the Federal Reserve Bank of New York, he served as a consultant to the U.S. Treasury, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the American Bankers Association, the Association of Reserve City Bankers, and the Garvin Guy Butler Corporation. He was an editor of the Journal of Finance and was a past President of the American Finance Association. Professor Ritter was also the author of numerous articles in professional journals and of The Glory of Their Times, a best-selling book about the early days of baseball. William L. Silber is the Marcus Nadler Professor of Finance and Economics and Director, Glucksman Institute for Research in Securities Markets at the Stern School of Business of New York University. A former Senior Staff Economist with the President's Council of Economic Advisers and a former Senior Vice President at Lehman Brothers Kuhn Loeb, he has served as a consultant to the Board of Governors of the Federal Reserve System, the President's Commission on Financial Structure and Regulation, the U.S. Senate Committee on the Budget, the House Committee on Banking and Financial Services, the Justice Department, the Federal Home Loan bank Board, the National Commission on Electronic Fund Transfers, and the Department of Housing and Urban Development. He is on the Economic Advisory Panel of the Federal Reserve Bank of New York and is the author of five books and numerous articles in professional journals. Gregory F. Udell is the Bank One Chair of Banking and Finance at the Kelley School of Business of Indiana University. He was formerly a banker and commercial loan officer in Chicago specializing in lending to small and midsized Midwestern companies. Currently, his academic research focuses on banking and financial contracting. He has published numerous articles in academic journals including the Journal of Political Economy, the Journal of Financial Economics, the Journal of Monetary Economics, and the Journal of Business. He is an associate editor of six journals, including the Journal of Money, Credit, and Banking, the Journal of Banking and Finance, and the Journal of Financial Services Research. Professor Udell has been a visiting economist and consultant to the Board of Governors of the Federal Reserve System.