Dr. John (Jack) Hughes holds the Ernst & Young Chair in Accounting at UCLA. He joined the UCLA faculty in 1999, having formerly been a member of faculties at Western New England College, Dartmouth College, Duke University, University of Minnesota, and University of British Columbia. He has won teaching awards in MBA programs at Duke and British Columbia and in undergraduate programs at Western New England, Purdue, and Minnesota. Professor Hughes currently teaches in the MBA, Ph.D., and undergraduate programs. His present MBA course assignment is financial statement analysis, a course that emphasizes valuing equity from fundamental analysis. At the undergraduate level, Professor Hughes recently taught a course on Special Topics in Accounting that explored recent accounting scandals and their economic consequences and valuation implications. He serves as the accounting area Ph.D. advisor. Professor Hughes has over 50 articles either published or forthcoming in major academic journals in accounting and economics, including The Accounting Review, Journal of Accounting Research, Journal of Accounting and Economics, Review of Accounting Studies, Econometrica, Journal of Economic Theory, RAND Journal of Economics, and Journal of Law and Economics. He is cofounder and a coeditor of the Review of Accounting Studies. Professor Hughe's personal interests include cycling in the nearby Santa Monica mountains and rock climbing at his summer residence in British Columbia. Dr. Frances L. Ayres Ph.D., CPA is currently the Director of the School of Accounting and is the John W. Jr. and Barbara J. Branch Professor of Accounting at the University of Oklahoma. She received her Ph.D. in Accounting at the University of Iowa. She has been a faculty member at the University of Oaklahoma for 22 years. Her teaching focus is in the Financial accounting area. She has taught introductory financial accounting to undergraduates and MBAs, intermediate financial accounting, accounting theory, and financial statement analysis. Dr. Ayres has published in numerous academic and professional journals, including the Journal of Accounting and Economics, the Journal of Accounting Research, The Accounting Review, and Management Accounting. She serves as an ad hoc reviewer for several journals and serves on the editorial boards of The Accounting Review and Journal of Accounting and Public Policy. She is past editor of the Journal of the American Taxation Association and currently serves as president of the American Taxation Association. Her research interest focus on the impact of taxation and financial information and disclosures on managers and investors. She also serves on the Board of Directors of the Oklahoma City Chapter of the Financial Executives Institute and has served on the Business Advisory Board for Los Alamos National Laboratory. Dr. Robert (Rob) E. Hoskin is currently Accounting Faculty and Director of Executive Programs at the School of Business, University of Connecticut. He received his Ph.D. from Cornell University in 1980 and taught for six years at the Fuqua School of Business, Duke University, before coming to the University of Connecticut. Dr. Hoskin has since served as Director of the Executive MBA Program and as Associate Dean prior to his current role. He spent six months with Price Waterhouse in 1990 as a faculty intern. He currently teaches primarily introductory Financial Accounting to MBAs, a course in financial services (Insurance and Banking) in the MS in Accounting Program, as well as several executive education programs in the insurance and banking arena.