Michael Jensen is currently Jesse Isidor Straus Professor of Business Administration, Emeritus, at Harvard Business School; Managing Director of the Organizational Strategy Practice at the Monitor Company; a Fellow of the European Corporate Governance Institute; and co-founder and Chair of Social Science Electronic Publishing, Inc. Kevin J. Murphy is currently the E. Morgan Stanley Chair in Business Administration, the Vice Dean for Faculty and Academic Affairs at the University of Southern California Marshall School of Business, a professor of finance and business economics at the Marshall School, a professor of business and law in the USC Law School, and a professor of economics in the USC Economics Department. Eric G. Wruck is founder of Econalytics, which applies economic, financial, and statistical expertise to questions of business and public policy. Dr. Wruck received a Ph.D. and an M.S. in Marketing from the Johnson Graduate School of Management at Cornell University.