Thierry Foucault is HEC Foundation Chaired Professor of Finance at HEC, Paris and a research fellow of the Centre for Economic Policy Research (CEPR). His research focuses on the production of information in financial markets, the liquidity and industrial organization of these markets, and their effect on the real economy. He is co-managing editor of the Journal of Financial and Quantitative Analysis and an Associate editor of the Journal of Finance and the Journal of Economic Theory. He is a former co-editor of the Review of Asset Pricing Studies and the Review of Finance. He also serves on the scientific committees of the French securities markets authority (AMF) and chairs the Norges Bank's Academic Program. Marco Pagano is Professor of Finance at the University of Naples Federico II, and a Research Fellow of the Centre for Studies in Economics and Finance (CSEF), the Einaudi Institute for Economics and Finance (EIEF), and the Centre for Economic Policy Research (CEPR). He holds a B.A. from Cambridge University and a Ph.D. from MIT. His research spans market microstructure, banking, corporate finance, macroprudential policy, and lately labor and finance. He taught at Bocconi University and Imperial College, and was managing editor of the Review of Finance, chair of the Advisory Scientific Committee of the European Systemic Risk Board (ESRB), president of EIEF and director of CSEF. He currently chairs the Scientific Council of the Swiss Finance Institute. Ailsa Röell is Professor of Finance at Imperial College, London, and a Research Fellow of the Centre for Economic Policy Research (CEPR). She holds an M.A. from the University of Groningen and a Ph.D. in Political Economy from Johns Hopkins University. Her research and teaching in financial economics ranges from securities market microstructure and the regulation of financial markets to corporate finance and corporate governance, including work on incentive compensation, governance of banks, and financial history.