Chester Spatt is the Pamela R. and Kenneth B. Dunn Professor of Finance at the Tepper School of Business at Carnegie Mellon University, where he has taught since 1979. He served as Chief Economist of the U.S. Securities and Exchange Commission and Director of its Office of Economic Analysis from July 2004 through July 2007. He currently is Golub Distinguished Visiting Professor of Finance and Distinguished Senior Fellow at the Golub Center for Financial Policy at MIT's Sloan School of Management. He earned his Ph.D. in economics from the University of Pennsylvania and received his undergraduate degree from Princeton University. Professor Spatt has analyzed extensively market structure, pricing and valuation, and the impact of information in the marketplace. His co-authored 2004 paper in the Journal of Finance on asset location won TIAACREF's Paul Samuelson Award for the Best Publication on Lifelong Financial Security. He is currently a member of the Systemic Risk Council and the Financial Economists Roundtable, a Research Associate of the National Bureau of Economic Research, Senior Economic Adviser to Kalorama Partners, and a Fellow of the TIAA--CREF Institute.