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 (2004-2007). He earned his Ph.D. in economics from the University of Pennsylvania and received his undergraduate degree from Princeton University. Professor Spatt is a well-known scholar studying financial economics with broad interests in financial markets. He has been a leading expert on market structure and trading, mortgage valuation and contracting, taxation and asset allocation and financial regulation. His co-authored 2004 paper in the Journal of Finance on asset location won TIAA-CREF’s Paul Samuelson Award for the Best Publication on Lifelong Financial Security. He has served as Executive Editor and one of the founding editors of the Review of Financial Studies, President and a member of the Founding Committee of the Society for Financial Studies, President of the Western Finance Association, and is currently an Associate Editor of several finance and real estate journals. He also is currently a member of the Financial Economists Roundtable, a Research Associate of the National Bureau of Economic Research, and has served as a member of the Federal Reserve’s Model Validation Council, the Advisory Committee of the Office of Financial Research, the Equity Market Structure Advisory Committee of the SEC, the Shadow Financial Regulatory Committee and the Systemic Risk Council.