Biographical note

Zvi Bodie is Professor Emeritus at Boston University. He holds a PhD from the Massachusetts Institute of Technology and has served on the finance faculty at the Harvard Business School and MIT's Sloan School of Management. He has published widely in scholarly and professional journals on pension investment strategy and life-cycle asset-liability matching. In 2007 the Retirement Income Industry Association gave him its Lifetime Achievement Award for applied research. Alex Kune holds a PhD from the Stern School of Business of New York University and has been Visiting Professor at the Faculty of Economics, University of Tokyo; Graduate School of Business, Harvard; Kennedy School of Government, Harvard; and Research Associate, National Bureau of Economic Research. An author of many articles in finance and management journals. Professor Kanes research is mainly in corporate finance, portfolio management. and capital markets. Alan Marcus is the Mario J. Gabelli Professor of Finance in the Carroll School of Management at Boston College. He received his PhD in economics from MIT. Professor Marcus has been a visiting professor at the Athens Laboratory of Business Administration and at MIT's Sloan School of Management and has served as a research associate at the National Bureau of Economic Research. Professor Marcus has published widely in the fields of capital markets and portfolio management. He also spent two years at the Federal Home Loan Mortgage Corporation (Freddie Mac), where he developed models of mortgage pricing and credit risk. He currently serves on the Research Foundation Advisory Board of the CFA Institute.