Peter Lusztig is a graduate of the University of British Columbia (B.Comm.), the University of Western Ontario (MBA), and Stanford (PhD) and is the recipient of an honorary CGA. He joined the Faculty of Commerce in 1957, and served as Dean between 1977. Between 1955 and 1957 he was the administrative assistant to the VP, Finance at B.C. Electric. He has taught at the Pacific Coast Banking School (University of Washington) and for a number of years at the Banff School of Advanced Managementco-sponsored by UBC, and at the Nestle Company sponsored management school (known as IMEDE) in Lausanne, Switzerland, and for the Certified General Accountants Association of British Columbia. Dr. Lusztig served as one of three Commissioners on the 1966-68 B.C. Royal Commission on Automobile Insurance, was the sole Commissioner of the B.C. Commission of Inquiry on the Tree Fruit Industry, chaired the recent Federal/Provincial Governments' Asia Pacific Initiative Advisory Committee and during the Fall of 1991, he was a Senior Advisor to the B.C. Ministry of Economic Development, Small Business and Trade. He was a Public Governor of the Vancouver Stock Exchange and a member of its Executive Committee. In the past, he served as a director of the Laurier Institution and was on the board of Canfor Corporation. He has served on the board of Tree Island Industries, a founding director of ICBC, and a trustee of the Vancouver General Hospital and the VGH Foundations. Dr. Lusztig retired form the University of British Columbia in 1995. Since that time, he has been the federal Government's appointment to the B.C. Treaty Commission. He is Dean Emeritus of the Faculty of Commerce at the University of British Columbia, and is on the boards of Royal Sun Alliance, Western Insurance, and Quebec InsuranceROINS Financial Holdings. W. Sean Cleary is Associate Professor of Finance at Saint Mary's University in Halifax, Nova Scotia. Dr. Cleary graduated with his MBA from Saint Mary's University in 1989, and with his PhD in finance from the University of Toronto in 1998. He has completed level II of the Chartered Financial Analyst (CFA) program. He has also completed the Canadian Securities Course (CSC) as well as the Investment Funds Institute of Canada (IFIC) Mutual Fund Course. Dr. Cleary has taught numerous university finance courses, including Investments, Introductory Finance, Corporate Finance and Mergers and Acquisitions at Saint Mary's University, the University of Toronto, Ryerson Polytechnic University, and the University of Lethbridge over the past 10 years. He has also taught seminars preparing students to write the Canadian Securities Course for the past six years. Dr. Cleary is the Canadian author of Investments: Analysis and Management, Canadian Edition by W. Sean Cleary and Charles P. Jones. He is also the author of The Canadian Securities Exam Fast Track Study Guide, published by John Wiley & Sons Canada, Ltd. He has published articles in The Journal of Finance, the Canadian Journal of Administrative Sciences, and the Canadian Investment Review, in addition to receiving research funding from the Social Sciences and Humanities Research Council of Canada (SSHRC). He has also prepared chapters for professional courses and delivered seminars for the Canadian Securities Institute. Bernhard Schwab is Professor of Business Administration at the Faculty of Commerce and Business Administration, University of British Columbia, teaching both in Corporate Finance and Business Strategy. He received his Dipl.-Ing. in electrical engineering at the Technische Hochschule in Munich (1963). Subsequently, he pursued graduate studies in economics and business administration at the University of Munich and the University of California in Los Angeles, where he obtained his MBA (1965) and PhD (1967). Dr. Schwab has been at the University of British Columbia since 1968, with visiting appointments at universities in Europe and Australia. He has taught in a variety of professional and executive programs in North America, Europe, Asia, and Australia and has received the Teaching Excellence Award of the Faculty of Commerce. Dr. Schwab has published numerous articles in both academic and professional literature including journals such as the Harvard Business Review, Sloan Management Review, Journal of Finance, Journal of Financial and Quantitative Analysis, Columbia Journal of World Business, Policy Options and others. He is a member of the Financial Executives Institute.