Gary B. Gorton is the Frederick Frank Class of 1954 Professor of Finance at the Yale School of Management. Prior to being at Yale Professor Gorton was the Robert Morris Professor of Banking and Finance at The Wharton School of the University of Pennsylvania, where he worked for 24 years starting in the fall of 1983. He is also currently a Research Associate of the National Bureau of Economic Research and is a member of the Federal Reserve Bank of New York Financial Advisory Roundtable. He is a former member of the Moody’s Investors Services Academic Advisory Panel and the former Director of the Research Program on Banks and the Economy for the Federal Deposit Insurance Corporation. He has taught at the Graduate School of Business, University of Chicago, and previously worked as an economist and senior economist at the Federal Reserve Bank of Philadelphia. During 1994 he was the Houblon- Norman Fellow at the Bank of England.