Bruno Biais holds a Ph.D. from HEC and is Professor at the Toulouse School of Economics (CRM/CNRS IDEI). His work has been published in Econometrica, the JPE, the AER, the Review of Economic Studies, the Journal of Finance and the RFS. He taught at HEC, CMU, LBS, Oxford and LSE. He has been a scientific adviser of Euronext and the NYSE. He received the CNRS bronze medal and is a Fellow of the Econometric Society. He has been editor of the Review of Economic Studies and is co-editor of the Journal of Finance.