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Executive Summary

Chester Spatt is the Pamela R. and Kenneth B. Dunn Professor of Finance at Carnegie Mellon University. He was Chief Economist of the SEC from 2004-2007. He served as President of the Western Finance Association in 1995-1996, and President of the Society for Financial Studies from 1993 to 1996. Professor Spatt was a member of the Nasdaq Economic Advisory Board and served as Chair in 2002. He was Executive Editor of the Review of Financial Studies from 1990-1993.

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