Lasse Heje Pedersen is Professor of Finance at the Stern School of Business at NYU and Associate Editor at the Journal of Finance and the Journal of Economic Theory. He was recently appointed to the NASDAQ OMX Economic Advisory Board. He was Vice President of AQR Capital Management (2007-2008), Academic Consultant to the Federal Reserve Bank of New York (2004-2007) and Consultant to State Street Bank (2005-2007). He received his PhD from the Stanford Graduate School of Business, and his B.S. and M.S. in Mathematics-Economics from University of Copenhagen. His research focuses on liquidity risk. He won the Fama/DFA First Prize for best paper in the Journal of Financial Economics, 2005, the NYSE Award for the best paper on equity trading, Western Finance Association 2003, and the Barclays Global Investors Award for the best paper at the European Finance Association, 2003. He is a CEPR Research Associate.