Theory of Asset Pricing
George G. Pennacchi is a professor of finance and a co-director of the Office for Banking Research at the University of Illinois at Urbana-Champaign.  He is also a Research Associate at the Federal Reserve Bank of Cleveland and the Program Coordinator for Deposit Insurance at the Federal Deposit Insurance Corporation’s Center for Financial Research.  His research focuses on financial intermediaries and the valuation of fixed-income securities and government guarantees. Currently, he is an editor of theJournal of Financial Intermediationand an associate editor of theJournal of Banking and Finance, theJournal of Financial and Quantitative Analysis, theJournal of Financial Services Research, and theJournal of Money, Credit and Banking.  Previously, he was an associate editor for theJournal of Finance, theReview of Financial Studies, andManagement Science, and a co-editor ofAdvances in Futures and Options Research. His consulting experience includes work for the U.S. Office of Management and Budget, the World Bank, and the International Monetary Fund.  He has been a visiting professor at Università Bocconi in Milan, Italy, and was a member of the finance faculty at the Wharton School of the University of Pennsylvania.  Mr. Pennacchi received a Sc.B. degree in applied mathematics from Brown University in 1977 and a Ph.D. in economics from the Massachusetts Institute of Technology in 1984.