Ugur Lel is an assistant professor of finance at the Pamplin College of Business, Virginia Tech. Prior to joining Virginia Tech, he was a research economist at the Federal Reserve Board in Washington DC in the international finance division. Lel’s research inter­ests focus on corporate finance and international finance with a special emphasis on corporate governance. His research has been accepted for publication in the Journal of Finance, Journal of Financial Economics, Journal of Corporate Finance, and Journal of Banking and Finance.