The 'Encyclopedia of Finance' is a major new reference work covering all aspects of finance. The coverage includes finance (financial management, security analysis, portfolio management, financial markets and instruments, insurance, real estate, options and futures, international finance) and statistical applications in finance (applications in portfolio analysis, option pricing models and financial research). The project is designed to attract both an academic and professional market. It will also have international approach to ensure its maximum appeal. The Editors' wish is that the readers will find the encyclopedia to be an invaluable resource. Professor Cheng-Few Lee is a Distinguished Professor of Finance at Rutgers Business School and was chairperson of the Department of Finance from 1988-1995. He has maintained academic and consulting ties in Taiwan, Hong Kong, China and the United States for the past three decades. In the winter 2005 issue of the 'Journal of Finance Literature', Professor Lee was ranked as the most published finance professor worldwide during 1953-2002. Professor Alice C. Lee is an Assistant Professor of Finance at San Francisco State University. She has a diverse background, which includes engineering, sales, and management consulting. Her primary areas of teaching and research are corporate finance and financial institutions.