Claude Viallet (Ph.D., Northwestern University) was emeritus professor of finance at INSEAD. He was visiting professor of finance at the Kellogg School of Management, Northwestern University. Before joining INSEAD, he worked as a project manager at a major oil company and as chief financial officer of a service company in Paris. Professor Viallet was president of the European Finance Association and published widely in leading academic and professional journals. He also organized, directed, and taught management-development programs in Europe, the United States, Asia and Latin America and provided consulting services to companies around the world.