Enrique Sentana has been Professor of Economics at CEMFI in Madrid since 1992. During this time, he has also been affiliated as a Researcher with the London School of Economics (LSE) Financial Markets Group and CEPR. Prior to that, he was a Lecturer at the LSE Economics Department. He is a Fellow of the Econometric Society and a former President of both the Spanish Finance Association (2007-2008) and the Spanish Economic Association (2006). He has served as Editor of the Review of Economic