John A. Halloran is an associate Professor of Finance and Director of the Center for Research in Banking at the University of Notre Dame. He received a Bs.C. in Finance from St. Louis University and his MBA and Ph.D. from Washington University in St. Louis. His areas of teaching and research interests include capital investment analysis, working capital theory, commercial bank management, and the operation of financial markets. Professor Halloran has extensive experience in teaching his specialties to both full-time students and executive development participants. He has conducted numerous seminars on corporate finance for firms such as Arthur Anderson and the Bayer Corporation. A former… member of the education consulting staff of the Banking Administration Institute, he has received several fellowships in the field of banking. Professor Halloran has published research on issues such as working capital management, the cost of capital, and the role of financial intermediaries in the operation of financial markets.