TOM COPELAND, PHD, is Managing Director Emeritus of Corporate Finance at The Monitor Group, Inc., a top management consulting company, and Senior Lecturer at MIT's Sloan School of Management. He has consulted at over 200 companies in thirty-four countries and is a leading authority on valuation. He coauthored Valuation with Tim Koller and Jack Murrin, and Real Options: A Practitioner's Guide with Vladimir Antikarov (both from Wiley). Copeland received a BA in economics from The Johns Hopkins University, an MBA in finance from the Wharton School, and a PhD in applied economics from the University of Pennsylvania. He has also taught at the Anderson School of Management, UCLA; at the Stern School at NYU; and at Harvard Business School. AARON DOLGOFF is an Associate Principal in the Finance practice of CRA International. He works on litigation and business-consulting matters requiring specialized finance expertise. Dolgoff's experience spans a range of industries, including pharmaceuticals, agribusiness, truck manufacturing, office supplies, healthcare services, and consumer goods. He received a BS in economics from the Wharton School and an MA in international relations and economics from The Johns Hopkins University.