Bruno Biais (Toulouse School of Economics, France) was the recipient of the FEBS Distinguished Scholar Award for 2014 for his outstanding contributions to finance research. Bruno Biais is Research Professor of Economics and Finance at the Toulouse School of Economics (CNRS-CRM & PWRI-IDEI). He is currently Co-editor of the Journal of Finance, and he was previously Editor of the Review of Economic Studies and Associate Editor of the Journal of The European Economic Association, the European Economic Review, the Journal of Finance, the Review of Financial Studies and the Journal of Financial Markets. He has been scientific adviser to Euronext, EuroMTS, the European Federation of Fund Management Associations, the London Investment Banking Association and the New York Stock Exchange. He held the Deutsche Bank visiting chair of finance at Oxford University, was Wim Duisenberg Fellow at the European Central Bank, and gave the Rotman Distinguished Lectures at the University of Toronto. He has taught economics and finance in MBA and PHD programs at the University of Toulouse, the London Business School, Oxford University, HEC, Mannheim University, the Tinbergen Institute in Amsterdam and Carnegie Mellon University. His research, on market microstructure, corporate finance and contract theory, has been published in Econometrica, the American Economic Review, the Journal of Political Economy, the Journal of Finance, the Review of Financial Studies and the Review of Economic Studies.