Efraim Benmelech is the Harold L. Stuart Professor of Finance, the Director of the Guthrie Center for Real Estate Research at the Kellogg School of Management and a Research Associate at the National Bureau of Economic Research (NBER). Benmelech’s research interests are in the field of credit markets where he studies financial contracting, financial crises, securitization, bankruptcy and financial distress. He also writes extensively on the economics of terrorism and economic history.