Pepa Kraft received her PhD in Accounting from the University of Chicago Booth School of Business, her M.Sc. in Banking and Finance from HEC University of Lausanne, and her B.Sc. with Honours in Accounting and Finance from the London School of Economics. Her research focuses on the role of accounting in credit markets, credit rating agencies, off-balance sheet financing and disclosure issues in financial reporting. She has taught courses on financial reporting and financial statement analysis at Chicago Booth, Stern and Wharton. Before joining academia, she has held posts at Deutsche Bank and JPMorgan in Corporate Equity Derivatives and Mergers & Acquisitions Advisory. She is a Chartered Financial Analyst and a member of the American Accounting Association and European Accounting Association.