We are delighted to invite you to the 32nd annual meeting of the European Finance Association, to be held from August 24 to 27, 2005 in Moscow. The conference is hosted by State University - Higher School of Economics (HSE), a young, ambitious university which was established in the early nineties with the aim to bring modern education in economics, finance and management to Russia. The conference is jointly sponsored by HSE, Yale School of Management and Humboldt University of Berlin.