Florian Heider is the Head of the Financial Markets Research Section in the Financial Research Division of the Directorate General Research of the European Central Bank (Frankfurt). Prior to the ECB (in 2004), he was a Visiting Assistant Professor of Finance at the Stern School of Business (New York University) and a Research Fellow of the Financial Markets Group (London School of Economics). He holds a Ph.D. in Economics from the Université catholique de Louvain and a B.A. in Politics, Philosophy and Economics from Oxford University. His research focuses on financial intermediation, market design, and capital structure.