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In addition to presenting the basic theory of enlargement of filtrations, this book also includes new material and applications to finance. The main results are applied to give conditions which ensure that new information does not provide arbitrage opportunities, and in those cases where the arbitrages exist, they are explicitly constructed. Numerous examples are provided together with a list of recent papers on the subject. The presentation has been kept as simple as possible. In particular, sophisticated new results are given without proofs.§§Addressing the question of how to model and study new information flows, the theory of enlargement of filtrations is used in credit risk modeling, insider trading and in the study of asymmetric information.§§This book fills a gap in the literature and will be useful to students and researchers interested in the role of information, both in financial mathematics and in econometric science.§§