Equity Asset Valuation: Valuation

"Here is an essential tool for the investor: clear, practical, insightful, and concise. This book should have a long, useful life in a professional's library."
—Jeffrey P. Davis, CFA, Chief Investment Officer, Lee Munder Capital Group

"This book provides a clear, comprehensive overview of equity valuation concepts and methods. It is well suited for finance practitioners who want to strengthen their understanding of equity asset valuation and as a supplemental reading in advanced undergraduate and graduate courses addressing security analysis and business valuation."
—Professor Robert Parrino, CFA, PhD, Department of Finance, Red McCombs School of Business, The University of Texas at Austin

"CFA Institute has done it again. This will be a 'must' reference book for anyone serious about the nuances of equity investment valuation."
—Robert D. Arnott, Chairman, Research Affiliates

"Equity Asset Valuation concisely and clearly explains the most widely used approaches to equity evaluation. In addition to thoroughly explaining the implementation of each valuation method, there is sophisticated discussion of the commonsense financial economics and accounting issues underlying the methods."
—David Blackwell, Head and RepublicBank/James W. Aston Professor of Finance, Mays Business School, Texas A&M University

JOHN D. STOWE , PHD, CFA, is Head of Curriculum Development at CFA Institute. Prior to joining CFA Institute, he was a professor of finance and associate dean at the University of Missouri-Columbia, where he taught investments and corporate finance. Stowe has won several teaching awards and has published frequently in academic and professional journals in finance. He is also coauthor of a college-level textbook in corporate finance. Stowe earned his BA from Centenary College and his PhD in economics from the University of Houston. He obtained his CFA charter in 1995.

THOMAS R. ROBINSON, PHD, CFA, is Head, Educational Content, in the Education Division of CFA Institute. Previously, he was an Associate Professor of Accounting and Director of the Master of Professional Accounting program at the University of Miami. Robinson has a BA in economics from the University of Pennsylvania and a master's and PhD in accounting from Case Western Reserve University. He is a Certified Public Accountant (Ohio), Certified Financial Planner® (CFP®) certificant, and Chartered Financial Analyst® (CFA®) charterholder. Prior to joining the University of Miami, Robinson practiced public accounting and financial planning for ten years, and also served as a consultant in the areas of financial statement analysis and valuation.

JERALD E. PINTO, PHD, CFA, is Director of Curriculum Development at  CFA Institute. Before coming to CFA Institute in 2002, he was a consultant to corporations, foundations, and partnerships in investment planning, portfolio analysis, and quantitative analysis. He has also worked in the investment and banking industries in New York City and taught finance at New York University's Stern School of Business. He holds an MBA from Baruch College and a PhD in finance from the Stern School. Pinto obtained his CFA charter in 1992.

DENNIS W. MCLEAVEY, CFA, is Head of Professional Development Products at CFA Institute. During his twenty-five year academic career, he has taught at the University of Western Ontario, the University of Connecticut, the University of Rhode Island (where he founded a student-managed fund), and Babson College. McLeavey completed a doctorate in production management and industrial engineering at Indiana University in 1972 and obtained his CFA charter in 1990, and began grading CFA examinations in 1995.