Equity Asset Valuation

JOHN D. STOWE, CFA, PHD, 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 and began grading CFA examinations in 1996. THOMAS R. ROBINSON, CFA, PHD, CPA, CFP, is an Associate Professor of Accounting and Director of the Master of Professional Accounting program at the University of Miami. He is also Managing Director of Robinson, Desmond & Zwerner, a state registered investment advisory firm. 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(r) (CFP(r)) certificant, and Chartered Financial Analyst(r) (CFA(r)) 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, CFA, is Director in the CFA and CIPM Programs Division 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, obtained his CFA charter in 1990, and began grading CFA examinations in 1995.