The standards and orientation of the second edition are a continuation of those set for the first edition. Robert R. Johnson, CFA, now senior managing director of CFA Institute, supported the creation of custom curriculum readings in this area and their revision. Jan R. Squires, CFA, now managing director, played an important role in setting the orientation of the first edition. As CFA Institute vice presidents during the first edition’s creation, Philip J. Young, CFA, Mary K. Erickson, CFA, and Donald L. Tuttle, CFA, made valuable contributions. The Candidate Curriculum Committee supplied valuable input.

First edition manuscript reviewers were Michelle R. Clayman, CFA; John H. Crockett, Jr., CFA; Thomas J. Franckowiak, CFA; Richard D. Frizell, CFA; Jacques R. Gagné, CFA; Mark E. Henning, CFA; Bradley J. Herndon, CFA; Joanne L. Infantino, CFA; Muhammad J. Iqbal, CFA; Robert N. MacGovern, CFA; Farhan Mahmood, CFA; Richard K. C. Mak, CFA; Edgar A. Norton, CFA; William L. Randolph, CFA; Raymond D. Rath, CFA; Teoh Kok Lin, CFA; Lisa R. Weiss, CFA; and Yap Teong Keat, CFA. Detailed proofreading was performed by Dorothy C. Kelly, CFA; and Gregory M. Noronha, CFA; while Fiona Russell provided copyediting.

For the second edition, Elaine Henry, CFA, replaced Dennis W. McLeavey, CFA, in the author lineup. Mr. McLeavey spearheaded the first edition project as the responsible executive in what was then the Curriculum and Examinations department, making an indelible imprint with his vision of an equity valuation text drawing equally on finance and accounting. Although his current responsibilities with CFA Institute precluded participation in the revision, the current authors wish to acknowledge his exceptional contribution to these readings.

John D. Stowe, CFA, then head of Curriculum Development, approved the revision of the equity valuation readings in 2007. Bobby Lamy, CFA, Mr. Stowe’s successor at CFA Institute, has continued that support.

In the summer of 2007, forty CFA charterholders from around the world—all working in equity analysis—provided in-depth written critiques of the first edition chapters. In September- October 2007, CFA Institute conducted an online survey of the equity valuation practices of CFA Institute members with equity analysis job responsibilities, receiving 1,980 valid completed questionnaires from around the world. The revision owes a huge debt to these groups of CFA charterholders, as well as to others who supplied comments on the first edition, including candidates, CFA Institute Council of Examiners members, CFA Institute exam graders, university adopters, and general readers. Unfortunately, we cannot thank each here individually by name.

Second edition manuscript reviewers were Evan Ashcraft, CFA; Pedro Coimbra, CFA; Pamela Peterson Drake, CFA; Philip Fanara, CFA; Anthony M. Fiore, CFA; Thomas J. Franckowiak, CFA; Jacques R. Gagné, CFA; Asjeet S. Lamba, CFA; Gregory M. Noronha, CFA; Shannon P. Pratt, CFA; Raymond D. Rath, CFA; Vijay Singal, CFA; Sandeep Singh, CFA; Frank E. Smudde, CFA; Peter C. Stimes, CFA; and William A. Trent, CFA. Wendy L. Pirie, CFA, director of Curriculum Projects, provided detailed criticism of various chapter passages and problems.

Copyediting for this revision was provided by Nicole Lee and Elizabeth Collins. Thanks are due to Maryann Dupes, manager of Editorial Services at CFA Institute, for her reliable support of the book’s copyediting needs. Thanks also to Seamane Flanagan for the final proofreading of the pages.

Wanda Lauziere, project manager in Curriculum Development, reprising her role in the first edition, expertly guided the manuscripts through all stages of production and made many contributions to all aspects of the revision.

Finally, we thank Standard & Poor’s and Gary Barwick, a director at Standard & Poor’s, for supplying us with Research Insight^SM (North America and Global) for use in the revision.