ABOUT THE AUTHORS
Howard J. Atkinson, CFA, has 23 years of investment management industry experience. He joined BetaPro Management Inc., an affiliate of Horizons ETFs, as executive vice president in October 2006. Prior to joining BetaPro, Mr. Atkinson was responsible for the exchange-traded products business at Barclays Global Investors Canada Limited and has held positions with a national investment dealer as well as major mutual fund companies. He is a past president of the Toronto CFA Society board of directors and is a member of the S&P/TSX Canada Index Advisory Panel. In addition, he recently achieved the ICD.D designation from the Institute of Corporate Directors.
Mr. Atkinson is the author of four books, including The New Investment Frontier III: A Guide to Exchange Traded Funds for Canadians (Insomniac Press, 2005) and Les fonds négociés en bourse: Un outil de placement novateur pour l’investisseur avisé(Transcontinental, 2003). He has been a contributing writer and frequent analyst referenced in many major Canadian newspapers, including the Globe & Mail, National Post, Toronto Star, Vancouver Sun, and Ottawa Citizen. In February 2010 he was recognized by ACTIF, Quebec’s premier financial education cooperative, as the Top Educator for his efforts to foster financial literacy among Canadians.
Alistair Byrne, CFA, is a principal in the investment practice at Investit. He works with asset managers and other financial services firms on investment process and product development projects and market research. He has particular expertise in pension fund investment and defined contribution pension schemes. Dr. Byrne’s investment management experience includes over 10 years at AEGON Asset Management UK, where he was investment strategist and head of equity research. He has also held academic positions at the University of Edinburgh and Strathclyde business schools, and has run his own financial services consultancy. Dr. Byrne has a PhD in finance from the University of Strathclyde in Glasgow. His research has been published in a number of academic and professional journals, including the Financial Analysts Journal. He is a visiting fellow at the Pensions Institute at Cass Business School in London.
W. Sean Cleary, CFA, is the BMO Professor of Finance and Director of the Master of Management in Finance, Queen’s School of Business, Queen’s University. Dr. Cleary holds a PhD in finance from the University of Toronto, as well as an MBA. He is Chair of Awards for the Toronto CFA Society and is the former president of the Atlantic Canada CFA Society. He is a co-author of Introduction to Corporate Finance, and is the Canadian author of the first three editions of the textbook Investments: Analysis and Management, by W. S. Cleary and C. P. Jones.
Dr. Cleary has published numerous research articles in various journals, including the Journal of Finance, the Journal of Financial and Quantitative Analysis, the Journal of Banking and Finance, and the Journal of Financial Research, and his publications have been cited over 600 times. He regularly serves as a reviewer for many of the top finance journals. Dr. Cleary frequently appears in the media on television, on the radio, and in the newspapers.
Robert M. Conroy, CFA, is the J. Harvie Wilkinson Jr. Professor of Business Administration at the Darden School of Business, University of Virginia. A professor in the finance area, Dr. Conroy has published numerous articles and is the author of many cases on valuation and capital markets. He has taught at the International University of Japan, Helsinki School of Economics, and IESE in Barcelona. At Darden he has served as the Associate Dean for Degree Programs and Director of the Tayloe Murphy Institute, and has served on the MBA committee at the Stockholm School of Economics. Before coming to Darden in 1988, Dr. Conroy taught at the University of North Carolina and Duke University. He received an MBA in finance from the University of Connecticut and a DBA in finance from Indiana University. He has been a CFA charterholder since 1996.
Patrick W. Dorsey, CFA, is director of Equity Research for Morningstar, a leading provider of independent investment research. He is responsible for the overall direction of Morningstar’s equity research, as well as for communicating Morningstar’s ideas to the media and clients. Mr. Dorsey joined Morningstar in 1998 as a senior equity analyst covering the telecommunications equipment and computer hardware industries, and became head of Morningstar’s equity research team in 2001. He played an integral part in the development of Morningstar’s economic moat ratings and the methodology behind Morningstar’s framework for competitive analysis. Mr. Dorsey is also the author of The Five Rules for Successful Stock Investing and The Little Book That Builds Wealth, both published by John Wiley & Sons.
Mr. Dorsey holds a master’s degree in political science from Northwestern University and a bachelor’s degree in government from Wesleyan University. He appears regularly on the Fox Business Network, writes a monthly column on investing for Money magazine, and has been quoted in publications such as the Wall Street Journal, Fortune, the New York Times, and BusinessWeek.
Pamela Peterson Drake, CFA, is the J. Gray Ferguson Professor of Finance and Department Head, Department of Finance and Business Law in the College of Business at James Madison University. She received a BS in accountancy from Miami University and a PhD in finance from the University of North Carolina at Chapel Hill. Professor Drake previously taught at Florida State University and Florida Atlantic University. She has published numerous articles in academic journals, and is the author or co-author of several books. Professor Drake teaches courses in financial analysis, business finance, and quantitative finance. Her expertise is in financial analysis and valuation.
Anthony M. Fiore, CFA, is a vice president at Silvercrest Asset Management Group LLC, and a research analyst for the firm’s equity portfolios. Prior to Silvercrest, Mr. Fiore was a senior equity analyst at Standard & Poor’s, where he covered the machinery, industrial conglomerates, and diversified commercial services industries. Previously, Mr. Fiore was a generalist equity analyst and portfolio manager at State Street Global Advisors in the firm’s Global Fundamental Strategies group. He received a BS in business administration from the University of Vermont with a concentration in finance.
Ryan C. Fuhrmann, CFA, is president and founder of Fuhrmann Capital LLC, an Indiana-based investment management firm. Mr. Fuhrmann received his BBA degree in finance from the University of Wisconsin–Madison in 1996 and an MBA degree from the University of Texas at Austin in 2002. He settled on a pursuit of investing after taking a class entitled “Security Analysis” while in Madison and began his investment career at Northern Trust Corporation in Chicago shortly thereafter. Since that time he has focused on analyzing equity securities and active portfolio management from a value-investing perspective. Mr. Fuhrmann has been a CFA charterholder since 2000, is a past board member of the CFA Society of Dallas, and is a current member of the CFA Society of Indianapolis. He is also an adviser to Butler University’s student-managed investment fund and is involved with the Eiteljorg Museum of American Indian and Western Art in a treasury capacity.
Larry Harris holds the Fred V. Keenan Chair in Finance at the University of Southern California Marshall School of Business. His research, teaching, and consulting address regulatory and practitioner issues in trading and in investment management. He has written extensively about trading rules, transaction costs, and market regulations. His introduction to the economics of trading, Trading and Exchanges: Market Microstructure for Practitioners, is widely regarded as a must read for entrants into the securities industry.
Dr. Harris served as chief economist of the U.S. Securities and Exchange Commission from July 2002 through June 2004. He currently serves on the boards of Interactive Brokers, Inc.; the Clipper Fund, Inc.; and the CFA Society of Los Angeles, and as the research coordinator of the Institute for Quantitative Research in Finance (the Q-Group). Dr. Harris is a former associate editor of the Journal of Finance, the Review of Financial Studies, and the Journal of Financial and Quantitative Analysis, and a former practitioner at UNX, Inc., an electronic pure agency institutional equity broker, and at Madison Tyler, LLC, as a broker-dealer engaged in electronic proprietary trading in various markets. He received his PhD in economics from the University of Chicago in 1982.
Paul D. Kaplan, CFA, is quantitative research director at Morningstar Europe in London. He is responsible for the quantitative methodologies behind Morningstar’s fund analysis, indexes, adviser tools, and other services. Dr. Kaplan conducts research on investment style analysis, performance and risk measurement, asset allocation, retirement income planning, portfolio construction, index methodologies, and alternative investments. He led the development of quantitative methodologies behind many of Morningstar’s services, including the Morningstar family of indexes. Many of Dr. Kaplan’s research papers have been published in professional books and publications. He received the 2008 Graham and Dodd Award and was a Graham and Dodd Award of Excellence winner in 2000.
Before joining Morningstar in 1999, Dr. Kaplan was a vice president of Ibbotson Associates and served as the firm’s chief economist and director of research (Morningstar acquired Ibbotson in March 2006). Prior to that, he served on the economics faculty of Northwestern University, where he taught international finance and statistics. Dr. Kaplan holds a bachelor’s degree in mathematics, economics, and computer science from New York University and a master’s degree and doctorate in economics from Northwestern University.
Dorothy C. Kelly, CFA, has worked in financial services for more than two decades in areas such as operations, equity research, business development, and training and assessments. She has worked for a variety of domestic and multinational organizations, including brokerage, venture capital, and asset management firms; educational institutions; and CFA Institute. As principal of Deucalion, LLC, she has produced customized research, educational materials, training, and assessments in the areas of investments, ethics, leadership, and strategy for business leaders, finance professionals, and MBA students. Her work has been published by CFA Institute and Darden Business Publishing. An active member of CFA Institute, Ms. Kelly has served in a variety of capacities and areas, including CFA examination development, CFA grading, the development of ethics case studies for the CFA curriculum, moderating an ethics forum for the CFA curriculum, and providing live ethics training on behalf of CFA Institute. A graduate of Johns Hopkins University, Ms. Kelly has studied in both Madrid and Paris. She holds an MBA degree from the Colgate Darden Graduate School of Business at the University of Virginia.
Asjeet S. Lamba, CFA, is an associate professor with the Department of Finance at the University of Melbourne, Australia. He has an MBA in finance from the University of Michigan and a PhD in finance from the University of Washington. His main teaching and research interests are in investments, corporate finance, and international finance. His research has been published in several leading academic journals and he regularly presents his ongoing research at academic and professional conferences. Dr. Lamba actively serves various professional organizations, including CFA Institute, where he is involved with reviewing the candidate curriculum as well as serving on the Disciplinary Review Committee.
Michael G. McMillan, CFA, is Director, Ethics and Professional Standards in the Education Division of CFA Institute. Dr. McMillan joined CFA Institute in 2008 after more than a decade as a professor of accounting and finance at Johns Hopkins University’s Carey School of Business and George Washington University’s School of Business. Prior to pursuing a career in academia, he was a securities analyst and portfolio manager in the San Francisco Bay area. He has a doctorate in accounting and finance from George Washington University, an MBA from Stanford University, and a BA from the University of Pennsylvania. He is a member of the CFA Society of Washington, D.C., and the East African Society of Investment Professionals.
John J. Nagorniak, CFA, is an independent director of the Columbia Nations mutual funds. He is a graduate of Princeton University and received an MS degree from the Sloan School at the Massachusetts Institute of Technology. He served as Chairman of Franklin Portfolio Associates for over 24 years and was CEO from 1982 to 2000. Prior to Franklin, Mr. Nagorniak was senior vice president and chief investment officer at State Street Bank and Trust Company. Prior to that he was director of Investment Management Technology for the John Hancock Mutual Life Insurance Company.
Mr. Nagorniak is past president of the Investment Technology Association and has been on the council of that organization and the council of the Quantitative Discussion Group. He is also a past president of the Boston Security Analysts Society and past chair and trustee of the Research Foundation of CFA Institute. He received his CFA charter in 1980. Mr. Nagorniak has pursued many charitable endeavors, including serving as volunteer head of Princeton University’s annual fund-raising efforts. He is currently a director of the Massachusetts Institute of Technology Investment Company and a member of the MIT Supplemental 401(k) Oversight Committee.
Ian Rossa O’Reilly, CFA, has 40 years’ experience analyzing publicly traded equities and stock market strategy, including 25 years as managing director of Institutional Equity Research at Canadian Imperial Bank of Commerce. He has been a CFA charterholder since 1977 and is a past board member and chairman of CFA Institute. He has also been a member of the Accounting Standards Board of the Canadian Institute of Chartered Accountants and is a past president of the Toronto CFA Society. Mr. O’Reilly holds an MA in mathematics and economics from Trinity College, University of Dublin, Ireland, and is a fellow of the Canadian Securities Institute.
Jerald E. Pinto, CFA, is Director, Curriculum Projects, in the Education Division at CFA Institute. Before coming to CFA Institute in 2002, he consulted to corporations, foundations, and partnerships in investment planning, portfolio analysis, valuation, and quantitative analysis. He worked in the investment and banking industries in New York City from the late 1970s on, and taught finance at New York University’s Stern School of Business. He is a co-author of Quantitative Investment Analysis and Equity Asset Valuation, and was a co-editor and co-author of chapters of the third edition of Managing Investment Portfolios: A Dynamic Process, all published by John Wiley & Sons. He holds an MBA from Baruch College and a PhD in finance from the Stern School, and is a member of CFA Virginia.
Wendy L. Pirie, CFA, is Director, Curriculum Projects, in the Education Division at CFA Institute. Prior to joining CFA Institute in 2008, she taught for over 20 years at a broad range of institutions: large public universities; small, private, religiously affiliated colleges; and a military academy. She primarily taught finance courses but also taught accounting, taxation, business law, marketing, and statistics courses. Dr. Pirie’s work has been published in the Journal of Financial Research, Journal of Economics and Finance, Educational Innovation in Economics and Business, and Managerial Finance. She holds a PhD in accounting and finance from Queen’s University at Kingston, Ontario, and MBAs from the Universities of Toronto and Calgary. She is a member of CFA Institute, New York Society of Security Analysts, and CFA Society of Chicago.
Barry M. Sine, CMT, CFA, is the Director of Research of CapStone Investments, a boutique investment bank headquartered in San Diego, California. He utilizes fundamental, quantitative, economic, and technical tools to identify promising investment opportunities. He has frequently been a top-ranked analyst in the Wall Street Journal’s “Best on the Street” analyst rankings. Sine has also held positions with JPMorgan, Prudential Securities, and Oppenheimer. He is a director of the New York Society of Security Analysts and a past director of the Market Technicians Association. He founded and was the first director of the CMT Institute, which administers the Chartered Market Technician (CMT) designation for technical analysis. Sine holds an MBA in finance and international business from New York University’s Stern School of Business and a BA in finance and economics from Fairleigh Dickinson University.
Vijay Singal, CFA, is the J. Gray Ferguson Professor of Finance at the Pamplin College of Business, Virginia Tech. He is an accomplished teacher and researcher with numerous articles in top finance journals on a wide variety of topics, including mergers, corporate governance, pricing and market power, executive compensation, index changes, short selling, currency risk management, and market efficiency. He is the author of Beyond the Random Walk, which has been reissued in paperback by Oxford University Press. His research has been cited in the Wall Street Journal, the New York Times, the Washington Post, and the Chicago Tribune, among others. He was the department head of finance from 2003 to 2009.
Prior to entering academia, Dr. Singal worked for 10 years at the Oil and Natural Gas Corporation in India, holding various positions, finally as a joint director of finance. Some of his responsibilities included negotiating major contracts with shipyards in Norway, Singapore, France, and Japan; negotiating and managing foreign currency loans; and optimizing insurance coverage for major assets of the company. Singal graduated from the Indian Institute of Technology, Kanpur, with a bachelor’s degree in chemical engineering and from the Indian Institute of Management, Calcutta, with an MBA in finance. He holds a PhD in finance from the University of Michigan.
Frank E. Smudde, CFA, is an equity fund manager with All Pensions Group Asset Management (APG) in the Netherlands. Prior to joining the predecessor company to APG in 2001, he worked in equity research at FDA in Amsterdam. Mr. Smudde received his MSc degree in business economics from Rijksuniversiteit Groningen in 1995, and has held the CFA charter since 2002.
Peter C. Stimes, CFA, is retired vice president and principal of Flaherty & Crumrine Inc. (F&C), an investment advisory firm in Pasadena, California. He served at various times in the capacities of portfolio manager, head of quantitative research and securities analysis, and chief financial officer of the closed-end funds managed by F&C. Mr. Stimes obtained his education at the University of Chicago, receiving his BA degree in 1977 and an MBA in 1980. He has been a CFA charterholder since 1984.
During his career, Mr. Stimes has produced or co-written various papers and analyses for presentation to CFA Institute, the Internal Revenue Service, the Joint Committee of Taxation of the U.S. Congress, and both state and federal utility regulatory authorities. He is also the author of Equity Valuation, Risk, and Investment: A Practitioner’s Roadmap (John Wiley & Sons).
Robert A. Strong, CFA, is University Foundation Professor of Investment Education at the University of Maine. He has been visiting professor of finance at Harvard University, where he was Deputy Director of the Summer Economics Program from 1997 to 1999. The University of Maine Alumni Association selected him as the 2005 Distinguished Maine Professor, and the Carnegie Foundation named him the 2007 Maine Professor of the Year. Dr. Strong received a bachelor’s degree in engineering from the United States Military Academy at West Point, an MS in business administration from Boston University, and a PhD in finance from Penn State. He is the author of three textbooks on portfolio management, investments, and derivatives. Dr. Strong is past president of the Maine CFA Society and serves on four investment committees and two corporate boards.
Gerhard Van de Venter, CFA, is Deputy Head of the School of Finance and Economics at the University of Technology, Sydney, Australia. He was previously Director, Curriculum Projects, in the Education Division at CFA Institute. He began his career in South Africa as a financial analyst in the agricultural sector and later as a dealer on the Bond Exchange, trading in fixed-income securities. Dr. Van de Venter’s academic career spans over a decade during which he has taught finance and investments and has published a number of papers on financial planning. He holds a PhD in finance from the University of Technology, Sydney, and is a member of CFA Institute and the New York Society of Security Analysts.
Stephen E. Wilcox, CFA, is a professor of finance at Minnesota State University, Mankato (MSU). Dr. Wilcox earned a BS degree from MSU in 1979, an MBA from Indiana University in 1981, and a PhD from the University of Nebraska in 1991. He earned the professional designation of Chartered Financial Analyst (CFA) in 1992. Dr. Wilcox is a former chair of the Department of Finance and was a major contributor toward the creation of the Maverick Fund, a student-managed investment fund, at MSU. Most of his research deals with valuation issues in the equity and derivative markets. Dr. Wilcox has participated in CFA exam grading and served in various capacities as a consultant for CFA Institute. He has also served as a consultant for tax-sheltered annuity plans and as an expert witness in the valuation of privately held companies.