Equity Markets and Valuation Methods

Foreword
The recent developments in the equity securities markets have caused many investors to pause and rethink their equity investment strategies. Many question the efficiency of the market, or the ability of the market to perform its role. Because of the dramatic changes in the investment industry, the timing of the ICFA-sponsored seminar Equity Markets and Valuation Methods was excellent. The seminar, held on September 21-22, 1987 in San Francisco, focused on three key topic areas in the equity investment arena: market efficiency, strategies that attempt to take advantage of apparent market inefficiencies, and valuation of equity securities. The program was organized by Susan D. Martin, CFA, Assistant Vice President-Education and Programs, ICFA. These proceedings are the result of that seminar. The speakers shared their expertise and insights on such diverse topics as efficient market theory, market cycles, investor psychology, anomalies, valuation models, program trading,