Part III

Beyond Earnings: A User's Guide to Excess Return Models and the HOLT CFROI® Framework1

Tom Larsen2 and David Holland3

1 Credit Suisse Securities, © 2008 David Holland.

2 Head of Research, Harding Loevner Management, previously Senior Policy Analyst at CFA Institute.

3 Managing Director at Credit Suisse and co-head of the HOLT Valuation & Analytics Group.

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