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Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions Hardcover

ISBN-13: 978-0470442203 ISBN-10: 0470442204 Edition: 1st

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Product Details

  • Hardcover: 304 pages
  • Publisher: John Wiley & Sons; 1st edition (May 4, 2009)
  • Language: English
  • ISBN-10: 0470442204
  • ISBN-13: 978-0470442203
  • Product Dimensions: 10 x 7.3 x 1.1 inches
  • Shipping Weight: 1.6 pounds
  • Average Customer Review: 4.9 out of 5 stars  See all reviews (193 customer reviews)
  • Amazon Best Sellers Rank: #97,474 in Books (See Top 100 in Books)

Editorial Reviews

Review

From the Foreword

“Rosenbaum and Pearl succeed in providing a systematic approach to addressing a critical issue in any M&A, IPO, or investment situation—namely, how much is a business or transaction worth. They also put forth the framework for helping approach more nuanced questions such as how much to pay for the business and how to get the deal done. Due to the lack of a comprehensive written reference material on valuation, the fundamentals and subtlety of the trade are often passed on orally from banker-to-banker on a case-by-case basis. In codifying the art and science of investment banking, the authors convert this oral history into an accessible framework by bridging the theoretical to the practical with user-friendly, step-by-step approaches to performing primary valuation methodologies.”
–Joseph R. Perella, Chairman and CEO, Perella Weinberg Partners

Praise for the Book

"Investment Banking provides a highly practical and relevant guide to the valuation analysis at the core of investment banking, private equity, and corporate finance. Mastery of these essential skills is fundamental for any role in transaction-related finance. This book will become a fixture on every finance professional's bookshelf."
Thomas H. Lee, President, Lee Equity Partners, LLC Founder, Thomas H. Lee Capital Management, LLC

"This book will surely become an indispensable guide to the art of buyout and M&A valuation, for the experienced investment practitioner as well as for the non-professional seeking to learn the mysteries of valuation."
David M. Rubenstein, Co-Founder and Managing Director, The Carlyle Group

"As a practitioner of hundreds of M&A and LBO transactions during the last 20 years, I recommend this book to advisors, financiers, practitioners, and anyone seriously interested in investment transactions. Rosenbaum and Pearl have created a comprehensive and thoughtfully written guide covering the core skills of the successful investment professional with particular emphasis on valuation analysis."
Josh Harris, Managing Partner, Apollo Management, LP

"Valuation is the key to any transaction. Investment Banking provides specific step-by-step valuation procedures for LBO and M&A transactions, with lots of diagrams and numerical examples."
Roger G. Ibbotson, Professor in the Practice of Finance, Yale School of Management Chairman & CIO, Zebra Capital Management, LLC Founder & Advisor, Ibbotson Associates, a Morningstar Company

"Investment banking requires a skill set that combines both art and science. While numerous textbooks provide students with the core principles of financial economics, the rich institutional considerations that are essential on Wall Street are not well documented. This book represents an important step in filling this gap."
Josh Lerner, Jacob H. Schiff Professor of Investment Banking, Harvard Business School, Coauthor, Venture Capital and Private Equity: A Casebook

"Rosenbaum and Pearl have written the ultimate nuts and bolts guide for valuation. It is the book that every business student should study and every investment banker should use."
Steven Davidoff, Associate Professor, University of Connecticut School of Law The Deal Professor, The New York Times

From the Inside Flap

In the constantly evolving world of finance, a solid technical foundation is an essential tool for success. Due to the fast-paced nature of this world, however, no one has been able to take the time to properly codify the lifeblood of the corporate financier's work-namely, valuation. Rosenbaum and Pearl have responded to this need by writing the book that they wish had existed when they were trying to break into Wall Street.

Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions is a highly accessible and authoritative book that focuses on the primary valuation methodologies currently used on Wall Street—comparable companies, precedent transactions, DCF, and LBO analysis. These methodologies are used to determine valuation for public and private companies within the context of M&A transactions, LBOs, IPOs, restructurings, and investment decisions. Using a step-by-step how-to approach for each methodology, the authors build a chronological knowledge base and define key terms, financial concepts, and processes throughout the book. They also provide a comprehensive overview of the fundamentals of LBOs and an organized M&A sale process.

In the aftermath of the subprime mortgage crisis and ensuing credit crunch, the world of finance is returning to the fundamentals of valuation and critical due diligence. This involves the use of more realistic assumptions governing approach to risk as well as a wide range of value drivers. While valuation has always involved a great deal of "art" in addition to time-tested "science," the artistry is perpetually evolving in accordance with market developments and conditions. In this sense, this book is particularly topical-in addition to detailing the technical fundamentals behind valuation, the authors infuse practical judgment skills and perspective to help guide the science.


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Customer Reviews

One of the best books I have ever read on this topic.
Oleg Khanyutin
In addition, the authors guide you step by step through the valuation process in a way that is easy to follow and very hands on.
Marcus
This is the only book out there that actually tells you how things get done in the industry.
IshaK

Most Helpful Customer Reviews

73 of 76 people found the following review helpful By A. J. Southwell on June 23, 2009
Format: Hardcover
As a detailed discussion of valuation in the M&A context, this book is a gem. It summarizes the various approaches, and the chapter on the M&A process is correct and adequately detailed. The links to online models were especially helpful, and we are making this book required reading for new analysts at our boutique M&A shop.

For those interested in understanding the theory behind valuation, Aswath Damodaran, "Investment Valuation" still has first place. And for those who need to value non-standard assets (oil & gas, real estate, insurance companies) Jeffrey Hooke, "Security Analysis on Wall Street" remains essential.
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44 of 44 people found the following review helpful By Pedro Goes M. Oliveira on July 1, 2009
Format: Hardcover Verified Purchase
If you want to learn how academics think valuation should be done, read Damodaran's "Investment Valuation". If you want to know how valuation is carried out in practice in the M&A market, read this excelent book (don't misunderstand me, Damodaran's book is also very good).
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22 of 22 people found the following review helpful By Amirshayan Mohammadi on September 25, 2010
Format: Hardcover
This is an excellent book on the heart of investment banking. There are many fun books that introduce the worlds of investment banking, what it is, what they do, etc. Once one has learned about the basics of the industry, the next step is to master the technical skill set, or the art, or financial modeling and analysis. Everything that bankers do is grounded in valuation theory and corporate finance. These are the hard skill sets that are not taught in either undergraduate curriculum or even graduate school, regardless of if you go to HBS or MIT or INSEAD. Coincidentally, most of the end users of such books on modeling and valuation are the very same students that attend the like of Wharton that aspire to become senior career bankers.

When I first got into this world there were no books on the subject (roughly back in the early 90s). Now with this one book anyone aspiring to be a world class technical banker can acquire the skills thru self study. I have also used the same financial modeling vendors that the actual banks use to train new Analysts and Associates. This one book is an excellent addition to the limited literature on self-study financial modeling and analysis done, which is the core transferable skill set at the junior banker level. The heart of modeling is what helps departing Analysts transition to buy side positions such as hedge funds, mutual funds, buy-side research, endowments, and other institutional investors.

This book is perfect for the completely uninitiated. Whereas I had already had an extensive background in the subject, I honestly feel this is the perfect unassuming intro for all the liberal arts majors that want to experience life in high finance.
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27 of 30 people found the following review helpful By Gene Huang on July 12, 2009
Format: Hardcover
Investment banking is one of those industries where the only constant is change. The books I had from just a few years ago now seem hopelessly out-of-date. That's why I'm so happy I found this book - it's my bible for the finance world. I've already bought copies for friends - I even got one for my financial advisor and he loved it! I'm definitely going to send a copy to everyone I know who's preparing for Wall Street interviews now. The concepts are sophisticated but the book is so well-written it makes complex valuation seem like second nature.
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11 of 11 people found the following review helpful By Enoch on July 24, 2010
Format: Hardcover Verified Purchase
The book is recommended and you will easily find enough reviews for this book.

A note to be added is the resolution of Kindle book. I notice it is a general problem of all Kindle book that when the contents come with a big chart or table, most of them can be hardly read as the resolution is not enough for zooming in. I tried it on my iPad and laptop, and I am sure it is not the problem of my screen resolution.

In addition, it will be great if the charts and tables in Kindle books are allowed to be rotated.

Amazon, please fix it. Otherwise, most of these books are useless as the charts and tables inside are the crucial part of the content.
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8 of 8 people found the following review helpful By G. Speranza on December 29, 2009
Format: Hardcover
This book is amazing!! It takes you step-by-step from A to Z on how to value target companies using the most popular valuation methods currently used on Wall Street. If you are a beginner seeking to gain an edge on your interviews, during your summer internship or even in your first few years in IB, this book will give you that edge.
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8 of 8 people found the following review helpful By Chris Moon on December 8, 2009
Format: Hardcover
When I first decided to change careers and get into finance I knew I was at a distinct disadvantage for not having spent years in the trenches as an analyst and associate at a major i-bank. I had none of the experience that goes into developing a banker and I did not know where to start. Therefore I am thankful that Pearl and Rosenblaum have successfully codified in one volume knowledge that was traditionally passed down from senior-banker to junior-banker. Their book has gone farther than any other textbook in educating me what is needed to build the foundation for getting deals done. I will keep this book close by for future reference. Well done.
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7 of 7 people found the following review helpful By Vijay Madyastha on July 27, 2009
Format: Hardcover
Love the i-banking book. I do middle-market M&A so I haven't been exposed to LBO models and the classic trading and tx comps that a typical wall street banker would do. But I found the book really engaging and really appreciate the worksheets that you uploaded. I hope you all come up with a second volume or come out with more books in the future.
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