Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions (Wiley Finance) (Kindle Edition)

by Joshua Rosenbaum (Author), Joshua Pearl (Author)

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

“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

Product Description

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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Product Details

• Format: Kindle Edition
• File Size: 7276 KB
• Print Length: 336 pages
• Simultaneous Device Usage: Up to 4 simultaneous devices, per publisher limits
• Publisher: Wiley (May 18, 2009)
• Sold by: Amazon Digital Services
• Language: English
• ASIN: B002AWX652
• Average Customer Review: 4.9 out of 5 stars  See all reviews (19 customer reviews)
• Amazon.com Sales Rank: #34,209 in Kindle Store (See Bestsellers in Kindle Store)

Customer Reviews

Most Helpful Customer Reviews

8 of 8 people found the following review helpful:

5.0 out of 5 stars The best investment banking book for today's world, July 12, 2009

By	Gene Huang "Gene" (Los Angeles) - See all my reviews

This review is from: Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions (Wiley Finance) (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.

7 of 7 people found the following review helpful:

5.0 out of 5 stars Valuation from a Practical, M&A Point of View, July 1, 2009

By	Pedro Goes M. Oliveira (Rio de Janeiro, RJ Brazil) - See all my reviews (REAL NAME)

This review is from: Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions (Wiley Finance) (Hardcover)

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).

6 of 6 people found the following review helpful:

5.0 out of 5 stars Great i-banking book, July 27, 2009

By	Vijay Madyastha "Investment Banker" (Atlanta, GA, USA) - See all my reviews (REAL NAME)

This review is from: Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions (Wiley Finance) (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.