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Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions 1st Edition

4.9 out of 5 stars 365 customer reviews
ISBN-13: 978-0470442203
ISBN-10: 0470442204
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Investment Banking Investment Banking + Valuation Models Investment Banking, University Edition
Guide Type
Professional Reference
Reference with Downloadable Models
Student Edition
Audience Level
List Price
Rosenbaum and Pearl
Rosenbaum and Pearl
Rosenbaum and Pearl
Publication Date
May 2013
May 2013
May 2013
Brief Description
#1 guide to investment banking and valuation models.
Top guide to investment banking, plus five downloadable valuation models.
Paperback edition for students and professors that includes end-of-chapter questions and other learning tools.
--This text refers to an alternate Hardcover edition.


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


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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: 7.3 x 1.1 x 10.3 inches
  • Shipping Weight: 1.5 pounds
  • Average Customer Review: 4.9 out of 5 stars  See all reviews (365 customer reviews)
  • Amazon Best Sellers Rank: #220,008 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

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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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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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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Format: Hardcover
A great read. I picked up a copy at the Wall Street Oasis Conference in New York City this Summer. This should be mandatory reading to all who aspire to be working in Investment Banking or even for a financial sponsor as the instruction is quite thorough. It's authored by two Investment Bankers with acknowledgements mostly by people that work/have worked in the industry. Having read and owned McKinsey's classic, Valuation, I can say that this is book is just as relevant and worthy to be placed alongside it on my book shelf.

Part 1 of the book:
In Investment Banking, at least at the Analyst level. A huge bulk of your time will be spent "doing comps" the first chapter opens up nicely on this topic. If you're able to articulate this chapter in an interview and have a working knowledge of this chapter while on the job (presumably in an internship) the people you work with will notice.

DCF (or Discounted Cash Flow Analysis) A good 34 pages on this here. All explained really well with sensible examples. Conceptualizing this will prepare you well when answering the potential interview question "Walk me through a DCF Analysis."

Part 2 of the book:

LBO's (or Leveraged Buy-Out), using debt to finance the majority of a deal. Highly relevant, and depending on the firm/interviewer you could be asked to construct an LBO model which the examples go through to a T.

M&A, I-Banks advise on the sellside and the buyside. The book distinguishes the differences between them well and explains in detail how an investment bank acts as a sellside and buyside advisor and the role it plays.

Overall, this is quite applicable to students interested in pursuing careers in Investment Banking but also as a means of learning everything about company valuation. Considering the obscene costs of textbooks now, pawn your Finance textbook immediately after your class and buy this. Trust me.
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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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Format: Hardcover
This is good for anyone looking to get a job on Wall Street. Unlike college finance courses, the book includes knowledge and skills needed in the real world. If you're just starting out in finance, read Fridson's book on financial statement analysis first - Financial Statement Analysis: A Practitioner's Guide (Wiley Finance) - and then pick this up for more practical IB-related work...
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