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Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions Hardcover – May 28, 2013
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“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
Top Customer Reviews
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.
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.Read more ›
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.
Most Recent Customer Reviews
Best written IB book ever, user friendly and written by people with fife experiencePublished 2 months ago by Amazon Customer
A must-have for investment bankers! Waiting for the next edition.Published 2 months ago by Amazon Customer
This has been recommended to me by numerous people before. Highly digestible read.Published 4 months ago by Brendan Chong
This book was purchased for a required course... I bought the models, which were provided in xls format (Excel 1997-2003). Read morePublished 5 months ago by ravenstone
The best book for valuation on the market, Investment Banking makes concept easy to understand with great examples which lead the student from start to finish. Read morePublished 5 months ago by SClemmons