- Hardcover: 464 pages
- Publisher: John Wiley & Sons Inc; 2nd Edition edition (17 May 2013)
- Language: English
- ISBN-10: 1118656210
- ISBN-13: 978-1118656211
- Product Dimensions: 18.3 x 3.3 x 25.7 cm
- Boxed-product Weight: 953 g
- Average Customer Review: Be the first to review this item
- Amazon Bestsellers Rank: 22,108 in Books (See Top 100 in Books)
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Investment Banking, Second Edition: Valuation, Leveraged Buyouts, and Mergers & Acquisitions Hardcover – 17 May 2013
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From the Inside Flap
A timely update to the global best-selling book on investment banking and valuation
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 worknamely, 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, Second Edition is a highly accessible and authoritative book that focuses on the primary valuation methodologies currently used on Wall Streetcomparable companies, precedent transactions, DCF, and LBO analysisas well as M&A 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, including a data room index from Intralinks, as well as merger consequences analysis.
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 for M&A, capital markets, and investment opportunities. 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. As a result, Rosenbaum and Pearl have updated the widely adopted first edition of their book with respect to both technical valuation fundamentals as well as practical judgment skills and perspective. The authors have also added a comprehensive and highly technical chapter on buy-side M&A analysis.
Furthermore, the authors address the importance of rigorous analysis based on trusted and attributable data sources. In this book, they highlight several datasets and investment banking tools from Bloomberg, a leading provider of business and financial data, news, research, and analytics.
From the Back Cover
Praise for Investment Banking
"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 Co-CEO, The Carlyle Group
"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
"The two Joshes present corporate finance in a broad, yet detailed framework for understanding valuation, balance sheets, and business combinations. As such, their book is an essential resource for understanding complex businesses and capital structures whether you are on the buy-side or sell-side."
—Mitchell R. Julis, Co-Chairman and Co-CEO, Canyon Partners, LLC
"As a new generation of students prepare to enter Wall Street, a sound technical foundation is more essential now than ever. Rosenbaum and Pearl have drawn from their broad deal experience and extensive network to create the best valuation and deal guidebook in the world."
—Alan C. "Ace" Greenberg, Vice Chairman Emeritus, JP Morgan Chase & Co., Former CEO ('78-'93) and Chairman of the Board ('85-'01), Bear Stearns, Author, The Rise and Fall of Bear Stearns and Memos from the Chairman
"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
"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 and CIO, Zebra Capital Management, LLC, Founder and Advisor, Ibbotson Associates, a Morningstar Company
"Investment Banking provides fresh insight and perspective to valuation analysis, the basis for every great trade and winning deal on Wall Street. The book is written from the perspective of practitioners, setting it apart from other texts."
—Gregory Zuckerman, Special Writer, The Wall Street Journal, Author, The Greatest Trade Ever
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Most helpful customer reviews on Amazon.com
That said, the book does not get into the valuation issues involving closely held businesses (lower middle market or your "mom-n-pop" small businesses), such as: cost of equity, DLOM, Control Premiums, minority interests valuation, or tax-affecting. There is a lot going on in that area (valuation of closely held businesses) which the book does not address or intend to address.
A good bit of my practice is concentrated on certain activities and guerilla techniques (creating processes and adapt that process to the local market/niche). Our niche is in between the Wall Street investment bankers and the business brokers carrying out mergers and acquisitions, surgeon investors recruitment, private placements and capital raises and capital structure consulting.
Having said that, this book is a guide book that presents the big I banks' process in an easy to understand and straight forward format. I find myself go back to this book when preparing presentations, proposals, training and when in need of ideas.
This is a book that every student and practitioner alike should read and keep on their reference shelf. I additionally recommend it for the business owners and executives that will undergo this process. This will help you understand what you IBer is attempting to carry out on your behalf.
Blayne Rush, MHP, MBA