Investment Banking : Valuation, Leveraged Buyouts, and Mergers and Acquisitions
With the new fully revised edition, they have added the most comprehensive, rigorous set of intuition-building and problem-solving ancillaries anywhere?all of which promised to become essential, knowledge enhancing tools for professionals, and professors and students. For those who purchase this edition of the book, there are options to purchase the Valuation Models separately (9781118586167), and to also consider purchase of the Investing Banking Workbook (9781118456118) and Investment Banking Focus Notes (9781118586082) for further self-study.
- Hardback | 464 pages
- 186 x 259 x 29mm | 1,040g
- 05 Jun 2013
- John Wiley & Sons Inc
- New York, United States
- 2nd Edition
- color Illustrations
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In the constantly evolving world of finance, a solid technicalfoundation is an essential tool for success. Due to the fast-pacednature of this world, however, no one has been able to take thetime to properly codify the lifeblood of the corporate financier'swork--namely, valuation. Rosenbaum and Pearl have responded tothis need by writing the book that they wish had existed when theywere trying to break into Wall Street.
Investment Banking: Valuation, Leveraged Buyouts, and Mergers& Acquisitions, Second Edition is a highly accessible andauthoritative book that focuses on the primary valuationmethodologies currently used on Wall Street--comparablecompanies, precedent transactions, DCF, and LBO analysis--aswell as M&A analysis. These methodologies are used to determinevaluation for public and private companies within the context ofM&A transactions, LBOs, IPOs, restructurings, and investmentdecisions. Using a step-by-step how-to approach for eachmethodology, the authors build a chronological knowledge base anddefine key terms, financial concepts, and processes throughout thebook. They also provide a comprehensive overview of thefundamentals of LBOs and an organized M&A sale process, including a data room index from Intralinks, as well as mergerconsequences analysis.
In the aftermath of the subprime mortgage crisis and ensuingcredit crunch, the world of finance is returning to thefundamentals of valuation and critical due diligence for M&A, capital markets, and investment opportunities. This involves theuse of more realistic assumptions governing approach to risk aswell as a wide range of value drivers. While valuation has alwaysinvolved a great deal of "art" in addition to time-tested"science," the artistry is perpetually evolving in accordance withmarket developments and conditions. As a result, Rosenbaum andPearl have updated the widely adopted first edition of their bookwith respect to both technical valuation fundamentals as well aspractical judgment skills and perspective. The authors have alsoadded a comprehensive and highly technical chapter on buy-sideM&A analysis.
Furthermore, the authors address the importance of rigorousanalysis based on trusted and attributable data sources. In thisbook, they highlight several datasets and investment banking toolsfrom Bloomberg, a leading provider of business and financial data, news, research, and analytics.
Back cover copy
"This book will surely become an indispensable guide to the artof buyout and M&A valuation, for the experienced investmentpractitioner as well as for the non-professional seeking to learnthe mysteries of valuation."
--David M. Rubenstein, Co-Founder and Co-CEO, TheCarlyle Group
"Investment Banking provides a highly practical andrelevant guide to the valuation analysis at the core of investmentbanking, private equity, and corporate finance. Mastery of theseessential skills is fundamental for any role in transaction-relatedfinance. This book will become a fixture on every financeprofessional'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, yetdetailed framework for understanding valuation, balance sheets, andbusiness combinations. As such, their book is an essential resourcefor understanding complex businesses and capital structures whetheryou are on the buy-side or sell-side."
--Mitchell R. Julis, Co-Chairman and Co-CEO, CanyonPartners, LLC
"As a new generation of students prepare to enter Wall Street, asound technical foundation is more essential now than ever.Rosenbaum and Pearl have drawn from their broad deal experience andextensive network to create the best valuation and deal guidebookin the world."
--Alan C. "Ace" Greenberg, Vice Chairman Emeritus, JPMorgan Chase & Co., Former CEO ('78-'93) and Chairman of theBoard ('85-'01), Bear Stearns, Author, The Rise and Fall of BearStearns and Memos from the Chairman
"Investment banking requires a skill set that combines both artand science. While numerous textbooks provide students with thecore principles of financial economics, the rich institutionalconsiderations that are essential on Wall Street are not welldocumented. This book represents an important step in filling thisgap."
--Josh Lerner, Jacob H. Schiff Professor of InvestmentBanking, Harvard Business School, Coauthor, Venture Capital andPrivate Equity: A Casebook
"Valuation is the key to any transaction. InvestmentBanking provides specific step-by-step valuation procedures forLBO and M&A transactions, with lots of diagrams and numericalexamples."
--Roger G. Ibbotson, Professor in the Practice ofFinance, Yale School of Management Chairman and CIO, Zebra CapitalManagement, LLC, Founder and Advisor, Ibbotson Associates, aMorningstar Company
"Investment Banking provides fresh insight andperspective to valuation analysis, the basis for every great tradeand winning deal on Wall Street. The book is written from theperspective of practitioners, setting it apart from othertexts."
--Gregory Zuckerman, Special Writer, The Wall StreetJournal, Author, The Greatest Trade Ever
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About Joshua Harris