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Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions (Wiley Finance) Hardcover – 28 Jun 2013


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Product details

  • Hardcover: 448 pages
  • Publisher: John Wiley & Sons; 2nd Edition edition (28 Jun. 2013)
  • Language: English
  • ISBN-10: 1118656210
  • ISBN-13: 978-1118656211
  • Product Dimensions: 18.8 x 2.8 x 26.2 cm
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (15 customer reviews)
  • Amazon Bestsellers Rank: 121,629 in Books (See Top 100 in Books)
  • See Complete Table of Contents

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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 , 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 --This text refers to an out of print or unavailable edition of this title.

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 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, Second Edition 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 as 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.


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12 of 12 people found the following review helpful By Gone4Good on 7 July 2010
Format: Hardcover Verified Purchase
This book helps to get a rough understanding of multiples, LBO and M&A. Yet, the book is very qualitative and definitely lacks the detail and technical side which one expect from two investment banking professionals. For example I expected that the book would surely walk you through a LBO valuation from a bank or financial sponsor side (APV, irr, debt calculations - not just screenshots from their excel sheets), especially since Joshua Pearl works in the Leveraged Finance Group of Deutsche Bank, where this is his daily business. Furthermore a chapter on restructuring would have been interesting as well.

I believe this book is very good for beginners and intermediaries, but still has a lot of potential for improvement to also become more interesting for advanced practitioners. A little expansion with details, more valution aspects and a chapter about restructuring, and this book gets another star.
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1 of 1 people found the following review helpful By R. Bakri on 18 Jun. 2012
Format: Hardcover Verified Purchase
Working in the financial markets, I felt it necessary to learn about the process and mechanics of modelling so that I would be comfortable in digging through those models developed by Analysts to better form my own opinions on particular stocks of interest.

I do have some academic Accounting experience (several modules as part of an undergrad in Economics) but feel that previous accounting knowledge is not a pre-requisite to begin modelling; as long as one acknowledges their early attempts will likely have little practical value as the 'art' side of accounting (and part where experience is vital) is really where the skill/ value of an analyst comes in.

Having worked through the book, and since that done some of my own modelling, it has proved to be an excellent introduction to this little known to outsiders skill-set. The chapters are well thought out, with references throughout the book and the authors' reasoning is nearly always clearly communicated.

That being said, my first model (a DCF) was still very tough. It required trawling through book, constantly scribbling questions down, using the Excel spreadsheet ("Add comment" quickly became my favourite function within Excel for both my reasoning of the value, the source [as the book says to do] but also for my myriad of questions of how to find the fig., work it out etc. etc.) Even with this handbook it took many hours. However, after a few weeks I finished up with a sensible Equity Valuation of my co.

I should add that I am lucky to have a couple of friends who are analysts, and were a great help on those questions that really stumped me.
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3 of 3 people found the following review helpful By Ms London UK on 19 Nov. 2010
Format: Hardcover
I used this book while I was writing my MSc thesis. It is one of the kind that explains P&L and Balance Sheets and all related issues very well. I consider this book as the core book for an interview preparation. It is a must for any graduate who wants to succeed in the higly competitive finance environment.
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1 of 1 people found the following review helpful By Richard on 19 Jun. 2013
Format: Kindle Edition with Audio/Video Verified Purchase
I had never seen such an practical and comprehensive book before this one. Fantastic book for improving your knowledge about IB.

However, Wiley representative told me that for this particular ISBN, there is no access to online resources, which should otherwise be bought separately. So, go for university edition and do NOT buy this edition. They are of same value but at different prices.
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1 of 1 people found the following review helpful By Flum on 11 May 2011
Format: Hardcover Verified Purchase
Any PE, VC or M&A student will find this invaluable - if not only for the models and step-by-step instructions, then for the ease with which it is readable and understandable... Great examples too. Dont hesitate, buy it.
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Format: Hardcover Verified Purchase
The content is presented well and covers the areas in detail while maintaining a good flow.

I needed this to help with a potential transfer from the sales and trading side of IB to M&A/Lev Fin and hopefully to PE. The feedback I have received so far from practitioners is good and my preparation has centered mainly on this book. I therefore see it as a good buy for someone with no experience in the specific area; however, I can also see myself continuing to use it as a helpful reference point if I make the move and progress in the industry.
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7 of 9 people found the following review helpful By David on 6 Dec. 2009
Format: Hardcover Verified Purchase
Finally, a book written by practitioners that is grounded in theory. I have been working in Investment Banking without any 'formal' accounting or finance training, this book has proved invaluable!

Rosenbaum and Pearl have got this one right, clear and straight to the point, no messing about.

If you had to pick one book on IB out of the hundreds available on Amazon, pick this one!
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By Horch on 31 Mar. 2011
Format: Hardcover
I found this book to be unique among others. It offers a well structured and comprehensive overview of the main valuation techniques with the practical sense necessary for interviews and a successful career in finance. Particularly useful are the practical applications and all the information dedicated to finding the necessary input data when valuing companies. In addition, the spreadsheet outputs are quite useful, as they give a clear idea of how banks present their valuations.
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