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Valuation: Mergers, Buyouts and Restructuring (Wiley Finance) Hardcover – 21 Dec 2007

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“Specialist analysis of the situation in the US that combines both theory and practice…” (Long Range Planning, 38, 2005) --This text refers to an out of print or unavailable edition of this title.


"Enrique Arzac has provided an excellent analytical framework for the LBO business."
—William T. Comfort, Chairman, Citigroup Venture Capital

"Enrique Arzac has created a masterpiece—his work combines the theoretical with the practical. He has created an invaluable reference guide that is thoughtful, complete and very user friendly. He provides insight into the theory behind core valuation, LBO’s, and options pricing, which creates the foundation for mergers, buyouts and restructuring. In addition to the theoretical, he provides practical insight into deal structuring and deal dynamics. His work should be standard material for all incoming associates."
—James P. McVeigh, Managing Director, Corporate & Investment Banking, Banc of America Securities

"This first–rate book of applied financial theory provides the tools for financial institutions and capital market participants seeking a methodology for comparing, contrasting, and evaluating investment opportunities and options. By incorporating over 30 years of research, teaching, and practical experience, Professor Arzac has created a text that us not only timely, but timeless in its usefulness to anyone interested in learning the applications of financial theory for the best and most useful allocation of the scarcest economic resource in the world—capital."
—William W. Priest, Co–Managing Partner, Steinberg, Priest and Sloane Capital Management and Former Chairman and CEO of Credit Suisse Asset Management

"There are two important aspects in graduate business education. The first is acquiring a thorough understanding of the theories of modern finance and the second is acquiring an appreciation for how these theories can be applied to important decisions. Enrique Arzac has taken on this task and made it a successful venture for readers of this book. Unlike other texts on valuation, he explains the reasons for the process and sequence that he recommends rather than just providing the ingredients and the recipe without explanation. This is a welcome addition to the literature in applied corporate finance."
—Joel M. Stern, Managing Partner, Stern, Stewart & Co. --This text refers to an out of print or unavailable edition of this title.

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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Most Helpful Customer Reviews on Amazon.com (beta)

Amazon.com: 24 reviews
39 of 39 people found the following review helpful
Excellent Balance Between Theory & Practice 9 Feb 2005
By Kumaresan Kanagasabai - Published on Amazon.com
Format: Hardcover
In my consulting career, I have worked on lots of models to value M& A candidates, to restructure debt, to perform due diligence etc. My main problem was that I always found it difficult to get a good reference book on valuation. Most books just give the basics of DCF and treat valuation in a straightforward manner.

Arzac's book on the other hand treats valuation from a practical and theoretical perspective and is supported by research evidence. I found his book to be very helpful as it contained the different types of valuation tools and arrangements commonly found in practice i.e. adjusted present value, earnouts, original issue discount, synergies and scenario analysis, contingent clauses, entry, foothold and exit options etc. I am an engineer by training so I found the technical notes at the end of the book to be very handy. In addition, the CD accompanying Arzac's textbook is very useful as it provided many essential valuation tools such as option pricing, debt capacity calculator etc. I highly recommend this book to anyone with a serious interest in corporate finance, consulting and investment banking
42 of 44 people found the following review helpful
Purely for Reference 14 Jan 2006
By J. Fu - Published on Amazon.com
Format: Hardcover
As an M&A finance practitioner, I am torn between giving this book a 3-star or 4-star rating. As many reviewers have noted, this is structured to be a reference book. There is more math than is typically needed or used in most small or medium-sized transactions, and there is very little introductory material for the uninitiated to get their bearings. Instead, the books delves straight into valuation exercises that are at times even more difficult than what I have encountered in the profession. The examples, while numerous and varied, are often reviewed much too quickly, and occasionally with so many permutations and small digressions that it is difficult to keep track of the purpose of the original endeavor. And as good students know, it is very hard to remember how to do something when you do not know *why* you are doing it. As such, it is difficult to recommend this book with much enthusiasm to anyone who does not at least have a few transactions under their belt because as a general guide it does not at all do the trick.

However, for more experienced users, it can come in handy, although I will still have to say that information is unnecessarily difficult to find. I feel like this book is so dense that it would be much more effective in an electronic (and hence, searchable) version. That being said, I really enjoyed a few chapters, including Chapter 9, which had some excellent examples of the effect different tax treatments have on a transaction. It came in very handy for a deal I was working on where I had to deal with NOLs.
19 of 22 people found the following review helpful
Solid reference book 5 Jan 2005
By R. Kolakowski - Published on Amazon.com
Format: Hardcover
This is a solid work on the subject matter of valuations. Although it is definitely academically oriented rather than telling a than a story, it gives great examples (many of them based on real-life deals) of actual real-life applications.

The plethora of examples and solid coverage in the area earns this book a permanent spot on my bookshelf. I believe I'll be referencing it quite often. Also, the included CD has helpful sample deal models at are immediately usable.

On a side note, I find no basis for the 'one-star' review from the 'MBA-student' hoping to gain some insights before an interview at an investment bank. Comparing Arzac's solid work to the reviewer's misleading comments raises questions about the reviewer's competence and/or credibility.
11 of 12 people found the following review helpful
A MUST HAVE for the serious investor 11 July 2005
By E. R. Prostko - Published on Amazon.com
Format: Hardcover
As a venture capitalist and former investment banker, I have found this book to be a phenomenal resource for applied finance and valuation. The book is filled with real world examples of valuation techniques and more importantly, with detailed explanations of the academic underpinnings of these techniques. Arzac does a masterful job of explaining valuation methodology in an easy to follow manner. I highly recommend this book to anyone with an interest in investment banking or investing.
10 of 11 people found the following review helpful
Comprehensive; Informative 1 Dec 2004
By Jeff Parks - Published on Amazon.com
Format: Hardcover
Professor Arzac's latest work endeavors to balance the practical with the theoretical, and it succeeds. It is rare that an academic writer is able to so effectively and comfortably communicate practical financial concepts, particularly while remaining true to their academic roots. Arzac does a great service to the reader by straying from the standard academic explanations of valuation techniques to incorporate the everyday techniques that are actually applied in the real world (particularly in the area of the leveraged buyout). This work will be appreciated by valuation practitioners and academic readers alike.
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