Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions- (Anglais) Relié – 28 juin 2013
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Présentation de l'éditeur
In the constantly evolving world of finance, a solid technical foundation is an essential tool for success. Until the welcomed arrival of authors Josh Rosenbaum and Josh Pearl, no one had taken the time to properly codify the lifeblood of the corporate financier?s work?namely, valuation, through all of the essential lenses of an investment banker. With the release of Investment Banking, Second Edition: Valuation, Leveraged Buyouts, and Mergers & Acquisitions, Rosenbaum and Pearl once again have written the definitive book that they wish had existed when they were trying to break into Wall Street. The Second Edition includes both the technical valuation fundamentals as well as practical judgment skills and perspective to help guide the science. This book focuses on the primary valuation methodologies currently used on Wall Street: comparable companies analysis, precedent transactions analysis, discounted cash flow analysis, and leveraged buyout analysis. 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.
Quatrième de couverture
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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Meilleurs commentaires des clients
The good: Accurate and clear book. Examples included.
The bad: Not accessible to every reader (particularly people not familiar with economy and derivatives). Heavy?
Commentaires client les plus utiles sur Amazon.com (beta)
Therefore I was very fortunate when I discovered Messrs. Pearl and Rosenblaum's first edition of Investment Banking when it was first published. They had successfully codified in one volume the knowledge that has traditionally been passed down from senior-banker to junior-banker while on the job and under the pressure of getting the deal done. Their book went further than any other book I found in helping me establish the foundational skill sets that are necessary for closing the deal or making solid, defensible investment decisions. I have kept this book close by for reference and even used the recommended reading list in the appendix for my own self-directed advanced studies. Thanks to their work I have never felt outmatched when I am dealing with bankers and investors with years more experience than I have.
In a continuing effort to "sharpen the saw", I was pleased to buy and read the 2nd edition of Investment Banking, along with the Focus Notes and Workbook. I have to say the 2nd edition is even better than the 1st. I whole-heartedly endorse using the book along with the Focus Notes and Workbook. Well done.
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.
This book has provided me with an insight into what investment bankers actually do in valuations, leveraged buyouts and M&A transactions.
The M&A sale process is also described in a clear manner with all relevant foot notes providing further details. Each chapter initially lists the steps involved in the activity being described so as to provide a direction for the subsequent elaborations.
All calculations are clearly explained with comments appearing on each of the spreadsheets presented.
The Microsoft Excel formats used for explaining the valuation methodologies are also available online.
This book has provided me the edge I needed in my interactions with investment bankers and our own company personnel involved in M&A activities.
I wish to thank Joshua Rosenbaum and Joshua Pearl for writing this excellent book.