Investment Banking
(Sprache: Englisch)
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...
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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 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. 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.
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. 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. In this sense, this book is particularly topical--in addition to detailing the technical fundamentals behind valuation, the authors infuse practical judgment skills and perspective to help guide the science.
Klappentext zu „Investment Banking “
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 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. 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 anddefine 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.
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. 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. In this sense, this book is particularly topical-in addition to detailing the technical fundamentals behind valuation, the authors infuse practical judgment skills and perspective to help guide the science. Praise for Investment Banking
"Investment Banking provides a highly practical and relevant guide to the valuation analysis at thecore of
... mehr
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 twenty 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 and CIO, Zebra Capital Management, LLC Founder and 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 M. Davidoff, Associate Professor, University of Connecticut School of Law The Deal Professor, The New York Times
--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 twenty 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 and CIO, Zebra Capital Management, LLC Founder and 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 M. Davidoff, Associate Professor, University of Connecticut School of Law The Deal Professor, The New York Times
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Written by two investment bankers, Investment Banking is centered on the primary valuation methodologies currently used on Wall Street, namely Comparable Companies Analysis, Precedent Transactions Analysis, Discounted Cash Flow Analysis, and Leveraged Buyout Analysis. These methodologies are used to determine valuation for public and private companies, most notably for mergers & acquisitions transactions, leveraged buyouts, and initial public offerings. They also form the cornerstone for valuing companies on a standalone basis, including an assessment of whether a given public company is overvalued or undervalued. Using a step-by-step "how to" approach for each methodology, Josh R. and Josh P. build a chronological knowledge base and define key terms, financial concepts, and processes throughout the book. The authors also provide context for the various valuation methodologies through a comprehensive overview of the fundamentals of LBOs and an organized M&A sale process, including key participants, financing sources, strategies, and legal and marketing documentation.
In the aftermath of the subprime mortgage crisis and the ensuing credit crunch, the world of finance is returning to the fundamentals of valuation and critical due diligence for acquisition and investment opportunities. This involves the use of more realistic assumptions governing approach to risk as well as a wide range of valuation drivers such as expected future company financial performance, discount rates, multiples, leverage, and terms. While valuation has always involved a great deal of "art" in addition to time-tested "science," the artistry is constantly evolving in accordance with market developments and conditions. In this sense, this book is particularly topical - in addition to detailing the technical fundamentals behind valuation, the authors infuse practical judgment skills and perspective to help guide the science.
In the aftermath of the subprime mortgage crisis and the ensuing credit crunch, the world of finance is returning to the fundamentals of valuation and critical due diligence for acquisition and investment opportunities. This involves the use of more realistic assumptions governing approach to risk as well as a wide range of valuation drivers such as expected future company financial performance, discount rates, multiples, leverage, and terms. While valuation has always involved a great deal of "art" in addition to time-tested "science," the artistry is constantly evolving in accordance with market developments and conditions. In this sense, this book is particularly topical - in addition to detailing the technical fundamentals behind valuation, the authors infuse practical judgment skills and perspective to help guide the science.
Inhaltsverzeichnis zu „Investment Banking “
About the AuthorsForeword
- Achknowledgments
Supplemental Materials
- Introduction
Structure of the Book
ValueCo Summary Financial Information
PART ONE Valuation
CHAPTER 1 Comparable Companies Analysis
CHAPTER 2 Precedent Transactions Analysis
CHAPTER 3 Discounted Cash Flow Analysis
PART TWO Leveraged Buyouts
CHAPTER 4 Leveraged Buyouts
CHAPTER 5 LBO Analysis
PART THREE Mergers & Acquisitions
CHAPTER 6 M&A Sale Process
- Bibliography and Recommended Reading
- Index
Autoren-Porträt von Joshua Rosenbaum, Joshua Pearl
Joshua N. Rosenbaum (New York, NY) is an Executive Director in UBS Investment Bank's Global Industrials Group. He received his BA from Harvard University and his MBA, with Baker Scholar honors, from the Harvard Business School.Joshua D. Pearl (New York, NY) is an Associate in Deutsche Bank's Leveraged Finance Group, where he was also previously an Analyst. He received his BS in Business Administration from Indiana University's Kelley School of Business.
Bibliographische Angaben
- Autoren: Joshua Rosenbaum , Joshua Pearl
- 2009, 1. Auflage., 336 Seiten, Maße: 22,4 x 27,9 cm, Gebunden, Englisch
- Vorwort: Perella, Joseph R.
- Verlag: Wiley & Sons
- ISBN-10: 0470442204
- ISBN-13: 9780470442203
Sprache:
Englisch
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