Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions

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Wiley, May 18, 2009 - Business & Economics - 256 pages
6 Reviews
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.

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Review: Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions

User Review  - Sean - Goodreads

This was surprisingly and incredibly practical, straightforward guide to simple I-banking concepts. Valuation via (i) Trading Comps (ii) Precedent Deals (iii) DCF. Quick overview of LBO modeling and survey of the M&A process. Very good. Read full review

Review: Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions

User Review  - Greg - Goodreads

This is a fantastic book to teach a novice what investment bankers do. It covers the basics of company valuation, LBOs and M&A. I recommend this for anyone who is emerging from business school and ... Read full review

About the author (2009)

JOSHUA ROSENBAUM is a Managing Director at UBS Investment Bank in the Global Industrial Group. He advises on, structures, and originates M&A, corporate finance, and capital markets transactions. Previously, he worked at the International Finance Corporation, the direct investment division of the World Bank. He received his AB from Harvard and his MBA with Baker Scholar honors from Harvard Business School.

JOSHUA PEARL is a Director at UBS Investment Bank in Leveraged Finance. He originates, structures, and executes leveraged loan and high yield bond financings, as well as leveraged buyouts, and restructurings. Previously, he worked at Moelis & Company in Capital Markets and Deutsche Bank in Leveraged Finance. He received his BS in Business from Indiana University’s Kelley School of Business.

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