Product Description

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.

Product Details

• Amazon Sales Rank: #15696 in Books
• Published on: 2009-05-22
• Original language: English
• Number of items: 1
• Binding: Hardcover
• 336 pages

From the Inside Flap
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.

From the Back Cover
Praise for Investment Banking

"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 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

About the Author
Joshua Rosenbaum is an Executive 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 has structured and executed numerous leveraged loan and high yield bond financings, as well as LBOs and restructurings, for Deutsche Bank′s Leveraged Finance Group. Previously, he worked at A.G. Edwards in the Investment Banking Division. Pearl has also designed and taught corporate finance training courses. He received his BS in Business from Indiana University′s Kelley School of Business.

Customer Reviews

The best book on Investment Banking out there!
Finally, a book written by practitioners that is grounded in theory. I have been trying to break into Investment Banking without any 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!

If ever there was category for 'textbook, bible and interview preparation guide' to investment banking all rolled into one, this would be IT!