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

Intheconstantlyevolvingworldoffinance,asolidtechnicalfoundationisanessentialtoolforsuccess.Duetothefast-pacednatureofthisworld,however,noonehasbeenabletotakethetimetoproperlycodifythelifebloodofthecorporatefinancier'swork--namely,valuation.RosenbaumandPearlhaverespondedtothisneedbywritingthebookthattheywishhadexistedwhentheyweretryingtobreakintoWallStreet.InvestmentBanking:Valuation,LeveragedBuyouts,andMergers&AcquisitionsisahighlyaccessibleandauthoritativebookthatfocusesontheprimaryvaluationmethodologiescurrentlyusedonWallStreet--comparablecompanies,precedenttransactions,DCF,andLBOanalysis.ThesemethodologiesareusedtodeterminevaluationforpublicandprivatecompanieswithinthecontextofM&Atransactions,LBOs,IPOs,restructurings,andinvestmentdecisions.Usingastep-by-stephow-toapproachforeachmethodology,theauthorsbuildachronologicalknowledgebaseanddefinekeyterms,financialconcepts,andprocessesthroughoutthebook.TheyalsoprovideacomprehensiveoverviewofthefundamentalsofLBOsandanorganizedM&Asaleprocess.Intheaftermathofthesubprimemortgagecrisisandensuingcreditcrunch,theworldoffinanceisreturningtothefundamentalsofvaluationandcriticalduediligence.Thisinvolvestheuseofmorerealisticassumptionsgoverningapproachtoriskaswellasawiderangeofvaluedrivers.Whilevaluationhasalwaysinvolvedagreatdealof"art"inadditiontotime-tested"science,"theartistryisperpetuallyevolvinginaccordancewithmarketdevelopmentsandconditions.Inthissense,thisbookisparticularlytopical--inadditiontodetailingthetechnicalfundamentalsbehindvaluation,theauthorsinfusepracticaljudgmentskillsandperspectivetohelpguidethescience.