Book 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.
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.
