关闭

关闭

封号提示

内容

首页 Investment Bankning.pdf

Investment Bankning.pdf

Investment Bankning.pdf

上传者: cloudyip 2014-01-09 评分1 评论0 下载3 收藏0 阅读量654 暂无简介 简介 举报

简介:本文档为《Investment Bankningpdf》,可适用于财会税务领域,主题内容包含Intheconstantlyevolvingworldoffinance,asolidtechnicalfoundationisanessenti符等。

Intheconstantlyevolvingworldoffinance,asolidtechnicalfoundationisanessentialtoolforsuccessDuetothefastpacednatureofthisworld,however,noonehasbeenabletotakethetimetoproperlycodifythelifebloodofthecorporatefinancier’sworknamely,valuationRosenbaumandPearlhaverespondedtothisneedbywritingthebookthattheywishhadexistedwhentheyweretryingtobreakintoWallStreetInvestmentBanking:Valuation,LeveragedBuyouts,andMergersAcquisitionsisahighlyaccessibleandauthoritativebookthatfocusesontheprimaryvaluationmethodologiescurrentlyusedonWallStreetcomparablecompanies,precedenttransactions,DCF,andLBOanalysisThesemethodologiesareusedtodeterminevaluationforpublicandprivatecompanieswithinthecontextofMAtransactions,LBOs,IPOs,restructurings,andinvestmentdecisionsUsingastepbystephowtoapproachforeachmethodology,theauthorsbuildachronologicalknowledgebaseanddefinekeyterms,financialconcepts,andprocessesthroughoutthebookTheyalsoprovideacomprehensiveoverviewofthefundamentalsofLBOsandanorganizedMAsaleprocessIntheaftermathofthesubprimemortgagecrisisandensuingcreditcrunch,theworldoffinanceisreturningtothefundamentalsofvaluationandcriticalduediligenceThisinvolvestheuseofmorerealisticassumptionsgoverningapproachtoriskaswellasawiderangeofvaluedriversWhilevaluationhasalwaysinvolvedagreatdealof“art”inadditiontotimetested“science,”theartistryisperpetuallyevolvinginaccordancewithmarketdevelopmentsandconditionsInthissense,thisbookisparticularlytopicalinadditiontodetailingthetechnicalfundamentalsbehindvaluation,theauthorsinfusepracticaljudgmentskillsandperspectivetohelpguidethescienceInvestmentBankingJOSHUAROSENBAUMJOSHUAPEARLFOREWORDBYJOSEPHRPERELLAROSENBAUMPEARLInvestmentBankingValuation,LeveragedBuyouts,andMergersAcquisitionsJOSHUAPEARLhasstructuredandexecutednumerousleveragedloanandhighyieldbondfinancings,aswellasLBOsandrestructurings,forDeutscheBank’sLeveragedFinanceGroupPreviously,heworkedatAGEdwardsintheInvestmentBankingDivisionPearlhasalsodesignedandtaughtcorporatefinancetrainingcoursesHereceivedhisBSinBusinessfromIndianaUniversity’sKelleySchoolofBusinessJOSHUAROSENBAUMisanExecutiveDirectoratUBSInvestmentBankintheGlobalIndustrialGroupHeadviseson,structures,andoriginatesMA,corporatefinance,andcapitalmarketstransactionsPreviously,heworkedattheInternationalFinanceCorporation,thedirectinvestmentdivisionoftheWorldBankHereceivedhisABfromHarvardandhisMBAwithBakerScholarhonorsfromHarvardBusinessSchoolPraiseforInvestmentBanking“InvestmentBankingprovidesahighlypracticalandrelevantguidetothevaluationanalysisatthecoreofinvestmentbanking,privateequity,andcorporatefinanceMasteryoftheseessentialskillsisfundamentalforanyroleintransactionrelatedfinanceThisbookwillbecomeafixtureoneveryfinanceprofessional’sbookshelf”ThomasHLee,President,LeeEquityPartners,LLCFounder,ThomasHLeeCapitalManagement,LLC“ThisbookwillsurelybecomeanindispensableguidetotheartofbuyoutandMAvaluation,fortheexperiencedinvestmentpractitioneraswellasforthenonprofessionalseekingtolearnthemysteriesofvaluation”DavidMRubenstein,CoFounderandManagingDirector,TheCarlyleGroup“AsapractitionerofhundredsofMAandLBOtransactionsduringthelasttwentyyears,Irecommendthisbooktoadvisors,financiers,practitioners,andanyoneseriouslyinterestedininvestmenttransactionsRosenbaumandPearlhavecreatedacomprehensiveandthoughtfullywrittenguidecoveringthecoreskillsofthesuccessfulinvestmentprofessional,withparticularemphasisonvaluationanalysis”JoshHarris,ManagingPartner,ApolloManagement,LP“ValuationisthekeytoanytransactionInvestmentBankingprovidesspecificstepbystepvaluationproceduresforLBOandMAtransactions,withlotsofdiagramsandnumericalexamples”RogerGIbbotson,ProfessorinthePracticeofFinance,YaleSchoolofManagementChairmanandCIO,ZebraCapitalManagement,LLCFounderandAdvisor,IbbotsonAssociates,aMorningstarCompany“InvestmentbankingrequiresaskillsetthatcombinesbothartandscienceWhilenumeroustextbooksprovidestudentswiththecoreprinciplesoffinancialeconomics,therichinstitutionalconsiderationsthatareessentialonWallStreetarenotwelldocumentedThisbookrepresentsanimportantstepinfillingthisgap”JoshLerner,JacobHSchiffProfessorofInvestmentBanking,HarvardBusinessSchoolCoauthor,VentureCapitalandPrivateEquity:ACasebook“RosenbaumandPearlhavewrittentheultimatenutsandboltsguideforvaluationItisthebookthateverybusinessstudentshouldstudyandeveryinvestmentbankershoulduse”StevenMDavidoff,AssociateProfessor,UniversityofConnecticutSchoolofLawTheDealProfessor,TheNewYorkTimes$USA$CANJacketPhotograph:DavidPollackCorbisPortraits:NoliNovakP:ABCABCP:cdQC:efT:gFMJWBTRosenbaumMarch,:PrinterName:HamiltonviP:ABCABCP:cdQC:efT:gFMJWBTRosenbaumMarch,:PrinterName:HamiltonInvestmentBankingiP:ABCABCP:cdQC:efT:gFMJWBTRosenbaumMarch,:PrinterName:HamiltonFoundedin,JohnWileySonsistheoldestindependentpublishingcompanyintheUnitedStatesWithofficesinNorthAmerica,Europe,Australia,andAsia,Wileyisgloballycommittedtodevelopingandmarketingprintandelectronicproductsandservicesforourcustomers’professionalandpersonalknowledgeandunderstandingTheWileyFinanceseriescontainsbookswrittenspecificallyforfinanceandinvestmentprofessionalsaswellassophisticatedindividualinvestorsandtheirfinancialadvisorsBooktopicsrangefromportfoliomanagementtoecommerce,riskmanagement,financialengineering,valuation,andfinancialinstrumentanalysis,aswellasmuchmoreForalistofavailabletitles,pleasevisitourWebsiteatwwwWileyFinancecomiiP:ABCABCP:cdQC:efT:gFMJWBTRosenbaumMarch,:PrinterName:HamiltonInvestmentBankingValuation,LeveragedBuyouts,andMergersAcquisitionsJOSHUAROSENBAUMJOSHUAPEARLJohnWileySons,InciiiP:ABCABCP:cdQC:efT:gFMJWBTRosenbaumMarch,:PrinterName:HamiltonCopyrightCbyJoshuaRosenbaumandJoshuaPearlAllrightsreservedPublishedbyJohnWileySons,Inc,Hoboken,NewJerseyPublishedsimultaneouslyinCanadaNopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmittedinanyformorbyanymeans,electronic,mechanical,photocopying,recording,scanning,orotherwise,exceptaspermittedunderSectionoroftheUnitedStatesCopyrightAct,withouteitherthepriorwrittenpermissionofthePublisher,orauthorizationthroughpaymentoftheappropriatepercopyfeetotheCopyrightClearanceCenter,Inc,RosewoodDrive,Danvers,MA,(),fax(),oronthewebatwwwcopyrightcomRequeststothePublisherforpermissionshouldbeaddressedtothePermissionsDepartment,JohnWileySons,Inc,RiverStreet,Hoboken,NJ,(),fax(),oronlineathttp:wwwwileycomgopermissionsLimitofLiabilityDisclaimerofWarranty:Whilethepublisherandauthorhaveusedtheirbesteffortsinpreparingthisbook,theymakenorepresentationsorwarrantieswithrespecttotheaccuracyorcompletenessofthecontentsofthisbookandspecificallydisclaimanyimpliedwarrantiesofmerchantabilityorfitnessforaparticularpurposeNowarrantymaybecreatedorextendedbysalesrepresentativesorwrittensalesmaterialsTheadviceandstrategiescontainedhereinmaynotbesuitableforyoursituationYoushouldconsultwithaprofessionalwhereappropriateNeitherthepublishernorauthorshallbeliableforanylossofprofitoranyothercommercialdamages,includingbutnotlimitedtospecial,incidental,consequential,orotherdamagesForgeneralinformationonourotherproductsandservicesorfortechnicalsupport,pleasecontactourCustomerCareDepartmentwithintheUnitedStatesat(),outsidetheUnitedStatesat()orfax()WileyalsopublishesitsbooksinavarietyofelectronicformatsSomecontentthatappearsinprintmaynotbeavailableinelectronicbooksFormoreinformationaboutWileyproducts,visitourwebsiteatwwwwileycomLibraryofCongressCataloginginPublicationData:Rosenbaum,Joshua,–Investmentbanking:valuation,leveragedbuyouts,andmergersacquisitionsJoshuaRosenbaum,JoshuaPearlpcm(Wileyfinanceseries)IncludesbibliographicalreferencesandindexISBN(cloth)InvestmentbankingValuationLeveragedbuyoutsConsolidationandmergerofcorporationsIPearl,Joshua,–IITitleHGR’dcPrintedintheUnitedStatesofAmericaivP:ABCABCP:cdQC:efT:gFMJWBTRosenbaumMarch,:PrinterName:HamiltonTomywife,Margo,forherunwaveringloveandsupportJRTothememoryofmygrandfather,JosephPearl,aHolocaustsurvivor,forhisinspirationtopersevereandsucceedJPvP:ABCABCP:cdQC:efT:gFMJWBTRosenbaumMarch,:PrinterName:HamiltonviP:ABCABCP:cdQC:efT:gFMJWBTRosenbaumMarch,:PrinterName:HamiltonContentsAbouttheAuthorsxiiiForewordxvAcknowledgmentsxviiSupplementalMaterialsxxiINTRODUCTIONStructureoftheBookPartOne:Valuation(Chapters–)PartTwo:LeveragedBuyouts(Chapters)PartThree:MergersAcquisitions(Chapter)ValueCoSummaryFinancialInformationPARTONEValuationCHAPTERComparableCompaniesAnalysisSummaryofComparableCompaniesAnalysisStepsStepISelecttheUniverseofComparableCompaniesStudytheTargetIdentifyKeyCharacteristicsoftheTargetforComparisonPurposesScreenforComparableCompaniesStepIILocatetheNecessaryFinancialInformationSECFilings:K,Q,K,andProxyStatementsEquityResearchPressReleasesandNewsRunsFinancialInformationServicesSummaryofFinancialDataPrimarySourcesStepIIISpreadKeyStatistics,Ratios,andTradingMultiplesCalculationofKeyFinancialStatisticsandRatiosSupplementalFinancialConceptsandCalculationsCalculationofKeyTradingMultiplesStepIVBenchmarktheComparableCompaniesBenchmarktheFinancialStatisticsandRatiosBenchmarktheTradingMultiplesviiP:ABCABCP:cdQC:efT:gFMJWBTRosenbaumMarch,:PrinterName:HamiltonviiiCONTENTSStepVDetermineValuationValuationImpliedbyEVEBITDAValuationImpliedbyPEKeyProsandConsIllustrativeComparableCompaniesAnalysisforValueCoStepISelecttheUniverseofComparableCompaniesStepIILocatetheNecessaryFinancialInformationStepIIISpreadKeyStatistics,Ratios,andTradingMultiplesStepIVBenchmarktheComparableCompaniesStepVDetermineValuationCHAPTERPrecedentTransactionsAnalysisSummaryofPrecedentTransactionsAnalysisStepsStepISelecttheUniverseofComparableAcquisitionsScreenforComparableAcquisitionsExamineOtherConsiderationsStepIILocatetheNecessaryDealRelatedandFinancialInformationPublicTargetsPrivateTargetsSummaryofPrimarySECFilingsinMATransactionsStepIIISpreadKeyStatistics,Ratios,andTransactionMultiplesCalculationofKeyFinancialStatisticsandRatiosCalculationofKeyTransactionMultiplesStepIVBenchmarktheComparableAcquisitionsStepVDetermineValuationKeyProsandConsIllustrativePrecedentTransactionAnalysisforValueCoStepISelecttheUniverseofComparableAcquisitionsStepIILocatetheNecessaryDealRelatedandFinancialInformationStepIIISpreadKeyStatistics,Ratios,andTransactionMultiplesStepIVBenchmarktheComparableAcquisitionsStepVDetermineValuationCHAPTERDiscountedCashFlowAnalysisSummaryofDiscountedCashFlowAnalysisStepsStepIStudytheTargetandDetermineKeyPerformanceDriversStudytheTargetDetermineKeyPerformanceDriversStepIIProjectFreeCashFlowConsiderationsforProjectingFreeCashFlowProjectionofSales,EBITDA,andEBITProjectionofFreeCashFlowStepIIICalculateWeightedAverageCostofCapitalStepIII(a):DetermineTargetCapitalStructureStepIII(b):EstimateCostofDebt(rd)P:ABCABCP:cdQC:efT:gFMJWBTRosenbaumMarch,:PrinterName:HamiltonContentsixStepIII(c):EstimateCostofEquity(re)StepIII(d):CalculateWACCStepIVDetermineTerminalValueExitMultipleMethodPerpetuityGrowthMethodStepVCalculatePresentValueandDetermineValuationCalculatePresentValueDetermineValuationPerformSensitivityAnalysisKeyProsandConsIllustrativeDiscountedCashFlowAnalysisforValueCoStepIStudytheTargetandDetermineKeyPerformanceDriversStepIIProjectFreeCashFlowStepIIICalculateWeightedAverageCostofCapitalStepIVDetermineTerminalValueStepVCalculatePresentValueandDetermineValuationPARTTWOLeveragedBuyoutsCHAPTERLeveragedBuyoutsKeyParticipantsFinancialSponsorsInvestmentBanksBankandInstitutionalLendersBondInvestorsTargetManagementCharacteristicsofaStrongLBOCandidateStrongCashFlowGenerationLeadingandDefensibleMarketPositionsGrowthOpportunitiesEfficiencyEnhancementOpportunitiesLowCapexRequirementsStrongAssetBaseProvenManagementTeamEconomicsofLBOsReturnsAnalysis–InternalRateofReturnReturnsAnalysis–CashReturnHowLBOsGenerateReturnsHowLeverageisUsedtoEnhanceReturnsPrimaryExitMonetizationStrategiesSaleofBusinessInitialPublicOfferingDividendRecapitalizationLBOFinancing:StructureLBOFinancing:PrimarySourcesBankDebtP:ABCABCP:cdQC:efT:gFMJWBTRosenbaumMarch,:PrinterName:HamiltonxCONTENTSHighYieldBondsMezzanineDebtEquityContributionLBOFinancing:SelectedKeyTermsSecuritySeniorityMaturityCouponCallProtectionCovenantsCHAPTERLBOAnalysisFinancingStructureValuationStepILocateandAnalyzetheNecessaryInformationStepIIBuildthePreLBOModelStepII(a):BuildHistoricalandProjectedIncomeStatementthroughEBITStepII(b):InputOpeningBalanceSheetandProjectBalanceSheetItemsStepII(c):BuildCashFlowStatementthroughInvestingActivitiesStepIIIInputTransactionStructureStepIII(a):EnterPurchasePriceAssumptionsStepIII(b):EnterFinancingStructureintoSourcesandUsesStepIII(c):LinkSourcesandUsestoBalanceSheetAdjustmentsColumnsStepIVCompletethePostLBOModelStepIV(a):BuildDebtScheduleStepIV(b):CompleteProFormaIncomeStatementfromEBITtoNetIncomeStepIV(c):CompleteProFormaBalanceSheetStepIV(d):CompleteProFormaCashFlowStatementStepVPerformLBOAnalysisStepV(a):AnalyzeFinancingStructureStepV(b):PerformReturnsAnalysisStepV(c):DetermineValuationStepV(d):CreateTransactionSummaryPageIllustrativeLBOAnalysisforValueCoTransactionSummaryIncomeStatementBalanceSheetCashFlowStatementDebtScheduleReturnsAnalysisAssumptionsPageIncomeStatementandCashFlowStatementAssumptionsPageBalanceSheetAssumptionsPageFinancingStructuresandFeesP:ABCABCP:cdQC:efT:gFMJWBTRosenbaumMarch,:PrinterName:HamiltonContentsxiPARTTHREEMergersAcquisitionsCHAPTERMASaleProcessAuctionsAuctionStructureOrganizationandPreparationIdentifySellerObjectivesandDetermineAppropriateSaleProcessPerformSellSideAdvisorDueDiligenceandPreliminaryValuationAnalysisSelectBuyerUniversePrepareMarketingMaterialsPrepareConfidentialityAgreementFirstRoundContactProspectiveBuyersNegotiateandExecuteConfidentialityAgreementwithInterestedPartiesDistributeConfidentialInformationMemorandumandInitialBidProceduresLetterPrepareManagementPresentationSetupDataRoomPrepareStapledFinancingPackageReceiveInitialBidsandSelectBuyerstoProceedtoSecondRoundSecondRoundConductManagementPresentationsFacilitateSiteVisitsProvideDataRoomAccessDistributeFinalBidProceduresLetterandDraftDefinitiveAgreementReceiveFinalBidsNegotiationsEvaluateFinalBidsNegotiatewithPreferredBuyer(s)SelectWinningBidderRenderFairnessOpinionReceiveBoardApprovalandExecuteDefinitiveAgreementClosingObtainNecessaryApprovalsFinancingandClosingNegotiatedSaleBibliographyandRecommendedReadingIndexP:ABCABCP:cdQC:efT:gFMJWBTRosenbaumMarch,:PrinterName:HamiltonxiiP:ABCABCP:cdQC:efT:gFMJWBTRosenbaumMarch,:PrinterName:HamiltonAbouttheAuthorsJOSHUAROSENBAUMisanExecutiveDirectoratUBSInvestmentBankintheGlobalIndustrialGroupHeadviseson,structures,andoriginatesMA,corporatefinance,andcapitalmarketstransactionsPreviously,heworkedattheInternationalFinanceCorporation,thedirectinvestmentdivisionoftheWorldBankHereceivedhisABfromHarvardandhisMBAwithBakerScholarhonorsfromHarvardBusinessSchoolRosenbaumisthecoauthoroftheHBScasestudy“OAOYUKOSOilCompany”JOSHUAPEARLhasstructuredandexecutednumerousleveragedloanandhighyieldbondfinancings,aswellasLBOsandrestructurings,forDeutscheBank’sLeveragedFinanceGroupPreviously,heworkedatAGEdwardsintheInvestmentBankingDivisionPearlhasalsodesignedandtaughtcorporatefinancetrainingcoursesHereceivedhisBSinBusinessfromIndianaUniversity’sKelleySchoolofBusinessCONTACTTHEAUTHORSPleasefeelfreetocontactJoshuaRosenbaumandJoshuaPearlwithanyquestions,comments,orsuggestionsforfutureeditionsatjoshinvestmentbankingbookcomxiiiP:ABCABCP:cdQC:efT:gFMJWBTRosenbaumMarch,:PrinterName:HamiltonxivP:ABCABCP:cdQC:efT:gFMJWBTRosenbaumMarch,:PrinterName:HamiltonForewordMarkTwain,longknownforhiscriticalviewsofformaleducation,oncewiselynoted:“Ineverletmyschoolinginterferewithmyeducation”Twain’soneliners

类似资料

该用户的其他资料

Why-Nations-Fail PDF.pdf

Nudge.pdf

Predictably_Irrational;_The_Hidden_Forces_That_Shape_Our_Decisions.pdf

Cochrane J.H. Asset pricing (Rev.Ed., PUP, 2005).pdf

Investment Bankning.pdf

职业精品

精彩专题

海归起薪低,怎么解

留学6年回归工作,底薪只有两千,海归“贬值”了吗?如何将海归的思维更加创新、语言优势,沟通更主动等这些优点发挥出来,不要自我评价太高,稳稳当当制定求职标准,写好求职简历,告别低薪不是问题。

用户评论

0/200
    暂无评论
上传我的资料

精选资料

热门资料排行换一换

  • 中国城市化的动力机制.doc

  • 长沙理工大学公有房屋管理办法.d…

  • 2011最新针刀医学基础与临床.…

  • 蛋糕店创业计划书ppt.doc

  • SL74-2013 水利水电工程…

  • 渔舟唱晚(古典吉他独奏曲).doc

  • 初中体育跳绳教案.doc

  • 难经经释.doc

  • 教育管理硕士-教育管理学笔记(陈…

  • 资料评价:

    / 332
    所需积分:2 立即下载

    意见
    反馈

    返回
    顶部