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

4.29  ·  Rating details ·  792 ratings  ·  27 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 ex ...more
Hardcover, 304 pages
Published May 1st 2009 by John Wiley & Sons
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 ·  792 ratings  ·  27 reviews

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Apr 15, 2013 rated it really liked it
This was an absolutely incredible book and is one of the top 3 practical books I have read about in the field of banking. It gives a comprehensive review of how exactly to conduct step by step and think about each of the valuation methods (trading comps, transaction comps, discounted cash flow, and LBO model). Although I have been doing the job for a few years now, it was a helpful review to walk through how exactly you should think about certain characteristics of each of these companies when y ...more
Tom Carr
Jan 09, 2021 rated it it was amazing
Most well-written, structured, and coherent textbook I've read. ...more
Jul 30, 2019 rated it really liked it
Someone gave me the good advice to try using textbooks to learn new topics, even though I’m out of school. With this one, I feel like I finally understand what ibankers are doing and how deals are structured from their perspective.
Andrew Breza
Jul 24, 2019 rated it really liked it
I wanted to learn more about M&A. I asked a professor friend for a book recommendation and she loaned me her copy of Investment Banking. This book gives an overview of the process from a practitioner's perspective. It's exactly what I needed to learn the basics. Readers looking for more theory or higher level math may be disappointed. If you're serious about the topic, I suggest following this book with something more academic (my friend also leant me a followup textbook that I plan to read). ...more
Jul 30, 2017 rated it it was amazing  ·  review of another edition
Very informative, to the point book. Written from the perspective of how things are actually done, rather than offering dry theories. The book is very accessible and would be easy to follow even for people with little to no previous knowledge. Also helpful are the provided excel sheets, which can be an excellent support for your first financial models.

Strong recommendation for everyone interested in the field.
Oct 03, 2019 rated it it was amazing  ·  review of another edition
This has been on my desk as long as I can remember. For some random reason i pick it up expecting nothing as i thought it would help me read Street research better somehow. To my pleasant surprise, this is not just your average student manual but a very good and well written primer. There are a ton of related books but it’s not easy to find an author who know how to explain. No wonder it has been the top seller. I just wish both authors can keep writing more in-depth topics.
Chester Lee
May 18, 2020 rated it really liked it
Very useful and practical for any beginner undergraduate aspiring to be an investment banker. This to me was like an ultimate starter pack - one that points you to exactly what you need to know and what steps to take. However, it might not be as useful to someone who has done a few investment banking internships.
Jan 22, 2018 rated it it was amazing
Best used as a training guide for aspiring and early stage bankers or valuation specialists. Great amount of detail on what you actually do on the job and how to go about it. This, with some modeling courses, are the next best thing to actual experience if you don’t have it coming out of school.
Sai Suman Mirthipati
Jul 04, 2020 rated it it was amazing
Really informative book! Liked that it goes into detail on the buy/sell side process (instead of the just the theoretical stuff on valuation), and it's written in a manner that's easy to follow ...more
Pedro Morales D
Jul 15, 2020 rated it really liked it
A must for everyone who is starting in the finance industry. This book gives you practical and easy examples of the valuations methods and how M&As are made. Very detail, easy going and solid book for young finance analysts.

Christopher Watterson
Sep 20, 2019 rated it really liked it
The gold standard for a reason. Detailed, thorough, and a valuable reference book even after the first read.
Joel Mitchall
Jan 02, 2018 rated it really liked it
A simple, easy-to-read guide to basic valuation and deal structuring.
Apr 01, 2018 rated it it was amazing
Very good entry level introduction book for IB.
Michael Kareev
Jan 29, 2017 rated it it was amazing
An absolute must-have for any career switcher willing to get into IB.
Justin Ng
Jun 27, 2020 rated it it was amazing
Shelves: business
Investment Banking: Valuations, Leveraged Buyouts and Mergers & Acquisitions is a very good and in-depth book that provides the technical skills to equip oneself for a career in investment banking. Going one step further as compared to other technical courses available online, the book provides elaborations and intuitions as to why certain technicalities are conducted as such. This book, however, is not one for beginners as it requires prior technical knowledge on valuation and accounting.
Aug 26, 2011 rated it it was amazing  ·  review of another edition
A Practitioner's Life-raft in a Sea of Academic Drivel

Of all the books I've read on the subject, I value this one the most. As one who drives M&A analysis and execution for a major corporation, I appreciate the author's "nuts and bolts" pragmatic approach to this subject. Too often I find authors who either:

A.) wax poetic about M&A / Valuation theory, but come up short on specific tools and approaches, or
B.) get lost in the minutae of accounting practices while losing sight of the bigger pictu
Sep 10, 2012 rated it really liked it  ·  review of another edition
Shelves: business
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 planning a career in investment banking. It will give you a head start on your career, since business school gives you tools (time value of money problems) but not the application of those tools. This book fills the gap.
Jan 16, 2015 rated it it was amazing  ·  review of another edition
very good bok to understand Corporate Finance

This is a very good book for professionals working in the different areas of Corporate Bankin. It explains very well the dynamics of financial statements and the impact of corporate events. Ot is also quite practical for on the job application. Explains the theory required to understand the real world application.
Kurt Davis
Aug 28, 2012 rated it it was amazing  ·  review of another edition
I only read this because of the hype from others...I can say it covers all the basics (if this is new to you). If you have done banking, PE, or related before reading this book, then its a short read (that you may not learn anything from) but will recommend to all those who have never work in banking, PE or related.
Apr 08, 2012 rated it it was amazing  ·  review of another edition
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.
Mar 11, 2010 rated it it was amazing  ·  review of another edition
Very applicable to your research project. I highly recommend this book. Try to go online to get free download for samples valuation.
Valters Bondars
Sep 19, 2015 rated it liked it
Shelves: aaa_read_finance
May 24, 2015 rated it liked it
Very technical book.
Aug 21, 2012 is currently reading it  ·  review of another edition
Good, practical approach, so far. Will review fully when done.
Melanie Pierce
Jul 31, 2015 rated it it was amazing
Got my internship at MS with the help of this book.
Ravi Dawar
Jun 23, 2015 rated it really liked it  ·  review of another edition
The book does a good job in explaining the various valuation methods used by investment bankers. Though the book barely scratches the surface for DCF, it explains a great deal about LBO and M&A.
Sergey Georgievich
rated it really liked it
Mar 07, 2016
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Feb 16, 2021
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Aug 06, 2019
Stefan Munk
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Sep 12, 2017
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