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.

在不断发展的金融世界中，坚实的技术基础是成功的必要工具。然而，由于这个世界的快节奏性，没有人能够抽出时间来适当地编纂公司金融家工作的命脉，即估值。罗森鲍姆和珀尔为了满足这一需求，写了一本他们希望在试图闯入华尔街时存在的书。
《投资银行：估值、杠杆收购和兼并与收购》是一本非常容易阅读和权威的书，重点介绍目前在华尔街可比公司、先例交易、DCF和杠杆收购分析中使用的主要估值方法。这些方法用于在并购交易、杠杆收购、首次公开募股、重组和投资决策的背景下确定上市公司和私营公司的估值。使用每种方法的一步一步的操作方法，作者建立了一个按时间顺序排列的知识库，并在整本书中定义了关键术语、财务概念和流程。他们还提供了杠杆收购和有组织的并购销售过程的基本面全面概述。
在次贷危机和随之而来的信贷紧缩之后，金融界正在回归估值和关键尽职调查的基本面。这涉及到使用更现实的假设来管理风险方法以及广泛的价值驱动因素。虽然估值除了经过时间考验的“科学”外，还涉及大量“艺术”，但艺术性是根据市场发展和条件不断演变的。从这个意义上说，这本书是特别热门除了详细说明背后的技术基础评估，作者注入实际的判断技能和观点，以帮助指导科学。