Investment Banking

Investment Banking
Author: Joshua Pearl,Joshua Rosenbaum
Publsiher: John Wiley & Sons
Total Pages: 512
Release: 2013-05-29
Genre: Business & Economics
ISBN: 9781118727768

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Investment Banking, UNIVERSITY EDITION is a highlyaccessible and authoritative book written by investment bankersthat explains how to perform the valuation work at the core of thefinancial world. This body of work builds on Rosenbaum andPearl’s combined 30+ years of experience on a multitude oftransactions, as well as input received from numerous investmentbankers, investment professionals at private equity firms and hedgefunds, attorneys, corporate executives, peer authors, anduniversity professors. This book fills a noticeable gap in contemporary financeliterature, which tends to focus on theory rather than practicalapplication. It focuses on the primary valuation methodologiescurrently used on Wall Street—comparable companies, precedenttransactions, DCF, and LBO analysis—as well as M&Aanalysis. The ability to perform these methodologies is especiallycritical for those students aspiring to gain full-time positions atinvestment banks, private equity firms, or hedge funds. This is thebook Rosenbaum and Pearl wish had existed when we were trying tobreak into Wall Street. Written to reflect today’s dynamic market conditions,Investment Banking, UNIVERSITY EDITIONskillfully: Introduces students to the primary valuation methodologiescurrently used on Wall Street Uses a step-by-step how-to approach for each methodology andbuilds a chronological knowledge base Defines key terms, financial concepts, and processesthroughout Provides a comprehensive overview of the fundamentals of LBOsand an organized M&A sale process Presents new coverage of M&A buy-side analyticaltools—which includes both qualitative aspects, such as buyermotivations and strategies, along with technical financial andvaluation assessment tools Includes a comprehensive merger consequences analysis,including accretion/(dilution) and balance sheet effects Contains challenging end-of-chapter questions to reinforceconcepts covered A perfect guide for those seeking to learn the fundamentals ofvaluation, M&A , and corporate finance used in investmentbanking and professional investing, this UNIVERSITYEDITION—which includes an instructor’scompanion site—is an essential asset. It provides studentswith an invaluable education as well as a much-needed edge forgaining entry to the ultra-competitive world of professionalfinance.

Investment Banking For Dummies

Investment Banking For Dummies
Author: Matthew Krantz,Robert R. Johnson
Publsiher: John Wiley & Sons
Total Pages: 400
Release: 2020-07-14
Genre: Business & Economics
ISBN: 9781119748724

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Get started in investment banking Ace your investment bank course Navigate bull and bear markets Excel in the world of investment banking One of the most lucrative fields in business, investment banking frequently perplexes even banking professionals working within its complex laws. Investment Banking For Dummies remedies common misconceptions with a straightforward assessment of banking fundamentals. This book tracks to typical university courses on the subject and helps students and professionals understand the fundamentals of investment banking. With new and updated content, this edition addresses the major financial changes that have occurred in recent years. Inside... Key investment banking operations Strategies for risk management Advice on cryptocurrencies Updated IPO coverage Discounted cash flow analysis Mergers and acquisitions Structuring a leveraged buyout Resources for investment bankers

Investment Banking Explained An Insider s Guide to the Industry

Investment Banking Explained  An Insider s Guide to the Industry
Author: Michel Fleuriet
Publsiher: McGraw Hill Professional
Total Pages: 352
Release: 2008-07-20
Genre: Business & Economics
ISBN: 9780071642880

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Insider guidance to the modern world of investment banking today In Investment Banking Explained, Wharton professor and global financier Michel Fleuriet provides a complete overview of investment banking in its modern form; defines key terms; identifies structures, strategies, and operational aspects; and analyzes the strategy in each of the main functional areas of an investment bank.

How to Be an Investment Banker

How to Be an Investment Banker
Author: Andrew Gutmann
Publsiher: John Wiley & Sons
Total Pages: 448
Release: 2013-03-26
Genre: Business & Economics
ISBN: 9781118494363

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A top-notch resource for anyone who wants to break into the demanding world of investment banking For undergraduates and MBA students, this book offers the perfect preparation for the demanding and rigorous investment banking recruitment process. It features an overview of investment banking and careers in the field, followed by chapters on the core accounting and finance skills that make up the necessary framework for success as a junior investment banker. The book then moves on to address the kind of specific technical interview and recruiting questions that students will encounter in the job search process, making this the ideal resource for anyone who wants to enter the field. The ideal test prep resource for undergraduates and MBA students trying to break into investment banking Based on author Andrew Gutmann's proprietary 24 to 30-hour course Features powerful learning tools, including sample interview questions and answers and online resources For anyone who wants to break into investment banking, How to Be an Investment Banker is the perfect career-making guide.

The Accidental Investment Banker

The Accidental Investment Banker
Author: Jonathan A. Knee
Publsiher: Oxford University Press
Total Pages: 288
Release: 2006-08-15
Genre: Business & Economics
ISBN: 0198042051

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Jonathan A. Knee had a ringside seat during the go-go, boom-and-bust decade and into the 21st century, at the two most prestigious investment banks on Wall Street--Goldman Sachs and Morgan Stanley. In this candid and irreverent insider's account of an industry in free fall, Knee captures an exhilarating era of fabulous deal-making in a free-wheeling Internet economy--and the catastrophe that followed when the bubble burst. Populated with power players, back stabbers, celebrity bankers, and godzillionaires, here is a vivid account of the dramatic upheaval that took place in investment banking. Indeed, Knee entered an industry that was typified by the motto "first-class business in a first-class way" and saw it transformed in a decade to a free-for-all typified by the acronym IBG, YBG ("I'll be gone, you'll be gone"). Increasingly mercenary bankers signed off on weak deals, knowing they would leave them in the rear-view mirror. Once, investment bankers prospered largely on their success in serving the client, preserving the firm, and protecting the public interest. Now, in the "financial supermarket" era, bankers felt not only that each day might be their last, but that their worth was tied exclusively to how much revenue they generated for the firm on that day--regardless of the source. Today, most young executives feel no loyalty to their firms, and among their clients, Knee finds an unprecedented but understandable level of cynicism and distrust of investment banks. Brimming with insight into what investment bankers actually do, and told with biting humor and unflinching honesty, The Accidental Investment Banker offers a fascinating glimpse behind the scenes of the most powerful companies on Wall Street.

Investment Banking

Investment Banking
Author: Joshua Rosenbaum,Joshua Pearl
Publsiher: John Wiley & Sons
Total Pages: 512
Release: 2020-03-20
Genre: Business & Economics
ISBN: 9781119706588

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A timely update to the global best-selling book on investment banking and valuation 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 was able to take the time to properly codify its lifeblood—namely, valuation and dealmaking. Rosenbaum and Pearl originally responded to this need in 2009 by writing the first edition of the book that they wish had existed when they were trying to break into Wall Street. Investment Banking: Valuation, LBOs, M&A, and IPOs, Third Edition is a highly accessible and authoritative book written by investment bankers that explains how to perform the valuation work and financial analysis at the core of Wall Street—comparable companies, precedent transactions, DCF, LBO, M&A analysis . . . and now IPO analytics and valuation. 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. The genesis for the original book stemmed from the authors' personal experiences as students interviewing for investment banking positions. As they both independently went through the rigorous process, they realized that their classroom experiences were a step removed from how valuation and financial analysis were performed in real-world situations. Consequently, they created this book to provide a leg up to those individuals seeking or beginning careers on Wall Street—from students at undergraduate universities and graduate schools to "career changers" looking to break into finance. Now, over 10 years after the release of the first edition, the book is more relevant and topical than ever. It is used in over 200 universities globally and has become a go-to resource for investment banks, private equity, investment firms, and corporations undertaking M&A transactions, LBOs, IPOs, restructurings, and investment decisions. As the world of finance adjusts to the new normal of the post-Great Recession era, it merits revisiting the pillars of the second edition for today's environment. While the fundamentals haven't changed, the environment must adapt to changing market developments and conditions. As a result, Rosenbaum and Pearl have updated their widely adopted book accordingly, while adding two new chapters on IPOs.

The ABCs of Investment Banking

The ABCs of Investment Banking
Author: Varun Bhartia,Raamin Mostaghimi,Amit Saraf
Publsiher: Very Young Professionals
Total Pages: 32
Release: 2018-12
Genre: Juvenile Nonfiction
ISBN: 1732521751

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Set your baby on the path to investment banking - because that year-end bonus isn't going to earn itself Follow Managing Director Monkey, Analyst Armadillo, Associate Alligator, and the rest of the gang as they learn the ins and outs of investment banking in the boardroom. Written by a former investment banker (and some guys who like making fun of him), The ABCs of Investment Banking is a fun and simple introduction to the fast-paced world of finance. Babies and adults alike will learn about the nuances of 10-Ks, the importance of pitch books, and even read about valuation models

The Business of Investment Banking

The Business of Investment Banking
Author: K. Thomas Liaw
Publsiher: John Wiley & Sons
Total Pages: 384
Release: 2011-10-04
Genre: Business & Economics
ISBN: 9781118127650

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A comprehensive overview of investment banking for professionals and students The investment banking industry has changed dramatically since the 2008 financial crisis. Three of the top five investment banks in the United States have disappeared, while Goldman Sachs and Morgan Stanley have converted to commercial banking charters. This Third Edition of The Business of Investment Banking explains the changes and discusses new opportunities for students and professionals seeking to advance their careers in this intensely competitive field. The recent financial regulation overhaul, including the Dodd-Frank legislation, is changing what investment banks do and how they do it, while the Volcker rule has shaken up trading desks everywhere. This new edition updates investment banking industry shifts in practices, trends, regulations, and statistics Includes new chapters on investment banking in BRIC countries, as Brazil, Russia, India, and China now account for a quarter of the global economy Explains the shift in the listing of securities away from New York to various financial centers around the world, and how major exchanges compete for the same business This new edition, reflecting the current state of the investment banking industry, arrives in time to better serve professionals wanting to advance their careers and students just beginning theirs.

Investment Banks Hedge Funds and Private Equity

Investment Banks  Hedge Funds  and Private Equity
Author: David Stowell
Publsiher: Academic Press
Total Pages: 672
Release: 2012-09-01
Genre: Business & Economics
ISBN: 9780124046320

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The dynamic environment of investment banks, hedge funds, and private equity firms comes to life in David Stowell’s introduction to the ways they challenge and sustain each other. Capturing their reshaped business plans in the wake of the 2007-2009 global meltdown, his book reveals their key functions, compensation systems, unique roles in wealth creation and risk management, and epic battles for investor funds and corporate influence. Its combination of perspectives—drawn from his industry and academic backgrounds—delivers insights that illuminate the post-2009 reinvention and acclimation processes. Through a broad view of the ways these financial institutions affect corporations, governments, and individuals, Professor Stowell shows us how and why they will continue to project their power and influence. Emphasizes the needs for capital, sources of capital, and the process of getting capital to those who need it. Integrates into the chapters ten cases about recent transactions, along with case notes and questions Accompanies cases with spreadsheets for readers to create their own analytical frameworks and consider choices and opportunities.

Competition in the Investment Banking Industry

Competition in the Investment Banking Industry
Author: Samuel L. Hayes, III,Samuel L. Hayes,Michael Spence,Spence,David Van Praag Marks,David V. Marks
Publsiher: Harvard University Press
Total Pages: 177
Release: 1983
Genre: Business & Economics
ISBN: 0674154150

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Investment banks play a critically important role in channeling capital from investors to corporations. Not only do they float and distribute new corporate securities, they also assist companies in the private placement of securities, arrange mergers and acquisitions, devise specialized financing, and provide other corporate financial services. After sketching the history and evolution of investment banking, the authors describe the structure of the industry, focusing on the competitive forces at work within it today. They explore patterns of concentration and analyze the strategic and economic factors that underlie those patterns. The authors directly examine the pairing up of investment banks with their corporate clients. They show that the market is sharply segmented, with banks and corporate clients being matched in roughly rank order, the most prestigious banks with the largest, most powerful clients, and so on. Vigorous competition occurs within each segment, but much less between them. With the industry now confronting a changing regulatory environment, a growing tendency of clients to arrange their own financing, and increasing competition both from within and from commercial banks and foreign institutions, Competition in the Investment Banking Industry is essential reading for anyone interested in the future of investment banking.

Investment Banking

Investment Banking
Author: Giuliano Iannotta
Publsiher: Springer Science & Business Media
Total Pages: 193
Release: 2010-01-12
Genre: Business & Economics
ISBN: 9783540937654

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From a historical point of view, the main activity of investment banks is what today we call security underwriting. Investment banks buy securities, such as bonds and stocks, from an issuer and then sell them to the ?nal investors. In the eighteenth century, the main securities were bonds issued by governments. The way these bonds were priced and placed is extraordinarily similar to the system that inve- ment banks still use nowadays. When a government wanted to issue new bonds, it negotiated with a few prominent “middlemen” (today we would call them investment bankers). The middlemen agreed to take a fraction of the bonds: they accepted to do so only after having canvassed a list of people they could rely upon. The people on the list were the ?nal investors. The middlemen negotiated with the government even after the issuance. Indeed, in those days governments often changed unilaterally the bond conditions and being on the list of an important middleman could make the difference. On the other hand, middlemen with larger lists were considered to be in a better bargaining position. This game was repeated over time, and hence, reputation mattered. For the middlemen, being trusted by both the investors on the list and by the issuing governments was crucial.

Financial Modeling and Valuation

Financial Modeling and Valuation
Author: Paul Pignataro
Publsiher: John Wiley & Sons
Total Pages: 432
Release: 2013-07-10
Genre: Business & Economics
ISBN: 9781118558768

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Written by the Founder and CEO of the prestigious New York School of Finance, this book schools you in the fundamental tools for accurately assessing the soundness of a stock investment. Built around a full-length case study of Wal-Mart, it shows you how to perform an in-depth analysis of that company's financial standing, walking you through all the steps of developing a sophisticated financial model as done by professional Wall Street analysts. You will construct a full scale financial model and valuation step-by-step as you page through the book. When we ran this analysis in January of 2012, we estimated the stock was undervalued. Since the first run of the analysis, the stock has increased 35 percent. Re-evaluating Wal-Mart 9months later, we will step through the techniques utilized by Wall Street analysts to build models on and properly value business entities. Step-by-step financial modeling - taught using downloadable Wall Street models, you will construct the model step by step as you page through the book. Hot keys and explicit Excel instructions aid even the novice excel modeler. Model built complete with Income Statement, Cash Flow Statement, Balance Sheet, Balance Sheet Balancing Techniques, Depreciation Schedule (complete with accelerating depreciation and deferring taxes), working capital schedule, debt schedule, handling circular references, and automatic debt pay downs. Illustrative concepts including detailing model flows help aid in conceptual understanding. Concepts are reiterated and honed, perfect for a novice yet detailed enough for a professional. Model built direct from Wal-Mart public filings, searching through notes, performing research, and illustrating techniques to formulate projections. Includes in-depth coverage of valuation techniques commonly used by Wall Street professionals. Illustrative comparable company analyses - built the right way, direct from historical financials, calculating LTM (Last Twelve Month) data, calendarization, and properly smoothing EBITDA and Net Income. Precedent transactions analysis - detailing how to extract proper metrics from relevant proxy statements Discounted cash flow analysis - simplifying and illustrating how a DCF is utilized, how unlevered free cash flow is derived, and the meaning of weighted average cost of capital (WACC) Step-by-step we will come up with a valuation on Wal-Mart Chapter end questions, practice models, additional case studies and common interview questions (found in the companion website) help solidify the techniques honed in the book; ideal for universities or business students looking to break into the investment banking field.

Inside Investment Banking

Inside Investment Banking
Author: Ernest Bloch
Publsiher: Beard Books
Total Pages: 440
Release: 1989-01-01
Genre: Business & Economics
ISBN: 9781587982682

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Originally developed for an undergraduate course taught by the author at New York U., this text discusses the theory and practice of investment banking. Coverage includes such topics as the market making functions of investment banking, regulatory changes in the new-issues process, and the institutionalization of security markets. The volume conclu

Vault Career Guide to Investment Banking

Vault Career Guide to Investment Banking
Author: Jung B. Lee,Tom Lott,Vault (Firm)
Publsiher: Infobase Learning
Total Pages: 252
Release: 2013
Genre: Financial services industry
ISBN: 9182736450XXX

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Provides information on investment banking, including the largest players, career paths, interview tips, interview questions, internships, salaries, and more.

Discussion Materials

Discussion Materials
Author: Bill Keenan
Publsiher: Post Hill Press
Total Pages: 517
Release: 2020-03-31
Genre: Biography & Autobiography
ISBN: 9781642934090

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“Why aren’t you using LTM EBITDA for credit metrics?” asked the managing director who sat across from me, his widow’s peak clearly visible as he inspected the sheet in front of him. His spacious office looked out onto New York Harbor. “Bust,” said the vice president, who was a slightly younger, douchier version of Widow’s Peak. He slashed his red ballpoint pen across the sheet and flipped to the next page. “Walk me through the debt paydown and your interest rate assumptions,” continued the VP. “Pretty dovish view. Maybe the Fed knows what they’re doing after all,” said Widow’s Peak. He shot a glance at the VP. They shared a chuckle—at what, I couldn’t tell you. This question about interest rates I knew: Dovish, I thought. Doves fly south for the winter, so dovish is downwards…low interest rates— “We’re running short on time,” said Widow’s Peak. He flipped to the cover page of my presentation. “One final point—all pitch decks should have the same title.” “Since this presentation was geared towards an LBO analysis I was thinking—” “No thinking. All decks—same title—Discussion Materials.” Noted. Discussion Materials gives the reader an honest look at Wall Street from someone in the trenches. After graduating from Columbia Business School, Bill Keenan joined Deutsche Bank’s investment banking division as an associate where despotic superiors (and the blinking red light of his BlackBerry) instilled low-level terror on an hourly basis. You’ll join him in his cubicle on the 44th floor of 60 Wall Street as he scrambles to ensure floating bar charts are the correct shade of orange and all numbers are left-aligned, but whatever you do, don’t ask him what any of it means. Leaning heavily on his fellow junior bankers and the countless outsourcing resources the bank employs, he slowly develops proficiency at the job, eventually gaining traction and respect, one deal at a time, over a two-year span, ultimately cementing his legacy in the group by attaining the unattainable: placing a dinner order on Seamless one Sunday night at work from Hwa Yuan Szechuan amounting to $25.00 (tax and tip included), the bank’s maximum allowance for meals—the perfect order.