Book Description

Successful management buyouts (MBOs) are the pinnacle of business success today and a great way to earn an ever-increasing stake in the American dream.

Buyout provides managers and executives with the necessary tools and strategies for leading a company or division buyout. It explores the details of the entire buyout process and empowers managers to seize their destiny and take charge. Managers learn how to:

* Find a company to purchase
* Develop a business plan
* Negotiate with the seller
* Win the "ground war" of due diligence
* Find equity partners and negotiate the management deal with investors
* Run the company after the MBO.

Buyout offers real-life stories of people who actually pulled off out-of-this-world deals and became rich beyond their wildest expectations. ... Read more

Reviews (14)

The Expert's Guide
Rick Rickertsen is an expert at leveraged buyouts. He is also an exceptioanlly nice guy. His rare combination of talent and achievement, combined with a graciousness and good nature have helped Rick build a network of contacts and relationships which are truly exceptional. This book reflects lessons learned not only from Rick's own considerable experience as an LBO sponsor, but also wisdom garnered from almost two decades of working with some of the greatest fiananciers and managers of our time. The style of the book reflect's Rick's personal style: straightforward, and easy to understand. One of Rick's unique gifts is his ability to make powerful financial concepts easy for the average reader to grasp. Another distinguishing feature of the book is the repeated use of real life examples. One could write volumes trying to describe a financial theory, or just convey it quickly with a powerful example. Of course, this is not just a "how to" guide, it is also a compelling series of stories with real life charachters, who are brought to life by Rick's captivating writing. Get this book. It reads like Barbarians at The Gate or Liars Poker- i.e. it is impossible to put down. It also gives a great overview, with sample forms included, of how, when, and why to do an LBO.

After reading this book every manager will pursue an MBO
BUYOUT will become the 'bible' of buyouts for managers and investment bankers/advisors. One of the first good books on buyouts. The book covers all aspects of the buyout considerations/process/tactics/contracts etc, is an easy read, but above all the joy of which it is clearly written with(and the convincing arguments) must inspire managers to pursue a buyout. I think no manager will be imune to this great book. BUYOUT is a guide, a motivator, a sales pitch and fun book to read at the same time. Also a recommended read to sellers of businesses to show that a buyout is nothing to be scared of. A must read for everyone unknown and known with the buyout business. Just read the book and find out why I am so enthusiastic about it.

A fun read and an excellent reference book
I am currently an MBA student at Columbia Business School and I picked up this book while taking an M&A class. I found that Rick puts great color around the entire management buyout process, from start to finish. I think this book should be recommended b-school reading for private equity and M&A classes because it is easy to read yet provides a wealth of information not typically found in textbooks about the subtleties of M&A.

For the big fish.
Rickertsen presents a comprehensive overview of a management buyout. Before you buy the book, you should know that he is talking about larger companies, and he is talking about fairly senior executives buying them. (One of his examples of a successful buyout manager is Roger Ballou who ran the travel part of American Express.)If you are looking for a company with $5 million in revenues, you may find valuable information here, but you will likely find other books, targeting a smaller company, more appropriate.

Good How to Book
Rickersten presents a wonderful guide on the financial and legal aspects of the leverage buyout process. Any young person interested in M & A or Private Equity should keep this book in his or her desk. The book provides the reader with sample contracts and capital structure, which would be easy for anyone to grasp. Pick it up, its a great reference ... Read more

Book Description

Predict, Avoid, Manage—and Even Profit From—Bankruptcy With this new Second Edition of the first definitive guide This new edition of the premier business failure, insolvency, default, and bankruptcy guide provides financial professionals of every stripe with a master reference to the latest banking, credit, investment, legal, financial, and management thought and practice. To help readers combat corporate distress in the ’90s and beyond, distinguished author Edward I. Altman includes coverage of…

• Unique statistical tools—author-developed techniques for assessing firms’ distress potential, measuring debt price movements, benchmarking debt investor and market performance, establishing the present value of loans, and so much more.
• Junk bonds—Altman revisits this market to provide an in-depth analysis of the role and risk-return trade-offs of this controversial source of finance
• Emerging trends—complete explorations of debtor-in-possession lending, prepackaged bankruptcy, and the epidemic of fraudulent conveyance suits resulting from ill-conceived restructurings
• An evaluation of the Chapter 11 process, now under public scrutiny and criticism
• Bankruptcy reorganization case histories—real-world data to help readers carry out debtor valuation analyses and restructurings, featuring Duplan Corporation and Wheeling Pittsburgh Steel Corporation

Book Description

What if there were a way an owner of a private company could:

• Sell stock of the company, pay no tax on the proceeds, and still keep control?
• Increase the company’s working capital and cash flow with no cash expenditure?
• Provide employees with equity at no cash outlay on anyone’s part?
• Make life insurance premiums tax deductible?
• Increase productivity, profitability, and company value with no cash outlay?
• Allow the corporation to operate in a totally tax-free environment?

An ESOP-- Employee Stock Ownership Plan-- does all that and it does it with the sanction and encouragement of the United States Congress.

ESOP: The Ultimate Instrument in Succession Planning, Second Edition is a comprehensive yet easy-to-understand guide emphasizing the corporate financial benefits that an employee stock ownership plan can offer as a business financing instrument. Written by noted expert Robert Frisch and updated to include the latest developments, this book explains in clear language ESOPs work and how owners of private corporations can use them as versatile financial tools to achieve their succession planning objectives. ... Read more

Book Description

Last year's headline-grabbing stories of the notorious bailout of Long-Term Capital Management and the 1.4 billion credit loss for BankAmerica opened the eyes of the investment world. These turbulent times have meant increased awareness of risk management and have lead to late breaking developments in new research, techniques, and theories in the field. Given the high stakes in today's business world with financial dealings in the billions (e.g., derivatives), it's easy to see why risk management has become the key buzzword on Wall Street. While Jorion focuses strictly on market risk, today's financial professionals are also evaluating credit risk and operational risk. Managing Risk provides a comprehensive description and analysis of modern risk management, including the regulatory aspects, organizational issues, potential problem areas, and tools to control and manage the many different kinds of risks: market risk, credit risk, and operational risk. It also discusses: structuring and managing the risk management function in a firm; practical measurement issues in the field; risk management in both financial and non-financial institutions. ... Read more

Reviews (7)

Vast but uneven coverage
I did like this book for its ambition to touch all the bases of risk management, and it does well on that score. It doesn't cover all the bases well, however. Once again, the kick-off is VAR, but the limitations of VAR aren't spelled out as well as they should be. Current products and their risks are not explained. There are virtually no practical examples of the strengths and weaknesses of various approaches, and that is a significant flaw for a risk book, albeit it is true of most of them.

Risks of many products such as credit derivatives cannot be adequatley measured by conventional methodology.

The subject of practical examples of risk (and hdeges) introduced by credit derivatives is comprehensively - and well- covered in "Credit Derivatives and Synthetic Securitization" by Tavakoli. Highly recommended for this subject and the treatment of ambiguity of conventional methods in general.

Comprehensive and excellent
This book is the most comprehensive treatment I've seen of financial risk management, particularly from a banking perspective. It covers both the regulatory and practitioner perspectives of modern risk management -- it's a veritable encyclopedia.

It's drawn from the wealth of experience of the authors, who are well known in both the academic world and on Wall St.

I guess what I like most about the book is the inside look it provides at the various aspects of financial risks -- no other book does it better, and I found the discussion enthralling.

While mainly geared toward banks, the book also includes a fascinating chapter on risk management in regular corporations. I think the book would serve equally well as a textbook for a risk management course or a handbook for the risk management practitioner.

Important stuff but hard slogging
This is an encyclopedia, and reading such things is not what most people, even when deeply interested in the subject are likely to do. It does provide a fair reference for specific topics, but this is not a subject one can really pick and choose.

VAR is the ususal starting point, and its famous authors (one of whom I hired for his skill in these matters) cover most of the bases in an interesting way.

Good book on risk management, February 4, 2002
I bought this book because some readers highly recommended it. I'm a financial derivatives strategist and risk management consultant. When a reviewed the book I disappointed in five main particular points: 1) The chapter on VaR is unsatisfactory and insufficient. The authors discuss this subject in a general approach. From my view point I have a preference for Jorion's Value At Risk. 2) There is no discussion about GARCH models, which decrease the importance of this book. I recognise "Risk Management" is a great book. It's a vast encyclopaedia of risk. 3) There's a great discussion of all types of risk, but without any practical solved case. This particular point demerit the seriousness and greatness of the book. 4) The level of mathematics in the book is a little advanced and without any support en practical cases, these poor numerical exercises and calculus tools are useless. 5) Montecarlo simulation approach is bad. There is a great discussion on this subject in Hull's Options, Futures and other derivatives, where the theme is practical, objective and concise. Finally and taking into account these five particular disadvantages, I'll give my rating to this book: 3 stars.

Don't miss it
I think it the best book about Risk management I read so far. I was impressed even by the way they treat market risk although it does not seem their main interest. The chapter on VaR is much better than a whole book on it. Great!!! Everyone should have a copy... ... Read more

Book Description

(prepared by Thomas Eyssell, University of Missouri-St. Louis) This valuable resource provides students with additional problems for practice. Each chapter begins with Concepts for Review, followed by Chapter Highlights. These re-emphasize the key terms and concepts in the chapter. A short Concept Test, averaging 10 questions and answers, appears next. Each chapter concludes with additional problems for the student to review. Answers to these problems appear at the end of the Student Problem Manual. ... Read more

Amazon.com

Integrating Corporate Risk Management, by Prakash Shimpi and several colleagues at the Swiss Reinsurance Company, is a decidedly forward-thinking and practical resource for any manager seeking innovative ways to boost shareholder return. Based on the increasingly harmonious relationship between corporate finance, risk management, and insurance, it shows how concepts from each discipline can be effectively combined for superior overall results. The first section explains why a solid risk-management strategy is critical to earnings growth and corporate reputation--"because it reduces a firm's chances of experiencing financial distress and shields it against events that might thwart or distort its agenda"--and how a tightly coordinated effort can produce maximum payoff with minimal cost. The second section lays out specific products and procedures from both the insurance and capital markets (such as double-trigger options and credit derivatives) that, taken together, provide "a formidable addition to the conventional techniques currently employed." The final part looks at future prospects and challenges in the U.S., Europe, and Asia, and ways that companies can prepare for this new environment. In all, the total presents a surprisingly accessible framework that could certainly help committed readers decrease their corporate risk and increase their bottom line. --Howard Rothman ... Read more

Reviews (3)

Nothing really new
This book seems to be a marketing effort.
There's nothing really new, and no new concept.
It may be of some interest if you know nothing about Risk Management. If you are not a begginer, it's a waste of money and time.

Packed With Knowledge!
Many corporate officers deal with risk, from treasurers and risk managers to CFOs. But since each department faces risks of a different type, risk management in many cases is an ad hoc affair. Prakash Shimpi's vision of integrated risk management not only consolidates the risk-management practices of an entire firm, but also blends capital management and risk management into a single, cohesive framework. This framework is the centerpiece of Shimpi's book, which also provides readers with a comprehensive look at current risk-management practices, old and new tools for managing risk, and likely future developments in the field. While the topic at hand is complex and built of often-unfamiliar jargon, Shimpi manages to present the material in an accessible and engaging manner that will satisfy financial experts but won't intimidate novices. We [...] recommend this book not only to the obvious audience of risk managers, treasurers and c-level executives, but also to mid-level managers and students, who will need an increasingly sophisticated understanding of the topic as risk management becomes an ever-larger component of basic corporate strategy.

Buy this book
The intersection of theory and practice.A perfect introduction to the theory of risk management to business managers. ... Read more

Book Description

The art and science of business valuation is currently undergoing a huge transformation and is facing new and important challenges. The Handbook of Business Valuation and Intellectual Property Analysis provides valuation and investment professionals with the latest thinking on economic damages, lost profit analysis, and numerous other key business and intellectual property valuation issues.

Book Description

Provides a comprehensive overview of sources of corporate risk and major control measures.
* Identifies risks inherent in corporate payments systems.
* Shows how to assess credit risk, develop policies, and control the entire risk management process. ... Read more

Reviews (1)

Helpful Primer on Managing Payment System Risk
Experienced financial professionals with years of practical operating experience wrote this recently published book. Therefore, it is not surprising that this book methodically covers the principal payment systems (checks, ACHs, wires and global transfer systems - CHIPS and SWIFT), their basic workings, risk, and how to manage those risks. The subject matter of this book is critical for corporate financial managers - CFOs, Treasurers, Cash Managers, Controllers - as well as bank operations officers, and bank and corporate auditors.

Since check fraud is currently a $10 billion a year problem an entire chapter is devoted to checks, their characteristics, the prevailing regulations, the risk parameters, and how to manage that risk including using internal controls, bank controls, check stock controls, and positive pay controls.The authors warn corporations that they should be alert to "gross negligence and willful conduct clauses" in bank agreements which may put undue and unnecessary risk on them.

Wire transfer, defined to include FedWire, CHIPS and SWIFT, are covered in two chapters.The first chapter covers the transfer from the originating bank to the receiving bank.The next topics reviewed include: liability for fraudulent transfers, managing risks in the links of the wire systems, and the bank's perspective on wire transfer risk.The second chapter on wire transfers focuses on completing the transfer and the rules for handing errors.

The Automated Clearing House (ACH), the second type of electronic funds transfer, in addition to wires, is covered in a separate chapter.A basic discussion of this payment type is provided along with a definition of the types of ACHs and how they are processed.The ACH origination process is covered and the warranties and liabilities of the originating bank are examined.

Other topics reviewed in this section include ACH prenotification, reversal of duplicate and erroneous payments.The authors then examine the receipt of entries, returns, change and acknowledgements.Lastly, settlement and accountability, cross-border payments, US Government payments, and ACH payment system risks are reviewed.

[In light of the recent coverage in an August 2003 issue of the American Banker newspaper, corporate treasury managers should make sure that they setup special ACH debit blocks on their bank accounts to reduce the risk of ACH fraud.]

An entire chapter is devoted to Electronic Commerce and Internet payments.Corporate financial managers are well advised to bone up on this material to ensure that they protect their corporate assets from potential fraud in these two exploding areas.There are a cyber crooks and hackers who are looking to defraud any company that doesn't protect itself on the Internet. Also included in the book is an 8-page glossary.

The last chapter covers the specifics of controlling corporate payment system risks as opposed to risks faced by financial institutions.Included in this chapter is a 5-page "Risk Management Crime Coverage Checklist."Additional material covered in this chapter are pointers on handling payment systems disruptions, managing check, wire, and ACH fraud.

In conclusion, this book covers all the bases on payments system risk.The readers will obtain a comprehensive view of the entire subject matter and be better prepared to face the challenges ahead once they realize the importance and understand the vulnerabilities in the existing payments systems. ... Read more

Book Description

To be successful in the hedge fund business, financial professionals must understand every aspect of this dynamic investment vehicle. With Hedge Fund Course as your guide, you'll become familiar with the different aspects of hedge funds and discover how to achieve success in this field.

Hedge Fund Course presents all the technical and quantitative knowledge necessary to understand hedge funds, and complements the less-technical information presented in the popular How to Create and Manage a Hedge Fund—also written by Stuart McCrary. This self-study guide is designed to let you quickly learn as much as you require. Short chapters describe the essential facts on a particular hedge fund topic, and the question-and-answer section that accompanies each chapter allows you to delve deeper into the topics reviewed in the text. After a brief introduction, Hedge Fund Course gets down to business, with discussions of:

• Different types of hedge funds and hedge fund investors
• Hedge fund investment techniques
• Hedge fund business models
• Measuring the performance of hedge funds
• Legislation and regulation of hedge funds
• Accounting and taxation aspects of hedge funds
• Risk management and hedge funds

Whether you're in the hedge fund business, have hedge fund clients, or invest in hedge funds, Hedge Fund Course can help you refine and develop your knowledge of this field. ... Read more

Book Description

This study aid provides suggestions for studying chapter material, summarizes essential points in each chapter, and tests students' knowledge using self-test questions and exercises. ... Read more

Reviews (1)

Managerial Account Study Guide
This book is a great help and study guide which goes along well with the Text ... Read more

Book Description

Economic Value Added (EVA) and Value Based Management (VBM) are today’s hottest management buzzwords. But written information has often been biased and clouded by the authors’ hidden agendas. EVA and Value-Based Management is the first book to unflinchingly discuss the pros and cons of EVA and VBM. Covering both implementation and conceptual issues, with a strong emphasis on performance measurement, value drivers, and management compensation, it allows readers to come to their own informed conclusions. ... Read more

Reviews (6)

Highly Recommended!
Kudos to S. David Young and Stephen F. O'Byrne, management consultants who largely steer clear of their industry's usual empty catchphrases and superficial hype. Instead, their lucid explanation of the importance of shareholder value takes center stage. The heftiness of EVA and Value-Based Management may be daunting, but most readers will be satisfied with Part I's strategic overview. The concepts reappear in Part II accompanied by a wealth of technical details, calculations and case studies to help finance professionals with nitty-gritty implementation of EVA (Economic Value Added) programs. The book honestly assesses EVA's power to motivate managers, noting that some companies just are not well-suited for this performance metric. We from getAbstract prescribe this book to corporate executives who have overdosed on consultant jargon but still want to drive value growth in their companies, and to finance specialists who seek a comprehensive roadmap to EVA implementation.

Excellent book
As an author, speaker and consultant on these topics, I highly recommend this book. Not only have the authors discussed the pros and cons of a number of approaches thoughfully and concisely, they also expand the level of understanding related to the calculations in an accessible way. Their book discusses both implementation issues and the nitty gritty of the mechanics. In sum, the book takes the reader to the next level of understanding. I highly recommend this book.

Fails to keep its promise: Metric War + Compensation
This book does NOT offer 'A practical guide to valuation' but a theoretical,oldfashioned discussion of the 'Metrics War'and some empirical research on EVA, Compensation and CFROI-Fade.

My rating has got these origins: Empirical research on Compensation,EVA and CFROI-Fade: A+. Discussion of EVA/CFROI: D-. Terminology: D value for 'Hands-on-valuation': F- Structure: F- Style: F-.

This book does contain interesting empirical research on EVA etc, but it does not offer 'A practical Guide to Implementation' because it does not contain a STAGE-Approach. Its terminology differs from any other book I've read, you must often guess, which formulas the authors used, because they did not have the courtesy to express their formulas. Some formulas are wrong nad their discussion of the 'metrics war' betweenn EVA and CFROI lags 5 years behind reality. They attack old methods of CFROI,which Boston Consulting and Holt Value published 5 (!) years ago. They fail to know, that BCG have refined CVA/CFROI and that BAYER. Lufthansa,and VEBA have implemented these refined CFROI-techniques,which are way better, than the old methods, which the book attacks.

Moreover, this book is terrible to read due to a lack of structure, the absence of clear definitions, the lack of formulas, a wordy style,which exhausts your nerves, and many value judgements....

The Best Book Ever Written on EVA -- By Far!!
This book clearly explains the principles of EVA and provides countless real-world examples on implementation. As an independent consultant specializing in shareholder value, I have probably read and studied everything ever written on EVA. I can say, without reservation, that this is the finest work available.

The EVA Guide which holds nothing back!
This book, together with 'The Quest for Value'by G. Bennett Stewart, III and 'Valuation' by the Tom Copeland, provide a solid backgound on value-based management. S. David Young and Stephen F. O'Byrne give a fair description of their book: 'This book is not a intended to be a "teaser," which tries to tell you enough to whet your appetite so if you want to know more you will have to hire us as your consultants. We aim to be as comprehensive in our treatment of the subject as possible...We try to hold nothing back.' Thank you very much indeed. ... Read more

Book Description

A complete guide to deciphering the real meaning of financial reports

Especially relevant in today's climate of suspicion and corporate malfeasance, this helpful, straightforward guide helps readers mine financial reports for the vitally important information they reveal about a company-what shape it's in and where it's going. Reading Financial Reports For Dummies offers a quick but thorough introduction to everything readers, especially investors, need to know to decipher the information in financial reports and make sound financial decisions based on that information. Written specifically for those without a background in accounting, this is a welcome resource for anyone who relies on financial reports.

Lita Epstein (Coconut Creek, FL) designs and teaches online courses on retirement, taxes, and investing. She holds an MBA from Emory University's Goizueta Business School. ... Read more

Book Description

"Whether you are an investor or dealmaker, corporate executive or aspiring MBA looking for a career on Wall Street, you are sure to find this book both troublesome and inspiring...it cannot be otherwise when you carefully examine a series of M&A 'train wrecks' through the same lens as Prof. Bruner, a creative teacher in the field of M&A, who has been able to extract the hard, instructive lessons from these disasters."
—From the Foreword by Arthur Levitt, Jr., former chairman of the Securities and Exchange Commission and author of Take On the Street: What Wall Street and Corporate America Don't Want You to Know

"Deals from Hell is a fresh and interesting look at the M&A game written by Prof. Robert Bruner, a leading authority on the topic.He studies failures and from this unique perspective, teaches us the pitfalls to avoid as well as the positive actions for success. The case histories illuminated herein are worthy instruction for all CEOs and their top management team."
—Tom Copeland, Managing Director of Corporate Finance, Monitor Group

"There is a very fine line between M&A heaven and hell—and it is no surprise that the devil is in the detail. Contrary to conventional wisdom, mergers work, on average, as Bob Bruner documents—and the reasons why are often worthy of more careful study than appears beneath the headlines of the popular press. Bruner drills down on disasters and successes like no one else—and leaves investors and M&A dealmakers with a truly balanced scorecard of important lessons to ponder."
—Charles D. Ellis, author of Winning the Loser's Game and Capital: The Story of Long-Term Investment Excellence

"While the average return to M&A acquirers is a matter of some controversy, it is beyond question that many acquisitions work well and many work badly. This landmark book is the finest available for separating the likely successes from the likely failures."
—Bruce C.N. Greenwald, Robert Heilbrunn Professor of Finance and Asset Management, Columbia Business School, and coauthor of Value Investing: From Graham to Buffett and Beyond ... Read more

Reviews (1)

Important Lessons for Everyone
Professor Bruner's new book is brimming with important ideas for managers, policymakers, and academics alike.Ten failed mergers are discussed in depth ranging from Penn Central in 1968 to Tyco in 2002.Each case study includes both quantitative and qualitative evaluations of the component companies and the results of their mergers.The author's facility with case studies has been honed over thousands of cases, and his experience shows in his well-rounded discussions.

This book seems targeted at a professional audience-- it digs deep enough to inform even the most knowledgeable managers and academics-- but it is also readable by a general audience.The ten case studies present compelling narratives of major failures that changed the way everyone does business.Even those without any particular interest in management will find the history interesting.A close reading of this book will especially benefit policymakers who are concerned by the social costs of business failure.

In a field where the stakes are tremendously high, it's important to learn why the major failures have occurred."Deals from Hell" is the perfect teacher. ... Read more

Book Description

CORPORATE FINANCIAL REPORTING is written for students who require an understanding of financial accounting and reporting issues, problems, and practices.It is appropriate for the second financial accounting course at the MBA level, often called Corporate Financial Reporting.This text is also appropriate for schools that offer a one semester Intermediate accounting course, at the undergraduate level, for Finance majors. Careful consideration is given to the management aspects associated with various financial reporting issues.Chapters blend issues, concepts, standards and stakeholder interests to convey the complexities, controversies and uncertainties inherent in the financial reporting process. ... Read more

Reviews (2)

Great Fun to Teach
Here is a secret: the study or practice or accounting may be tedious, but the teaching of accounting is fun. It's about money, power, greed, betrayal -- what's not to like? More particularly, it is one of those courses where students come in bearing such low expectations thaqt their only surprises will be pleasant.

Of all the accounting materials I've been exposed to, none is more fun to teach than this book by Brownlee, Ferris and Haskins. There is an introductory chaper of nuts and bolts. But then, the bulk of the book is made up of case studies in accounting analysis. With bright students (I use it with second- or third-year law students), you can do a whole course from the standing start.

Whenever I teach accounting, I tend to treat it as a "fraud" course--try to find the gimmick. In general, students are uncomfortable with the approach. They tend to think of accountants as nice people and their a not always happy with my seeming cynicism. Post-Enron (and WorldComm, and Adelphia, and Parmalat, etc. etc., etc.), I am tempted to call up all my former students and say -- "See? I was right all along." Meanwhile, it is wonderful to watch the student puzzle over a Brownlee problem and then say (as if with a flash of insight) -- "But that's wrong!" And of course the answer is: "That's why it's in the book."

An excellent book.
This is an extremely well-written and thoughtful book. The authors take a highly practical and rigorous look at accounting as used in practice by publicly-traded companies. It is an effective integration of accounting principles and real-world financial statement analysis -- helps the reader develop a sense of what is aggressive, what is conservative, etc., and what critical issues are discernible but not immediately obvious from a routine examination of financial statements. A good read for would-be Ben Inkers. For a more basic introduction to accounting, check out books by Robert Anthony. ... Read more

Book Description

"M&A financing and refinancing can be a path to progressÑstarting today, as you read the ideas in this book and dream up your own." --Alex Sheshunoff, From the Foreword. The expansion of a business through merger or acquisition involves experience. Wisdom. The ability to envision how two or more combined companies can equal far more than the sum of their parts. It also involves, more often than not, the use of "other people's money." THE ART OF M&A FINANCING AND REFINANCING tells you how to obtain and repay that money, taking the complex, technical aspects of M&A finance and making them clear, understandable, and applicable to your situation. This comprehensive reference handbook points you to all the facts, figures, names, and places you need to finance your next deal. Unique in that it concentrates solely on the most fundamental component of the M&A transactionÑmoneyÑ THE ART OF M&A FINANCING AND REFINANCING provides clear-headed advice and guidance on: The key financial sources and instruments you can useÑfor any kind of deal; How to select the most appropriate type of financingÑdebt, equity, or a combination of the two; Financing via debtÑloans, bonds, and leasesÑand the virtually infinite ways to borrow or lend; Tactics to consider in contracts, including contingent payments, earn-outs, and equity kickers; How to determine when refinancing is necessaryÑand plan for it as a probability; How volatile global events affect economic systemsÑand the impact this has on M&A financing and refinancing; Debt/equity hybrids and the vehicles through which they travelÑincluding mezzanine financing and seller takeback financing. The ability of one company to acquire another has helped companies throughout history grow stronger, more vibrant, and more competitive. Just as your business must establish satisfying relationships with external vendors and suppliers for its component parts and services, it must also become accustomed to using external financing for growth. Let THE ART OF M&A FINANCING AND REFINANCING show you how to combine the "Main Street" of commercial banking with the "Wall Street" of investment banking, and help you stay on the profitable side of the M&A success ledger. ... Read more

Reviews (2)

Poor format hides content.
The entire book is a set of questions and answers, so while it may be useful for certain specific reference areas, it lacks in executive detail and depth- and is not readable cover to cover. As a third text on the topic, it is useful. Not to be too negative, there is a lot of good information tucked away in here.

Expert guide, makes a complex subject understandable
Almost a third of companies with sales between $75 and $500 million expect to be involved in a merger or acquisition in the near future. Defaults in the junk-bond market are expected to top 4.5% of outstanding issues in 1999, compared with 3.4% in 1998. Surging defaults in a strong economy point to the need for a comprehensive book on how to use "other people's money," while making something for ourselves in the process.

The Art of M&A Financing and Refinancing uses a reader friendly question and answer format to easily explain lofty global concepts such as currency exchange rates and fluctuations that can affect your M&A financing, as well as the gritty details of how to calculate the cost of your proposed debt. Want to know where to obtain financing online or the tax consequences of postacquisition debt? What are the going percentages on various types of collateral? What covenants do junk bonds normally contain? What are the advantages of a private equity placement? Here you will find the answers from two well known experts in the field. While only half of all corporate mergers live up to their promise, your chances of success will greatly improve by utilizing the information contained in this comprehensive handbook.

Highly recommended by the editor of CorpGov.Net ... Read more

Book Description

When partnerships change hands, the valuation of intangible assets can be a financial maze. This in-depth book, working through each of the basic valuation approaches: cost, market, and income, provides professionals with complete guidelines and industry standards. It's a must-have for financial analysts and attorneys! ... Read more

Reviews (4)

A Practical Primer
For those who are interested in the management of organizational knowledge and intangible assets, 'Valuing intangible assets'should prove to be highly practical. There are many knowledge management frameworks out there that assist business executive to manage their intangible assets (such as Sveiby's intangible asset monitor), the practical usage of these frameworks would be greatly enhanced by incorporating the valuation aspect of intangible assets. The author provides a comprehensive illustration of both the 'scientific' & 'artistic' aspects of valuating intangible assets. The book is easy to read with useful examples, it is a rare one in the market.

Recommend Purchase!
A larger portion of the value of a company nowadays comes from Intangibles (brands, patents, workforce & related contracts, durable customers etc.). This holds true in several industry sectors. Measurement of intangibles is a fascinating subject, but until this book was published, there was no single body of knowledge available to guide the general reader, or a Valuation professional. You had to work in one of the reputed valuation firms to be exposed to the techniques. This book is by far the best practitioner-oriented Intangibles Valuation book I have come across. It is very comprehensive in terms of the topics it covers, and does a wonderful job of covering almost all intangibles of interest. Each chapter is written by a relevant expert, and this invariably leads to variations in quality and some lack of consistency. However, for the most part, it is very well written, and definitely worth the price it sells for.

Great Reference Book
A great book for anyone or performs valuations of intangible assets or wants to learn how. I believe that this book will become to intangible valuation what Pratt's book is to business valuation.

A complete manual of intangible valuation methods
The authors rely on their extensive professional experiences in this field to provide a comprehensive description of the three valuation methods for intangible assets--cost, market, and income methods. Easy to read, this book explains the nuances of each method in more detail than similar books available in the market. It reads more like an accessible textbook than a vague primer on the subject. It also contains many insightful and valuable case examples of how the methods are applied to different real life cases. As an MBA student, I have benefitted greatly from this book and will probably use it as a reference in the future.

I hope future editions will include option pricing valuation methods. ... Read more

Book Description

This book teaches readers how to build financial models with step-by-step instructions in Excel. Progressing from simple examples to practical, real-world applications, this book covers the time value of money, valuation, capital budgeting, financial planning, and options and corporate finance. For financial planners and analysts. ... Read more

Book Description

How to Use Financial Statements explains in clear, easy to understand methods how to read a financial statement. Written for the non-financial professional, this book is ideal for:

• Professionals that have been promoted to a job that requires reviewing financial statements
• Investorsthat have accumulated enough savings to begin looking at alternatives
• Spouses that have suffered the loss of the member of the family who has always dealt with financial matters
• Readers who work in non-financial areas and have no interest in investments

This practical guide includes:

• An overview of financial statements­­what they are and what they tell us
• A thorough, yet basic introduction to the accrual concepts
• Easy to understand explanations of profit and loss
• Statement of cash flows and special reporting issues

Reviews (3)

Great for understanding & interpreting financial statements
This book teaches anyone (from owners, to managers, to employees, to customers, to lenders, to suppliers, and to attorneys) how to obtain answers from financial statements by asking the right questions. This book is not filled with esoteric symbols and mathematical babbles, but with clear diagrams and down to earth explanations of the applications of each part of the financial statements. The author has done an excellent job on making this seemingly confusing subject very easy to understand and useful to those who needs to make decisions from it.

Good Things Come In Small Packages
The best book of its type: covers key points in a direct and effective way. If you need to refresh understanding of financial statements, or learn the basic in a concise format you will be pleased with this book. As a finance professor and practioner (CFA) I have recommended Bandler to numerous students and associates.

As an primer, excellent
This is an excellent little book. For those who are not financial types, but need to have a basic ability for work or personal investing, this is the perfect start. The chapter explaining cash-flow statements is particularly good.

I would use this as (1) a launching-point to other, more in-depth books on finance or (2) a review of the basiscs, when you don't want to get bogged down by the minutia, but do need to understand.

The auther has an excellent sense for what is important in this subject, how to explain it in words, and how to illustrate it. ... Read more

Book Description

This hands-on guide to corporate finance focuses on converting the theory and models in corporate finance into tools that can be used to analyze, understand and help any business. The second edition classifies all decisions made by any business into three groups: decisions on where to invest the resources or funds that the business has raised, decisions on where and how to raise funds to finance these investments, and decisions on how much and in what form to return funds back to the owners. All sections of the book are traceable to this framework. Also, four very different firms are used as examples throughout the text to illustrate the universality of corporate financial principles across different firms in different markets and across different types of decisions. ... Read more

Reviews (9)

Like Tina Turner once said, "Simply the Best"
This book is just plain great from top to bottom.Damodaran makes it easy to get both the "bird's eye view" as well as the nitty gritty detail you want in a corporate finance text.I highly recommend this book to anyone who is looking for something beyond an elementary understanding of finance.

Awesome
Its easily the best book on corporate finance (yeah! I have read brearley and myers, benninga, ...).

Highly recommended. If you want to MASTER corporate finance. simply buy and read the book. The case studies and excel spreadsheets are very good. Another recommendation for a good financial analysis book is the book by eric helfert - financial analysis. Both books teach finance in common speak which goes a long way in understanding this topic for a new student.

An indispensable guide
This book is one of my best investments I have ever made. It is perfectly suited for 1st year MBA students with no prior exposure to finance. The first principles chart appearing at the beginning of each chapter always drags the students to the basics of why we are doing things. Prof Damodaran seems to be an excellent teacher and makes corporate finance a fun subject. The support web site has wealth of information and most importantly solutions to problems(I have never understood why many books hardly bother to give answers to problems)are given. Don't do a corporate finance course without this book.

Great potential. Next edition should be a blockbuster.
The text gets 5 stars for the orientation, organization, and the on-line resources for the text. It describes exactly what you would want in an Applied Corporate Finance course. Unfortunately, I have to deduct 3 stars because the text contains too many typos and smple calculations which I specifically want my students not to make. This has been frustrating for my students, as well as myself. However, I am confident that when this problem is cleaned up, the book will be among the best Applied Corporate Finance text in the market. I strongly recommend a new, corrected edition.

THE BEST BOOK ON THE TOPIC
This is not just the best book on corporate finance, but ranks as one of the best technical books I ever read. Extremely well organized with examples not just close to real life but REAL LIFE itself.

The knowledgeabout brazilian economy is astonishingly accurate.

Forgot to mention theweb site that helps the reader. Very useful and updated. A perfectcombination.

I Recommend without restrictions. ... Read more

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Making Enterprise Risk Management Pay Off shows how top companies are transforming risk management into an integrated, continuous, broadly focused discipline that identifies and assesses risks more effectively, responds more precisely, and discovers not j ... Read more

Reviews (1)

Great Lessons in De-Risking, in a Very Readable Book !
After the Enron meltdown, risk management is as hot as fire. You can't pick up the newspaper without stories about all the risks facing businesses and investors.

I run a medium size business in a big city. If you want to "de-risk" a company, you need to learn from managers who are already doing it and doing it well. This book has very detailed cases about the risk management programs at companies like Microsoft and DuPont with managers telling their own stories. The book is short on fancy theories and long on practical ideas.

I admit I was surprised to see Chase bank among these elite companies. Chase wrote off $500 million because of Enron. But you have to wonder how much more they would have written off without a good risk management program. No one ever said these systems are perfect. The Chase chapter even describes two big problems the bank had with their bookkeeping and how they were fixing them.

This book has everything you need to get started in a good risk management program. Lord knows businesses had better manage their risks or they're history. ... Read more