Valuation for Mergers, Buyouts, and Restructuring (Wiley Finance)

Rating:
Summary: Excellent Book
Review: Both as a PhD and MBA student, I found this book extremely helpful in technical, theatrical and practical ways. I would highly recommend this book to anyone in the I-banking and finance fields or anyone that consider entering these fields.

Rating:
Summary: Waste of time and money
Review: I am an MBA student and had hoped to gain some insights before an interview at an investment bank. I bought the book, misled by the author's credentials and the many 5 star reviews. However, this book is a DUD. It is facile, poorly written and a waste of time and money. Fortunately I also bought Applied Mergers and Acquisitions by Robert F. Bruner ( listed under "the buy this book with" button). The later saved the day!

Skip this - get the Bruner book.

Rating:
Summary: Solid book - best on the subject
Review: I recently read this book and found it very well written and useful. In particular, the examples and thorough explanations are valuable, and the analysis is thorough and well done. In my estimation as a former M&A attorney and now a venture capitalist this is by far the best book on the subject. I highly recommend it to anyone who is interested in the topic - be they students or practitioners.

Rating:
Summary: Excellent Balance Between Theory & Practice
Review: In my consulting career, I have worked on lots of models to value M& A candidates, to restructure debt, to perform due diligence etc. My main problem was that I always found it difficult to get a good reference book on valuation. Most books just give the basics of DCF and treat valuation in a straightforward manner.
Arzac's book on the other hand treats valuation from a practical and theoretical perspective and is supported by research evidence. I found his book to be very helpful as it contained the different types of valuation tools and arrangements commonly found in practice i.e. adjusted present value, earnouts, original issue discount, synergies and scenario analysis, contingent clauses, entry, foothold and exit options etc. I am an engineer by training so I found the technical notes at the end of the book to be very handy. In addition, the CD accompanying Arzac's textbook is very useful as it provided many essential valuation tools such as option pricing, debt capacity calculator etc. I highly recommend this book to anyone with a serious interest in corporate finance, consulting and investment banking

Rating:
Summary: Excellent balance between theory
Review: Offers a meaningful framework with insights for both the student and the practioner.

Rating:
Summary: Excellent Valuation Resource!
Review: Professor Arzac has done a terrific job conveying all the key valuation concepts and techniques. I very highly recommend it to finance professionals and students alike.

Rating:
Summary: Substantive, intelligent book
Review: Professor Arzac has written a concise but incisive work on an extremely important topic. Arzac reveals a level of expertise that is unique and provides students and professionals with a book rich in content and information. Well done!

Rating:
Summary: Comprehensive; Informative
Review: Professor Arzac's latest work endeavors to balance the practical with the theoretical, and it succeeds. It is rare that an academic writer is able to so effectively and comfortably communicate practical financial concepts, particularly while remaining true to their academic roots. Arzac does a great service to the reader by straying from the standard academic explanations of valuation techniques to incorporate the everyday techniques that are actually applied in the real world (particularly in the area of the leveraged buyout). This work will be appreciated by valuation practitioners and academic readers alike.

Rating:
Summary: Solid reference book
Review: This is a solid work on the subject matter of valuations. Although it is definitely academically oriented rather than telling a than a story, it gives great examples (many of them based on real-life deals) of actual real-life applications.

The plethora of examples and solid coverage in the area earns this book a permanent spot on my bookshelf. I believe I'll be referencing it quite often. Also, the included CD has helpful sample deal models at are immediately usable.

On a side note, I find no basis for the 'one-star' review from the 'MBA-student' hoping to gain some insights before an interview at an investment bank. Comparing Arzac's solid work to the reviewer's misleading comments raises questions about the reviewer's competence and/or credibility.

Rating:
Summary: At last!, a superb valuation book grounded on the real world
Review: Too many valuation books concentrate on academic theory, and leave readers unable to apply the concepts to real-world situations. Arzac's book bridges this gap. He clearly explains the fundamental concepts of assesing economic value, and links them to practical applications that finance professionals in a variety of investment fields would encounter on a day-to-day basis. Highly recommended.