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

Book Description

When should you acquire a target or enter a new business? How do you go about structuring and valuing leveraged buyout transactions? What do you do id the application of the weighted average cost of capital approach is not correct? Answers to these commonly encountered valuation problems and more are given right here in this complete valuation toolkit for mergers, buyouts, and restructuring. Enrique Arzac, an internationally recognized authority on the subject, provides an up-to-date, comprehensive synthesis of current valuation theory and practice, including free cash flow valuation, financing and valuation of leveraged buyouts, real option analysis for entry and exit decisions, contract design to resolve disagreements about value, and the valuation of special offer structures.

Customer Reviews:

Hard but very comprenhensive and useful .......2007-06-03

This book is a must for anyone who desires to improve her valuation and modeling skills.
It includes well detailed examples of LBO deal, which is quite rare in the literature.
The computation of the wacc is very comprehensive (may be too much) but the reader does not need to understand it to benefit from the other valuable chapters and demonstrations.

Planet Best.......2006-11-22

I have read many many books on Valuation for investment banking purposes. Many of them have good theories and decent number crunching. But this is the best one in regard technical aspects of finance. It's not for everyone. The book really is for practioner and MBA students who want go ahead of their peers. If you are through with this book nobody can beat you in valuation world.

Enrique I would really want you to cover Project Finance in your next addition.

I thoroughly enjoyed the book and liked the technical cocenpts especially the explanation about fomulas and derivations at the end of the book. Moreover the book is absolutely to the point and covers analytical part of Valution for M&A, LBO and Restructuring.

Great Work Enrique.

Manu

For those who love going into the detail..........2006-06-20

This is one of the best books I have read to date on Valuation. It spanks various methodologies and speaks to their differences. It goes into the detail and stays there to provide the depth necessary to get a intuative understanding. WARNING: not for those who do not like math. You can follow the derivations and I found it very good practice and reinforcement to learning the concepts.

Buy it and try it on a company in the news.

Cool!

OK but very technical.......2006-03-03

Overall, the book covers relevant M&A material but it's difficult to read. Coming from a finance background, I was looking for a reference book to be used at work. There are other books that are more user-friendly. Recommendation: get Applied Mergers & Acquisitions from Wiley Finance instead; same topics but a pleasure to read.

Purely for Reference.......2006-01-14

As an M&A finance practitioner, I am torn between giving this book a 3-star or 4-star rating. As many reviewers have noted, this is structured to be a reference book. There is more math than is typically needed or used in most small or medium-sized transactions, and there is very little introductory material for the uninitiated to get their bearings. Instead, the books delves straight into valuation exercises that are at times even more difficult than what I have encountered in the profession. The examples, while numerous and varied, are often reviewed much too quickly, and occasionally with so many permutations and small digressions that it is difficult to keep track of the purpose of the original endeavor. And as good students know, it is very hard to remember how to do something when you do not know *why* you are doing it. As such, it is difficult to recommend this book with much enthusiasm to anyone who does not at least have a few transactions under their belt because as a general guide it does not at all do the trick.

However, for more experienced users, it can come in handy, although I will still have to say that information is unnecessarily difficult to find. I feel like this book is so dense that it would be much more effective in an electronic (and hence, searchable) version. That being said, I really enjoyed a few chapters, including Chapter 9, which had some excellent examples of the effect different tax treatments have on a transaction. It came in very handy for a deal I was working on where I had to deal with NOLs.

Mergers and Acquisitions Security: Corporate Restructuring and Security Management

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Mergers and Acquistions Security
Realistic Security for Business

Mergers and Acquisitions Security: Corporate Restructuring and Security Management
Edward Halibozek , and Gerald L. Kovacich
Manufacturer: Butterworth-Heinemann
ProductGroup: Book
Binding: Paperback

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Security Metrics Management: How to Manage the Costs of an Assets Protection Program

ASIN: 0750678054

Book Description

In reaction to the continually changing business climate companies develop many business strategies to increase their competitiveness and improve profitability. Companies regularly reshape themselves continually exploring new markets and developing new products. When they can't expand into new markets or develop new products on their own, they seek alternatives. These alternatives include merging with or acquiring other companies to create a single more capable company. Companies acquire other companies for a wide variety of reasons. In some cases company survival may actually be the reason. What does this condition mean to the security professional? In the course of mergers and acquisitions, security plays a vital role in helping to make the endeavor successful. There are numerous titles on the business aspects of M&A such as the ones listed below. However, this unique book focuses on the role security plays in helping to make a merger, acquisition or divestiture successful. It addresses the fundamental security elements that are required to support the effort. In addition, it provides an integrated "how to" approach to implementing M&A security complete with methods and processes that have been quickly and cost-effectively implemented.

- First book available that focuses on the role of the Security Manager in M&A
- Case studies that highlight the role of the security manager; cases include both best practices as well as illustrations of nightmare examples of what NOT to do
- Lead author is an expert that has participated in/managed security for more than 20 high-profile and large-scale acquisitions
- Model processes, procedures, checklists, charts and sample forms all serve to ease immediate analysis and implementation in a merger or acquisition

Customer Reviews:

Mergers and Acquistions Security.......2005-06-03

To contemporary security and executive managers faced with rapid change in technology, intricate and sophisticated methods of theft, fraud, and manipulation of corporate assets, and insidious transfer of trade secrets, this book provides timely and functional guidelines and procedures necessary to successfully accomplish their responsibilities as members of the merger and acquisition team during all stages of corporate mergers and acquisition. It provides an in depth insight to security problems, presents checklists and forms to perform analysis of potential risks, and affords practical methods to forecast and minimize loss. It is an outstanding and must read book for those involved in or interested in modern corporate security.

Realistic Security for Business.......2005-05-19

This is an excellent book which addresses a number of issues that are present in any modern business. In an increasingly dynamic business environment where mergers, demergers and acquisitions are some of the ways in which corporations adapt to a changing environment, an understanding of the security implications and potential problems that will be encountered is essential. Any failure to understand how to protect information during the period leading up to an acquisition could be, at the very least, expensive, or in the worst case disasterous. Once an acquisition has been made, how do you integrate the security of two separate organisations in a way that causes the least impact and disruption to the business? This book has examined these issues and provides good, pragmatic advice on how to achieve this. The authors clearly have a great deal of experience in the area and the way that the book is written clearly comes from their practical knowledge in the area. This is a must have book for the security staff in any commercial organisation.

Pensions and Corporate Restructuring in American Industry: A Crisis in Regulation

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Pensions and Corporate Restructuring in American Industry: A Crisis in Regulation
Gordon L. Clark
Manufacturer: The Johns Hopkins University Press
ProductGroup: Book
Binding: Hardcover

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ASIN: 0801845238

Book Description

Build on the idea that organizations and their employees are increasingly comfortable with the idea that learning and skills development are the responsibility of the individual worker. This volume is designed to help organizations and their HR and training groups take maximum advantage of the trend toward an independent, self-directed learner workforce. You'll learn how to develop new organizational and individual employee development strategies to meet workplace challenges.

Customer Reviews:

A Blueprint for Organizations Adopting eLearning.......2000-07-11

I highly recommend "All Learning Is Self-Directed".

It is very timely given the interest in distance learning, web-based training, and the Internet as a delivery medium for all types of education. When leaders like John Chambers of Cisco say "eLearning is the next Killer App", "eLearning will make email look like a rounding error", and "the Internet and learning are the great equalizers", organizations have to take notice.

This book provides a blueprint of what an organization has to do to create a "positive learning environment". It addresses the roles of senior management, middle management, trainers, and learners in adapting to "independent, self-directed learning". It's just under 200 pages and an easy read.

Book Description

This digital document is an article from International Journal of Instructional Media, published by Westwood Press, Inc. on March 22, 2005. The length of the article is 5663 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: The effect of self-directed learning readiness on achievement comparing face-to-face and two-way distance learning instruction.
Author: Yu-Chiung Hsu
Publication: International Journal of Instructional Media (Magazine/Journal)
Date: March 22, 2005
Publisher: Westwood Press, Inc.
Volume: 32 Issue: 2 Page: 143(14)

Distributed by Thomson Gale

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When Bill Laurance went to northern Australia in the mid-1980s, it was to study the teeming life of a classic rainforest. The problem was, the rainforest of Queensland, already limited in extent, was fast disappearing, logged and bladed into oblivion; even its legendary stinging trees, "a good hit [from which] can hurt for months," seemed in danger of becoming mere memories. Laurance's fieldwork became a running chronicle of what happens to the rainforest's creatures--tree kangaroos and vipers, redback spiders and pygmy possums, and countless other species that are little known outside the area--when once-unpeopled habitats are overrun. (One of the few species to benefit from the region's decline, Laurance observes, is the antechinus, a wolverine-like marsupial that thrives on disturbance.) Laurance soon realized, as he relates in his memoir, that he'd have to couple scientific information with activism in order to protect what little of the forest remained--activism that included recommending the area for a listing under the United Nations' World Heritage program, and that put him squarely at odds with the suspicious loggers who were his neighbors. Although confronted with death threats and an actual attempt on his life, Laurance pressed on, eventually winning over enough Queenslanders to launch a small but growing ecotourism industry. Well-written and often quite funny, Stinging Trees and Wait-a-Whiles will hearten any environmentalist and tropical traveler. --Gregory McNamee

Book Description

The last traces of Australia's tropical rainforest, where the southeasterly winds bring rain to the coastal mountains, contain a unique assemblage of plants and animals, some primitive, many that are found nowhere else on earth. And fifteen years ago, they also contained Bill Laurance, a budding ecologist seduced by the nature of the landscape in north Queensland. Laurance isn't your typical scientist: he wears cut-offs instead of white coats, enjoys the occasional food fight, and isn't afraid to speak his mind, even if it gets him into trouble, as it often did in the Australian rainforest and as he recounts in his marvelous Queensland journal Stinging Trees and Wait-a-Whiles.
The book is his record of the time he spent in this remote area and his run-ins with plant, animal, and human species alike. Laurance lived in a tiny town of loggers and farmers, and he witnessed firsthand the impact of conservation issues on individual lives. He found himself at the center of a bitter battle over conservation strategies and became not only the subject of small-town gossip but also the object of many residents' hatred. Keeping ahead of his high-spirited young volunteers, hounded by the drug-sniffing local policeman, and all the while trying to further his own research amid natural and unnatural obstacles, Laurance offers us a personal and hilarious account of fieldwork and life in the Australian outpost of Millaa Millaa. Stinging Trees and Wait-a-Whiles is a biology lesson, a conservation primer, and an utterly energetic story about an impressionable young man who wound up at the epicenter of an issue that tore a small town apart.

Customer Reviews:

Part of the Solution.......2000-12-30

It would be hard to suggest my review is subjective, since I worked with Bill Laurance in the rainforests of north Queensland in those hot, humid and heady years, and am also in the book-though its appearance in print was a great surprise. Nonetheless, for the reader, biologist, or armchair traveler, this book has a bit of everything. Laurance describes his pursuit of a Ph.d in biology with candor, insight and humor. It was an incredible time in Australia, and for once, at least, the forests won: much of Australia's remaining lowland and montaine rainforest was protected by World Heritage designation and the Rat Patrol and Higher Mammal Crew (led by Laurance) were right in the thick of it. Bill describes the realities of field work: the sheer physical aspect of being in the rainforest, the thrill of encountering relict and highly adapted species, the tension with local townspeople who make their living in extractive industries like logging, and the constant infusion of travelers and characters who were recruited to the little house on Coral Street. Small town, Australia is accurately depicted in the pages of this book: the miners, the timber cutters, pastoralists and plain drunks, most who ultimately come to respect Dr. Laurance and his work. Laurance also describes his travels in New Guinea, including several dangerous and hilarious encounters with local tribesman. Throughout are scattered insights about biology: why for example there are few aquatic marsupials (they would drown in a pouch), and human nature. My only complaint with the book, is that Laurance got the details of my own expedition in search of Morelia carinata with Geoff Cunningham substantially wrong: We did not lose our packs and food in a river crossing in the Kimberley, but walked 42 days to the coast for a rendezvous with a boat that never arrived due to a cyclone. After waiting ten days at the coast, we walked 168 miles to the nearest cattle station on the edge of nowhere. We did not eat anything but grasshoppers and wild figs for ten days, and were grateful to emerge from the outback with our lives. But, since I lost touch with Bill for 5 years, I can imagine he might get those details mixed up. All in all, it's a wonderful book, and a real insight into the challenges of field biology and habitat conservation. Laurance's post-script is a call to action to halt the destruction of rainforests around the world. Get involved. As he used to say, "If you're not part of the solution, you're part of the problem."

Who Knew Leeches Could Be Funny?.......2000-10-05

After reading a wonderful review in the Chronical of Higher Education, I knew that I had to get my hands on this book.

Similar to Tim Flannery's Throwim Way Leg, Stinging Trees and Wait-a-Whiles recounts a biologist's travels and adventures into the Australian rainforest with his dog (Tulley) and a motley crew of volunteer research assistants.

Although Bill Laurance is a brilliant scientist, he is also a gifted writer who has the ability to spin dry field notes into witty reading.

Book Description

This digital document is an article from Revista de Biología Tropical, published by Universidad de Costa Rica on June 1, 2001. The length of the article is 1521 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Laurance, W. 2000. Stinging trees and wait-a-whiles. Confessions of a rainforest biologist.(Resena de libro)
Author: Luis D. Gomez P.
Publication: Revista de Biología Tropical (Refereed)
Date: June 1, 2001
Publisher: Universidad de Costa Rica
Volume: 49 Issue: 2 Page: 773(1)

Article Type: Resena de libro

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Stinging Trees and Wait-A-Whiles: Confessions of a Rainforest Biologist

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Stinging Trees and Wait-A-Whiles: Confessions of a Rainforest Biologist
William Laurance
Manufacturer: University Of Chicago Press
ProductGroup: Book
Binding: Paperback
ASIN: B000OPGAAA

Book Description

Can Korea realize its dream of matching the economic performance of the G-7 nations in the next 15 years? The marshalling of capital, and dedicated, low-cost labor by authoritarian governments in the past created double-digit economic growth based on imported technology. How can Korea's young democracy, fledgling science, and liberalizing policies compete against a new level of global competition? Korea must build its research capability, accelerate the development of smaller, high-tech firms, and reduce bureaucratic conflict in support of an innovation-based strategy. This book puts Korea's technological challenge in its historical context, documents the reasons past strategies are no longer viable, and presents a blueprint for the next stage in Korean development. Korean economy is one of the most exciting and dynamic ones in the world. Korea finds itself in the position of being regarded as respected competition by nations and firms which earlier regarded it only as a source of low-cost, high-quality production. As the economy has slowed, the Korean government and private sector have faced the challenge of making a change in strategy in regard to its approach to technology, and how the economy is to be managed. This analysis of where Korea has been and how it will deal with technology and economic management is conducted by prominent Korean and American scholars.

Korea at the Turning Point: Innovation-Based Strategies for Development

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Korea at the Turning Point: Innovation-Based Strategies for Development
Lewis M.; Choi, Young-Hwan Branscomb
Manufacturer: Praeger Publishers
ProductGroup: Book
Binding: Paperback
ASIN: B000ORM9FS

Book Description

What every IT manager and system administrator needs to know about the technology that drives the B2B marketplace
The B2B marketplace is rapidly exploding--fast outpacing business-to-consumer e-commerce and expected to reach more than $7 trillion in sales by 2004. This guidebook equips XML authors, programmers, and managers with the technology know-how they need to create and develop simple yet robust B2B systems from scratch. It provides easy-to-understand explanations on how and why XML and other important technologies such as HTTP and MIME are driving the B2B marketplace. Along with XML and Java code examples, readers will find broad coverage of emerging standards and protocols, including Simple Object Access Protocol (SOAP), ebXML from OASIS/UN/CEFACT, XML Common Business Language (xCBL), BizTalk, and Commerce XML (cXML).

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If we ever reach the point where businesses can efficiently and cost-effectively transfer information among themselves, chances are that XML will be the key technology that makes it all work. Building B2B Applications with XML offers an overview of using XML as a data transfer mechanism between organizations. Although this area is still really in its infancy, this book lends good perspective to the benefits of XML and offers a snapshot of the current landscape of standards.

Author Michael Fitzgerald aims the book at both managers looking to grasp the general concept of B2B, and software developers looking for a little more detail about where to start with such an initiative. The first part of the book describes the fundamentals of the XML standard, transport mechanisms, and security techniques that come into play when designing a B2B solution. The XML overview isn't a comprehensive tutorial, but rather a quick run-through of all the various components of XML, such as DTDs, Schemas, and transformations. The transport section discusses HTTP, FTP, MIME, SMTP, and other standards key to communicating data. The demonstrations are conducted in Java.

The second part of the book will be of greatest value to software developers. It explores some of the key standards currently available in the XML world. The reader gets a look at ebXML, xCBL, cXML, SOAP, and BizTalk. All of these are essential initiatives for an XML developer to keep current on.

The book's easy-to-read style makes it suitable for non-programmers, but its content is detailed enough to warrant a read by seasoned coders. While it isn't a panacea for the challenges of XML B2B, it's a good place to start. --Stephen W. Plain

Topics covered:

B2B overview
XML document structure
DTDs
XML Schema
CSS
TCP/IP
HTTP
SMTP
MIME
Digital signatures
Public-key infrastructure
S/MIME
XML Signature
IPSec
PGP
SSL
ebXML
xCBL
cXML
SOAP
BizTalk

Customer Reviews:

Kooool..........2001-09-01

XML,XML,XML everywhere.

Also, there are tons of RE-written w3c XML specs.
but this is different covering all practical subjects with some java codes.

Make sure, if you are a novice at XML, get another introductory book(like inside XML) first.

Excellent resource on XML. Refreshingly different........2001-05-14

When I got this book I already had quite a few XML books in my bookcase, all from Wiley, Addison Wesley, O'Reilly and yes, even Wrox... :-|

Being an IBM Certified Developer on XML, I know my way around the topic and this book certainly qualifies as a great addition to my collection. With all the numerous XML books out there that keep covering the same material, this book with its excellent content on the more specialized XML standards for B2B certainly is refreshing. So even if you know XML very well, you can learn a lot in this book.

Despite its average size the book covers a lot of topics, and the discussions are still very detailed while being concise and "to the point". There is little rambling here. The writing style is professional and interesting, and also include those personal insights that I appreciate in computer books. I like books by pros who use the stuff, not just write about it.

If you're a manager, analyst or some other less-technical IT worker who wants to know a lot more about XML itself as well as its B2B uses, you'll love it. It is technical and you'll have to get your hands dirty a little, but you'll finally be up to speed on XML & B2B and understand what people are discussing around you. Not only will it provide you with the much needed knowledge on XML, Internet transports and security, you'll get a lot on the B2B angle and help you in identifying which technologies and standards you should consider for your business.

Developers who know XML will have to expect some redundancy early in the book since there is a whole chapter on XML fundamentals. It can serve as a good recap, may cover some of the XML-related standards you might not know so well, but definitely paints a clear picture of how the whole range of XML stuff fits together in "El Photo Grande" (the big picture).

Unless you're an Internet protocols and transports guru, you'll learn some very valuable low-level stuff here and be better positioned to understand the impact of your designs. The chapter on security - one of the most critical topics in B2B - is very well explained and is an excellent intro to the various concepts, but you'll need a dedicated security book to truly achieve the necessary level of expertise that is required in the implementation of a B2B project.

Unfortunately, since the book introduces you to many topics and concepts but obviously cannot dig as deep as we'd always want (unless reading a 14-volume work), I would have expected the author to refer us to external resources and other books and he almost never does. There is also no bibliography so no help there either. With all the new concepts in there, a glossary would have been nice too, although there is a much welcome "Notes" section at the end with various references to terms and concepts found throughout the book. The companion website ...does offer references but they're mainly W3C sources (quite exhaustive though).

The best value of the book comes in part II with coverage on the various frameworks, vocabularies and standards in B2B XML such as ebXML, xCBL, cXML, RosettaNet, SOAP and BizTalk. Little of this appears in other books so you'll want to buy this one if only for that. You'll have to do more digging on the one standard you'll pick when comes the time to use these technologies in real-world scenarios, but at least here you'll be able to decide which way to go and why, and you'll be able to start prototyping too.

If you're an XML novice, the fundamentals chapter is nice but you'll want at least another XML book to gain any detailed and "hands-on" knowledge on the classic XML standards (XSL, XSLT, DTDs, DOM, SAX, XLink, XPointer, XPath, etc.) Allow me to recommend "Applied XML: A Toolkit for Programmers" and "XML Specification Guide" by Wiley, and "XML in a Nutshell" by O'Reilly as good starting points. Maybe you could even pick an XML book better adapted to your language since the B2B book strictly uses Java.

I don't mind the Java code throughout the book, even though I'm more of a VB developer. I hate books that provide examples in multiple languages since they waste space and end-up being confusing, and I understand how Java can be the best choice for the widest audience of XML developers. Anyways if you can't read Java code yet, you're probably in trouble already.

All in all an excellent book, I highly recommend it. You can expect the high level of quality that is so customary to Wiley books (and which seems to elude Wrox so often). It's cheaper than other Wiley books but still comparable in price to other publishers. Personally I would have preferred a thicker (even if pricier) book with deeper coverage but here you get a very good return on your money. Enjoy!

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