Titel: Valuation: Mergers, Buyouts and Restructuring [With CDROM]
Autor/en: Enrique R. Arzac
Mergers, Buyouts and Restructuring.
1. November 2007 - gebunden - 448 Seiten
Praise for Valuation for Mergers, Buyouts, and Restructuring"Enrique Arzac has provided an excellent analytical framework for the LBO business."--William T. Comfort, Chairman, Citigroup Venture Capital"Enrique Arzac has created a masterpiece--his work combines the theoretical with the practical. He has created an invaluable reference guide that is thoughtful, complete and very user friendly. He provides insight into the theory behind core valuation, LBO's, and options pricing, which creates the foundation for mergers, buyouts and restructuring. In addition to the theoretical, he provides practical insight into deal structuring and deal dynamics. His work should be standard material for all incoming associates."--James P. McVeigh, Managing Director, Corporate & Investment Banking, Banc of America Securities"This first-rate book of applied financial theory provides the tools for financial institutions and capital market participants seeking a methodology for comparing, contrasting, and evaluating investment opportunities and options. By inc orporating over 30 years of research, teaching, and practical experience, Professor Arzac has created a text that us not only timely, but timeless in its usefulness to anyone interested in learning the applications of financial theory for the best and most useful allocation of the scarcest economic resource in the world--capital."--William W. Priest, Co-Managing Partner, Steinberg, Priest and Sloane Capital Management and Former Chairman and CEO of Credit Suisse Asset Management"There are two important aspects in graduate business education. The first is acquiring a thorough understanding of the theories of modern finance and the second is acquiring an appreciation for how these theories can be applied to important decisions. Enrique Arzac has taken on this task and made it a successful venture for readers of this book. Unlike other texts on valuation, he explains the reasons for the process and sequence that he recommends rather than just providing the ingredients and the recipe without explanation. This is a welcome addition to the literature in applied corporate finance."--Joel M. Stern, Managing Partner, Stern, Stewart & Co.
Part I. The Tools of Valuation1. A User's Guide2. Forecasting and Valuation of Free Cash Flows3. The Equity Premium and the Cost of Capital4. Metrics and Multiples5. Economic Value Added6. Valuation with Changing Capital Structure7. Debt Capacity for Acquisition Financing8. Valuing Entry and Exit OptionsPart II: Mergers, Acquisitions and Buyouts9. Merger and Acquisitions10. Deal making with Differences of Opinion11. Special Offer Structures: Price Guarantees and Collars12. Valving Emerging Market Companies13. Leveraged BuyoutsPart III: Recapitalizations and Restructuring14. Recapitalization of Troubled Companies15. Asset RestructuringAppendix A. Financial OptionsAppendix B. Valuation Aids SoftwareAppendix C. Answers to Selected End-of-Chapter ProblemsTechnical NotesReferences
Enrique R. Arzac is Professor of Finance and Economics at the Columbia University Graduate School of Business, Director of the Merger, Buyouts, and Restructuring program for executives at Columbia Business School, and Co-Director of the Merger and Acquisitions program for executives at London Business School. He is the author of many academic articles in financial economics and has been consultant to corporations and financial institutions in North and South America and Europe. He is a director of the Adams Express Company, Petroleum and Resources Corporation and Credit Suisse Asset Management funds.