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Investment: A History (Columbia Business School Publishing)
by Norton Reamer Jesse DowningInvesting—the commitment of resources to achieve a return—affects individuals, families, companies, and nations, and has done so throughout history. Yet until the sixteenth century, investing was a privilege of only the elite classes. The story behind the democratization of investing is bound up with some of history's most epic events. It is also a tale rich with lessons for professional and everyday investors who hope to make wiser choices.This entertaining history doubles as a sophisticated account of the opportunities and challenges facing the modern investor. It follows the rise of funded retirement; the evolution of investment vehicles and techniques; investment misdeeds and regulatory reform; government economic policy; the development of investment theory; and the emergence of new investment structures. Norton Reamer and Jesse Downing map these trends and profile the battle between low cost index and exchange-traded funds, on the one hand, and the higher-fee hedge funds and private equity, on the other. By helping us understand this history and its legacy of risk, Reamer and Downing hope to better educate readers about the individual and societal impact of investing and ultimately level the playing field.
The Investment Advisor Body of Knowledge + Test Bank: Readings for the CIMA Certification
by ImcaThe complete body of knowledge for CIMA candidates and professionals The 2015 Certified Investment Management Analyst Body of Knowledge + Test Bank will help any financial advisor prepare for and pass the CIMA exam, and includes key information and preparation for those preparing to take the test. CIMA professionals integrate a complex body of investment knowledge, ethically contributing to prudent investment decisions by providing objective advice and guidance to individual and institutional investors. The CIMA certification program is the only credential designed specifically for financial professionals who want to attain a level of competency as an advanced investment consultant. Having the CIMA designation has led to more satisfied careers, better compensation, and management of more assets for higher-net-worth clients than other advisors. The book is laid out based on the six domains covered on the exam: I. Governance II. Fundamentals (statistics, finance, economics) III. Portfolio Performance and Risk Measurements IV. Traditional and Alternative Investments V. Portfolio Theory and Behavioral Finance VI. Investment Consulting Process The 2015 Certified Investment Management Analyst Body of Knowledge + Test Bank is essential for financial advisors and finance professionals who want to pass the exam and earn CIMA designation.
Investment Analysis: An Introduction to Portfolio Theory and Management
by Mike DempseyThis textbook is designed as a core text for finance courses that cover market investments, portfolio formation, and the management of investment portfolios. As such, the text seeks to convey insight and actual wisdom as to the nature of these activities. When combined with a commitment to thinking independently, the text offers the student a rigorous preparation for entry to the funds management industry. The text is presented in three parts. In Part A, the text introduces the fundamental techniques of investment analysis: a "bottom-up" and "top-down" analysis of the firm aimed at an evaluation of the underlying share as a "buy", "hold", or a "sell" recommendation. Part B offers the reader an intuitive grasp of the nature of investment growth, both across time and across assets. Part C introduces the reader to the technicalities of portfolio construction and portfolio management. The text concludes with an assessment of the funds management industry. The text builds in step-by-step stages with Illustrative Examples that consolidate the student’s progress and understanding through each chapter. Each of parts A, B, and C (above) has sufficient material to justify a separate course. If the student has exposure to a more foundational course in finance, Parts A and B can be covered as a single course. If from other courses, the student is familiar with the essence of Parts A and B and with statistical concepts, the text can be covered as a single course. The text can therefore be presented readily at either an undergraduate or postgraduate level at a pace appropriate to the student’s prior exposure to the concepts.
Investment Analysis and Lockheed Tri Star
by Michael E. EdlesonA set of five exercises in capital budgeting. Student calculates and compares various decision criteria (including IRR and NPV) for capital investment projects. This is an introductory case, where relevant cash flows are provided, and the focus is on the discounting mechanics and the decision to invest. In addition, one exercise directly probes the link between positive NPV projects, and value added to the shareholders. The final "exercise" is a three page mini-case analyzing Lockheed's decision to invest in the TriStar L-1011 Airbus project. This drives home the importance of discounting and NPV, and shows the adverse effect of a negative NPV project on shareholder value.
Investment Analysis for Real Estate Decisions (7th edition)
by Phillip T. Kolbe Gaylon E. GreerThe three most important things in real estate are still location, location, location, but the industry is going through many transformations.
Investment and Competitiveness in Africa
by Diery SeckThe book provides a detailed analysis of the nature and determinants of finance and trade and their relationship with Africa's competitiveness. Investment is examined in its various forms (financial vs. physical), and sources (private, public, domestic and FDI), as well as its relation to the size of domestic markets and export potential. The dimensions of trade related to financial development, trade costs, development of value chains and regional integration are also studied. The capacity of finance and investment to boost Africa's competitiveness is assessed to inform continent-wide economic policy.
Investment and Employment Opportunities in China (Systems Evaluation, Prediction, and Decision-Making #9)
by Jeffrey Yi-Lin Forrest Tao LixinPresenting the most recent statistical data, Investment and Employment Opportunities in China provides first-of-its-kind coverage of the regional economic, industrial, investment, and employment structures in China. After establishing the theoretical foundation, the rest of the book utilizes the model and the methodology presented by the authors to
Investment and Growth Dynamics: An Empirical Assessment Applied to Benin
by Issouf SamakeA report from the International Monetary Fund.
Investment and Interventions to Improve the Quality of Education Systems (China Perspectives)
by Jin Chi Eduardo Velez BustilloQuality improvement is a major current goal of Education in China and this will be achieved through overall quality improvement of the education system as a whole, a situation that is also the case across the world. Deploying a cost-benefit analysis and multidisciplinary perspectives from education, economics, neurocognition, gender studies, child development, and international development, this book presents a range of critical interventions in education development and investment that have proven to be effective in many countries around the world. The book draws on theoretical and practical experience in the field of education investment and analyses key issues in China's early childhood education, early reading, girls' education, brain science application in international education, small-scale schools in low income areas and teacher education. Students and scholars of education and development and Chinese education will benefit from this title.
Investment and Portfolio Management: A Practical Introduction
by Ian Pagdin Michelle HardyFor students of finance at both undergraduate and postgraduate level, or those preparing for professional examinations, Investment and Portfolio Management develops knowledge and understanding of the key financial products, investment strategies and risks in financial markets in the UK and internationally. With an emphasis on practice, Investment and Portfolio Management presents the theory and its relevance and application in the financial workplace. The authors draw on their experience working in the financial sector to illustrate concepts with case studies, examples and problems, including material relevant to candidates studying for professional examinations offered by the major professional bodies in the subject area (Charted Institute of Investment, CII & Chartered Institute of Securities and Investment, CISI). Each chapter is written in an easy-to-follow style, allowing readers to navigate their way through different topics without issue, avoiding complicated technical jargon, in favour of simpler terms and writing style. To meet the criteria for those studying for academic and professional courses, links are provided to more in-depth material and in-chapter features to encourage self-directional learning. Online supporting resources for this book include lecture slides and figures from the book.
The Investment Answer: Learn to Manage Your Money & Protect Your Financial Future
by Daniel C. Goldie Gordon S. MurrayThe good news is that people today expect to live longer, healthier lives. The bad news is that many of us will not have enough money to retire comfortably. The solution to this problem is wise investment of the wealth we accumulate during our working lives, but the unfortunate truth is that when it comes to investment, many of us don't know where to start. Daniel Goldie and Gordon Murray aim to change the way we think about investing and influence the way we select financial advisors, invest our money and assess the results. In THE INVESTMENT ANSWER they provide readers with the necessary background to make the five key decisions that have a significant impact on the overall investment experience so that they will never again be afraid of financial markets or uncertain about what to do with their money.
The Investment Answer: Learn to manage your money and protect your financial future
by Gordon Murray Daniel GoldieThe good news is that people today expect to live longer, healthier lives. The bad news is that many of us will not have enough money to retire comfortably. The solution to this problem is wise investment of the wealth we accumulate during our working lives, but the unfortunate truth is that when it comes to investment, many of us don't know where to start.Daniel Goldie and Gordon Murray aim to change the way we think about investing and influence the way we select financial advisors, invest our money and assess the results.In THE INVESTMENT ANSWER they provide readers with the necessary background to make the five key decisions that have a significant impact on the overall investment experience so that they will never again be afraid of financial markets or uncertain about what to do with their money.
Investment Appraisal
by Uwe Götze Deryl Northcott Peter SchusterThis book provides an introduction to investment appraisal and presents a range of methods and models, some of which are not widely known, or at least not well covered by other textbooks. Each approach is thoroughly described, evaluated and illustrated using examples, with its assumptions and limitations analyzed in terms of their implications for investment decision-making practice. Investment decisions are of vital importance to all companies. Getting these decisions right is crucial but, due to a complex and dynamic business environment, this remains a challenging management task. Effective appraisal methods are valuable tools in supporting investment decision-making. As organisations continue to seek a competitive edge, it is increasingly important that management accountants and strategic decision-makers have a sound knowledge of these tools.
Investment Banking
by Giuliano IannottaThe recent financial turmoil has raised suspects on investment banks and will certainly reshape the industry. However, the transactions traditionally managed by investment banks will still require the intervention of financial institutions, as always in the past. This book aims at providing an overview of these traditional investment banking activities. It covers the main areas of investment banking: security underwriting (equity and debt), syndicated loans, market for corporate control (M&As, LBOs, etc.), restructuring. There is an impressive amount of research papers on the different areas of investment banking. While this growing literature provides a conceptual framework, it has little to say on "how to do things". The aim of the book is to blend the scholars' and practitioners' views: every transaction is examined from both perspectives. Even when deeper attention is given to research, it is done with the simple and effective language of business.
Investment Banking
by Joshua Pearl Joseph R. Perella Joshua RosenbaumIn 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 has been able to take the time to properly codify the lifeblood of the corporate financier's work--namely, valuation. Rosenbaum and Pearl have responded to this need by writing the book that they wish had existed when they were trying to break into Wall Street. Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions is a highly accessible and authoritative book that focuses on the primary valuation methodologies currently used on Wall Street--comparable companies, precedent transactions, DCF, and LBO analysis. These methodologies are used to determine valuation for public and private companies within the context of M&A transactions, LBOs, IPOs, restructurings, and investment decisions. 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. They also provide a comprehensive overview of the fundamentals of LBOs and an organized M&A sale process. In the aftermath of the subprime mortgage crisis and ensuing credit crunch, the world of finance is returning to the fundamentals of valuation and critical due diligence. This involves the use of more realistic assumptions governing approach to risk as well as a wide range of value drivers. While valuation has always involved a great deal of "art" in addition to time-tested "science," the artistry is perpetually evolving in accordance with market developments and conditions. In this sense, this book is particularly topical--in addition to detailing the technical fundamentals behind valuation, the authors infuse practical judgment skills and perspective to help guide the science.
Investment Banking: Valuation, LBOs, M&A, and IPOs (Book + Valuation Models) (Wiley Finance)
by Joshua Pearl Joshua RosenbaumAn essential, all-in-one guide to investment banking and valuation, complete with downloadable models – this new edition reflects valuable contributions from Nasdaq and the global law firm Latham & Watkins LLP plus access to the online valuation models and course. The thoroughly revised Third Edition of Investment Banking: Valuation, LBOs, M&A, and IPOs (Book + Valuation Models) delivers the most current discussion of valuation and deal-making fundamentals essential to the work of investment bankers, private equity professionals, hedge fund investors, corporate lawyers, executives, and students. Drawing on over four decades of combined experience in investment banking and investing, authors Joshua Rosenbaum and Joshua Pearl explain 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. Now, over 10 years after the release of the first edition, the book is more relevant and topical than ever. The book has sold over 250,000 copies and is used in over 200 universities globally. It 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. 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, turning the latest edition into a unique and comprehensive training package. The Third Edition includes six downloadable valuation model templates: Comparable Companies Analysis, Precedent Transactions Analysis, Discounted Cash Flow Analysis, Leveraged Buyout Analysis, M&A Analysis, and IPO Valuation, available at www.wiley.com/go/investmentbanking3e.
Investment Banking
by Joshua Pearl Joshua RosenbaumInvestment Banking, UNIVERSITY EDITION is a highly accessible and authoritative book written by investment bankers that explains how to perform the valuation work at the core of the financial world. This body of work builds on Rosenbaum and Pearl's combined 30+ years of experience on a multitude of transactions, as well as input received from numerous investment bankers, investment professionals at private equity firms and hedge funds, attorneys, corporate executives, peer authors, and university professors.This book fills a noticeable gap in contemporary finance literature, which tends to focus on theory rather than practical application. It focuses on the primary valuation methodologies currently used on Wall Street--comparable companies, precedent transactions, DCF, and LBO analysis--as well as M&A analysis. The ability to perform these methodologies is especially critical for those students aspiring to gain full-time positions at investment banks, private equity firms, or hedge funds. This is the book Rosenbaum and Pearl wish had existed when we were trying to break into Wall Street.Written to reflect today's dynamic market conditions, Investment Banking, UNIVERSITY EDITION skillfully: Introduces students to the primary valuation methodologies currently used on Wall StreetUses a step-by-step how-to approach for each methodology and builds a chronological knowledge baseDefines key terms, financial concepts, and processes throughoutProvides a comprehensive overview of the fundamentals of LBOs and an organized M&A sale processPresents new coverage of M&A buy-side analytical tools--which includes both qualitative aspects, such as buyer motivations and strategies, along with technical financial and valuation assessment toolsIncludes a comprehensive merger consequences analysis, including accretion/(dilution) and balance sheet effectsContains challenging end-of-chapter questions to reinforce concepts covered A perfect guide for those seeking to learn the fundamentals of valuation, M&A , and corporate finance used in investment banking and professional investing, this UNIVERSITY EDITION--which includes an instructor's companion site--is an essential asset. It provides students with an invaluable education as well as a much-needed edge for gaining entry to the ultra-competitive world of professional finance.
Investment Banking: Valuation, LBOs, M&A, and IPOs (Wiley Finance)
by Joshua Rosenbaum Joshua PearlA 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.
Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions (Wiley Finance)
by Joshua Rosenbaum Joshua PearlThe No. 1 guide to investment banking and valuation methods, including online tools In the constantly evolving world of finance, a solid technical foundation is an essential tool for success. Until the welcomed arrival of authors Josh Rosenbaum and Josh Pearl, no one had taken the time to properly codify the lifeblood of the corporate financier's work-namely, valuation, through all of the essential lenses of an investment banker. With the release of Investment Banking, Second Edition: Valuation, Leveraged Buyouts, and Mergers & Acquisitions, Rosenbaum and Pearl once again have written the definitive book that they wish had existed when they were trying to break into Wall Street. The Second Edition includes both the technical valuation fundamentals as well as practical judgment skills and perspective to help guide the science. This book focuses on the primary valuation methodologies currently used on Wall Street: comparable companies analysis, precedent transactions analysis, discounted cash flow analysis, and leveraged buyout analysis. With the new fully revised edition, they have added the most comprehensive, rigorous set of intuition-building and problem-solving ancillaries anywhere all of which promised to become essential, knowledge enhancing tools for professionals, and professors and students. For those who purchase this edition of the book, there are options to purchase the Valuation Models separately (9781118586167), and to also consider purchase of the Investing Banking Workbook (9781118456118) and Investment Banking Focus Notes (9781118586082) for further self-study.
Investment Banking: Valuation, LBOs, M&A, and IPOs (Wiley Finance)
by Joshua Rosenbaum Joshua PearlInvestment Banking Praise for Investment Banking, UNIVERSITY EDITION “This book will surely become an indispensable guide to the art of buyout and M&A valuation, for the experienced investment practitioner as well as for the non-professional seeking to learn the mysteries of valuation.” —David M. Rubenstein, Co-Founder and Co-Executive Chairman, The Carlyle Group Host, The David Rubenstein Show: Peer to Peer Conversations “The two Joshes present corporate finance in a broad, yet detailed framework for understanding valuation, balance sheets, and business combinations. As such, their book is an essential resource for understanding complex businesses and capital structures whether you are on the buy-side or sell-side.” —Mitchell R. Julis, Co-Chairman and Co-CEO, Canyon Partners, LLC “Investment Banking provides a highly practical and relevant guide to the valuation analysis at the core of investment banking, private equity, and corporate finance. Mastery of these essential skills is fundamental for any role in transaction-related finance. This book will become a fixture on every finance professional’s bookshelf.” —Thomas H. Lee, President, Lee Equity Partners, LLC Founder, Thomas H. Lee Capital Management, LLC “As a pioneer in public equities, Nasdaq is excited to be partnering with Rosenbaum and Pearl on Investment Banking as they break new ground on content related to IPOs, direct listings, and SPACs. We recommend the book for any shareholder and senior executive looking to take a company public, as well as their bankers and lawyers.” —Adena Friedman, President and CEO, Nasdaq “Investment Banking requires a skill set that combines both art and science. While numerous textbooks provide students with the core principles of financial economics, the rich institutional considerations that are essential on Wall Street are not well documented. This book represents an important step in filling this gap.” —Josh Lerner, Jacob H. Schiff Professor of Investment Banking, Harvard Business School Co-author, Venture Capital and Private Equity: A Casebook “Valuation is the key to any transaction. Investment Banking provides specific step-by-step valuation procedures for LBO and M&A transactions, with lots of diagrams and numerical examples.” —Roger G. Ibbotson, Professor in the Practice of Finance, Yale School of Management Chairman and CIO, Zebra Capital Management, LLC Founder, Ibbotson Associates “Investment Banking provides fresh insight and perspective to valuation analysis, the basis for every great trade and winning deal on Wall Street. The book is written from the perspective of practitioners, setting it apart from other texts.” —Gregory Zuckerman, Special Writer, The Wall Street Journal Author, The Greatest Trade Ever, The Frackers, and The Man Who Solved the Market Also available from the authors: Investment Banking WORKBOOK Investment Banking FOCUS NOTES Investment Banking ONLINE COURSE www.efficientlearning.com/investment-banking
Investment Banking at Thomas Weisel Partners
by Lauren Barley Malcolm P. BakerThomas Weisel Partners (TWP), a San Francisco-based bank focusing on emerging growth companies, is considering its strategy in the context of regulatory, competitive, and legal changes. Blake Jorgensen, the chief operating officer and co-director of investment banking, must decide how best to serve TWP's clients given the Global Research Analyst Settlement, Regulation Fair Disclosure, changes in "soft dollar" commissions, decimalization, and Sarbanes-Oxley.
Investment Banking Focus Notes: Focus Notes (Wiley Finance)
by Joshua Rosenbaum Joshua PearlInvestment Banking FOCUS NOTES provides a comprehensive, yet streamlined, review of the basic skills and concepts discussed in Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions, Second Edition. The focus notes are designed for use both as a companion to the book, as well as on a standalone basis. Investment Banking focuses on the primary valuation methodologies currently used on Wall Street—namely, comparable companies analysis, precedent transactions analysis, DCF analysis, and LBO analysis—as well as detailed M&A analysis from both a sell-side and buy-side perspective. Our focus notes seek to help solidify knowledge of these core financial topics as true mastery must be tested, honed, and retested over time.
Investment Banking For Dummies
by Matthew Krantz Robert R. JohnsonGet 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 For Dummies
by Matthew Krantz Robert R. JohnsonGet 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 For Dummies
by Matthew Krantz Robert R. JohnsonEnrich your career with a review of investment banking basicsOne 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. Written by experts in stock market proceedings, this book runs parallel to an introductory course in investment banking. It clearly outlines strategies for risk management, key investment banking operations, the latest information on competition and government regulations, and relationships between leveraged buyout funds, hedge funds, and corporate and institutional clients. With this reference, you can ace investment banking courses and grasp the radical changes that have revamped the stock market since the financial crisis.Thoroughly addresses the dramatic financial changes that have occurred in recent yearsOutlines expectations to prepare you for the futureTeaches the practical aspects of finance and investment banking, how to value a company, and how to construct a financial modelNo serious business student or banking professional should be without the basic knowledge of issuing bonds, stocks, and other financial products outlined in this excellent resource.