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内容紹介
A comprehensive guide to the world of mergers and acquisitions
Why do so many M&A transactions fail? And what drives the success of those deals that are consummated? Robert Bruner explains that M&A can be understood as a response by managers to forces of turbulence in their environment. Despite the material failure rates of mergers and acquisitions, those pulling the trigger on key strategic decisions can make them work if they spend great care and rigor in the development of their M&A deals. By addressing the key factors of M&A success and failure, Applied Mergers and Acquisitions can help readers do this. Written by one of the foremost thinkers and educators in the field, this invaluable resource teaches readers the art and science of M&A valuation, deal negotiation, and bargaining, and provides a framework for considering tradeoffs in an effort to optimize the value of any M&A deal. Applied Mergers and Acquisitions is part of a complete suite of resources on M&A that includes a workbook and a CD-ROM with additional spreadsheets.
著者について
ROBERT F. BRUNER is the Distinguished Professor of Business Administration at the Darden School of the University of Virginia and Executive Director of the Batten Institute. He directs the Darden School’s executive education course on mergers and acquisitions, and teaches the popular MBA elective on that topic. He is the author of over 250 case studies and a casebook, Case Studies in Finance: Managing for Corporate Value Creation, which has been adopted for use at over 200 schools. Bruner’s articles have been published in the Journal of Financial Economics, the Journal of Accounting and Economics, the Journal of Financial and Quantitative Analysis, the Journal of Money, Credit, and Banking, and Financial Management. He has served as a consultant to over twenty corporations as well as to the U.S. Government, and prior to his academic career, worked as a commercial banker and venture capitalist. Bruner holds a BA from Yale University, and an MBA and DBA from Harvard University.
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カスタマーレビュー
Amazon.com で最も参考になったカスタマーレビュー (beta)
Amazon.com:
5つ星のうち 4.6
18件のカスタマーレビュー
84 人中、83人の方が、｢このレビューが参考になった｣と投票しています。
5つ星のうち 5.0
The Best of Breed
2005/12/2
By Ganesh V Jois
- (Amazon.com)
形式:ハードカバー
This book is by far the best on M&A. To understand what makes this book the best, it is necessary to understand what a comprehensive book on M&A should have and how other books on the market stack up on required content:
1) A discussion of the legal framework in M&A
2) The Strategic case for M&A - Why M&A as opposed to Organic growth strategies
3) The importance of Due Diligence - Why, What, How
4) Synergies - Types, estimation
5) Valuation for M&A - DCF, Multiples, Break-up, LBO, etc.
6) Accounting (Investor Perception) issues - Accretion, Dilution
7) Structuring the Transaction - Cash vs. Stock, Earnouts, Taxation issues
8) Pitfalls and how to avoid them - Overpayment, Thinking like an investor, etc.
This is the only one on the market that does justice to all topics. Other books on the market have an exclusive focus on one or two issues. For instance, Arzac's book is the most comprehensive valuation guide available but is weak on issues like due diligence. Gaughan's book has all the legal procedures and forms that one would need to know about but is has next to nothing on valuation. Marren's book is outdated and full of spreadsheets with almost next to nothing on other topics. DePamphilis' book is weak on valuation but covers many of the other topics. Books by Reed & Lajoux cover Structuring, Taxation, Due Diligence in separate volumes and in that sense they are discontinuous.
This book puts all topics together and provides a very good treatment of each. The book may not be the best for Valuation alone or for Structuring alone but it is a great one-point reference on all topics. It has very good bibliography and those who want to delve deeper can always pick up the specialized books.
For some reason, however, I never got the CD with my purchase and therefore, please check before you buy.
1) A discussion of the legal framework in M&A
2) The Strategic case for M&A - Why M&A as opposed to Organic growth strategies
3) The importance of Due Diligence - Why, What, How
4) Synergies - Types, estimation
5) Valuation for M&A - DCF, Multiples, Break-up, LBO, etc.
6) Accounting (Investor Perception) issues - Accretion, Dilution
7) Structuring the Transaction - Cash vs. Stock, Earnouts, Taxation issues
8) Pitfalls and how to avoid them - Overpayment, Thinking like an investor, etc.
This is the only one on the market that does justice to all topics. Other books on the market have an exclusive focus on one or two issues. For instance, Arzac's book is the most comprehensive valuation guide available but is weak on issues like due diligence. Gaughan's book has all the legal procedures and forms that one would need to know about but is has next to nothing on valuation. Marren's book is outdated and full of spreadsheets with almost next to nothing on other topics. DePamphilis' book is weak on valuation but covers many of the other topics. Books by Reed & Lajoux cover Structuring, Taxation, Due Diligence in separate volumes and in that sense they are discontinuous.
This book puts all topics together and provides a very good treatment of each. The book may not be the best for Valuation alone or for Structuring alone but it is a great one-point reference on all topics. It has very good bibliography and those who want to delve deeper can always pick up the specialized books.
For some reason, however, I never got the CD with my purchase and therefore, please check before you buy.
32 人中、27人の方が、｢このレビューが参考になった｣と投票しています。
5つ星のうち 3.0
Good for the money
2005/11/14
By Dr. Robert Adams
- (Amazon.com)
形式:ハードカバー
I found the book a good overview of M&A, but it was a bit on the theoretical side. While Bruner is generally a good writer, the 1000+ page tome can sometimes become a bit suffocating. Moreover, the book presumes a considerable knowledge of finance to really understand the content. Nonetheless, I think at $50 bucks, it is a good buy. Other books I have found highly readable on the subject include Mergers and Acquisitions by Depamphilis (3rd edition) and Arzac's Valuation (1st edition). Both of these books come with very helpful software.
17 人中、14人の方が、｢このレビューが参考になった｣と投票しています。
5つ星のうち 5.0
Nice Nice Book
2006/4/10
By Barrier Options
- (Amazon.com)
形式:ハードカバー
very nice overview on MnA. Good introduction and provides references for those who wanna dig into specific topics.
However, this is a general overview for a wide range of MnA topics, you will not gain a specific expertise from this book.
For me, the most useful way of learning a topic like MnA is by actually looking at spreadsheets and exhibits instead of reading bunge of writings. This book has many nice exhibits/tables to demonstrate the calculations, so after the reading, I can look at the exhibits/spreadsheets to see if I understand how the numbers are calculated.
this should be the first read, arzac should be followed up to gain a more solid background in valuation.
No comments on the CDROM, I didn't buy it.
However, this is a general overview for a wide range of MnA topics, you will not gain a specific expertise from this book.
For me, the most useful way of learning a topic like MnA is by actually looking at spreadsheets and exhibits instead of reading bunge of writings. This book has many nice exhibits/tables to demonstrate the calculations, so after the reading, I can look at the exhibits/spreadsheets to see if I understand how the numbers are calculated.
this should be the first read, arzac should be followed up to gain a more solid background in valuation.
No comments on the CDROM, I didn't buy it.
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5つ星のうち 4.6
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