Private Equity: Transforming Public Stock Into Private Equity to Create Value

"Harold Bierman has blended an excellent mix of important principles with real case study examples for a better understanding on a rather sophisticated finance subject."
–Edward M. Dudley, Vice President & General Auditor, ABB Americas

"The role of private equity firms in financing buyouts as well as providing growth capital has expanded significantly in the past decade. In a clear, concise way, Harold Bierman provides a timely and astute analysis of the virtues of private equity as well as creative quantitative methodologies that are applicable to real-life transactions. This book should become essential reading for investors, intermediaries, financial advisors and the management of private, almost private, or soon-to-be private firms."
–James A. Rowan Jr., Managing Director, Investment Banking
Legg Mason Wood Walker, Inc.

"As the private equity asset class has grown to over $300 billion in the last three years, Bierman analyzes the fundamentals behind the investment decisions of this increasingly important sector. Once completing the book, you will understand the fundamental analytical framework underlying private equity investment."
–Peter Nolan, Partner, Leonard Green and Partners

"In looking at the private equity arena, Professor Bierman has brought together a diverse group of metrics and valuation formulas into a single text. The book provides a valuable combination of academic theory and real-life case studies. It provides many insights."
–Peter H. Vogel, Vice President, MeadWestvaco Corporation

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All Customer Reviews
Average Customer Review:
45 of 48 people found the following review helpful:

Unhelpful book on private equity, 2005-02-22
I bought this book hoping that it would, through a good mix of principles and case studies, help me understand the private equity industry betther. The book does not live up to these expectations.

First, it is written badly, and seems more a series of preliminary notes than a well thought out book. Discussions are short and often repetitive. The analytics are extremely simplistic and are essentially a regurgitation of elementary finance theory (things like valuing a company with a fixed dividend growth rate). There is very little in them that is specific to private equity.

The book gives the reader absolutely no sense of what makes private equity different from other forms of finance, or the history and prospects of the industry. A quick review of the bibliography suggests that most of what the author has to say is already outdated and irrelevant.

I haven't the heart to sells my (wothless) copy: I wouldn't want someone else to waste his or her time with it (let alone his/her money)! A much better book is Venture Capital & Private Equity by Lerner and Hardymon.

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