Robert F. Bruner

An authoritative "biography" of one of history's great financial crises with enduring lessons about contemporary finance In this newly-revised second edition, offering 50% entirely new material, The Panic of 1907: Heralding a New Era of Finance, Capitalism, and Democracy, delivers a groundbreaking examination of one of the most consequential crises in financial history. Deftly weaving historical evidence, insightful analysis, and compelling narrative, The Panic of 1907 explains how and why a financial panic unfolds, with lessons that can be applied to our understanding of present-day financial and monetary systems. In the book, you'll find: The reasons why, despite today's stronger monetary regime and risk-mitigation tools, our modern institutions are not immune to future crisesExplanations about the development of the United States' Federal Reserve System, which was created in 1913 in direct response to the Panic of 1907An engaging and entertaining account of an innately fascinating period in financial and economic history, with remarkable leaders and a gallery of rogues An indispensable tale that belongs on the shelves of anyone with an interest in American or financial history, The Panic of 1907 is an expert retelling of one of the most important, but least well-known crises of the last 200 years.

University Edition

A detailed look at the worst M&A deals ever and the lessons learned from them It's common knowledge that about half of all merger and acquisition (M&A) transactions destroy value for the buyer's shareholders, and about three-quarters fall short of the expectations prevailing at the time the deal is announced. In Deals from Hell, Robert Bruner, one of the foremost thinkers and educators in this field, uncovers the real reasons for these mishaps by taking a closer look at twelve specific instances of M&A failure. Through these real-world examples, he shows readers what went wrong and why, and converts these examples into cautionary tales for executives who need to know how they can successfully navigate their own M&A deals. These page-turning business narratives in M&A failure provide much-needed guidance in this area of business. By addressing the key factors to M&A success and failure, this comprehensive guide illustrates the best ways to analyze, design, and implement M&A deals. Filled with in-depth insights, expert advice, and valuable lessons gleaned from other M&A transactions, Deals from Hell helps readers avoid the common pitfalls associated with this field and presents them with a clear framework for thinking about how to make any M&A transaction a success.

"A well written and comprehensive journey into M&A...an essential reference for any M&A practitioner...this isn’t just a book about great thoughts and process, but rather how to turn insight into deals, and deals into lasting value." –From the Foreword by Joseph R. Perella Chairman, Institutional Securities and Investment Banking Group, Morgan Stanley "Bob Bruner’s Applied Mergers and Acquisitions is a masterful and comprehensive treatment of the topic of M&A. The book is remarkably complete, discussing economic valuation, legal considerations, deal structure, ethics, accounting, post-merger integration–and more. It blends material from practice and from academia in an easy-to-read style, making it a must-read, and want-to-read, for anyone interested in this subject." –Peter Tufano Sylvan C. Coleman Professor of Financial Management, Harvard Business School "Preeminent scholar Robert Bruner has combined the best insights from theory with proven lessons from industry to produce the definitive resource on mergers and acquisitions. Bruner’s renowned teaching skills and keen intellect are evident throughout, rendering a must-read for finance students, investors, and corporate executives into a remarkably enjoyable read." –Mark Kritzman Managing Partner, Windham Capital Management Boston and Research Director, The Research Foundation of the Association for Investment Management and Research (AIMR) "How many books really succeed in teaching M&A practitioners to distinguish among deals that should be avoided, deals that are promising but can’t be executed by the teams involved, and deals where significant value can be achieved? We should start the count with Bruner’s Applied Mergers and Acquisitions. Bruner is the ultimate teacher for practitioners who want to improve performance." –Edward A. Snyder Dean and George Pratt Shultz Professor of Economics University of Chicago Graduate School of Business "Bob Bruner has achieved the impossible: covering in one book all relevant economic, financial, accounting, legal, and tax aspects of mergers and acquisitions and illustrating each concept with case studies. Impressive!" –Theo Vermaelen Professor of Finance, INSEAD "Bob Bruner’s book combines the best of academic thinking and business practice on one of the most fascinating and challenging topics in all of business. The area of mergers and acquisitions stretches executives and scholars to consider the whole realm of management practice–from strategy, to finance, to law, to negotiations, to integration planning, to human behavior." –Robert S. Harris Dean, Darden Graduate School of Business Administration, University of Virginia

"A well written and comprehensive journey into M&A...an essential reference for any M&A practitioner...this isn’t just a book about great thoughts and process, but rather how to turn insight into deals, and deals into lasting value." –From the Foreword by Joseph R. Perella Chairman, Institutional Securities and Investment Banking Group, Morgan Stanley "Bob Bruner’s Applied Mergers and Acquisitions is a masterful and comprehensive treatment of the topic of M&A. The book is remarkably complete, discussing economic valuation, legal considerations, deal structure, ethics, accounting, post-merger integration–and more. It blends material from practice and from academia in an easy-to-read style, making it a must-read, and want-to-read, for anyone interested in this subject." –Peter Tufano Sylvan C. Coleman Professor of Financial Management, Harvard Business School "How many books really succeed in teaching M&A practitioners to distinguish among deals that should be avoided, deals that are promising but can’t be executed by the teams involved, and deals where significant value can be achieved? We should start the count with Bruner’s Applied Mergers and Acquisitions. Bruner is the ultimate teacher for practitioners who want to improve performance." –Edward A. Snyder Dean and George Pratt Shultz Professor of Economics, University of Chicago Graduate School of Business "Bob Bruner has achieved the impossible: covering in one book all relevant economic, financial, accounting, legal, and tax aspects of mergers and acquisitions and illustrating each concept with case studies. Impressive!" –Theo Vermaelen Professor of Finance, INSEAD "Bob Bruner’s book combines the best of academic thinking and business practice on one of the most fascinating and challenging topics in all of business. The area of mergers and acquisitions stretches executives and scholars to consider the whole realm of management practice–from strategy, to finance, to law, to negotiations, to integration planning, to human behavior." –Robert S. Harris Dean, Darden Graduate School of Business Administration, University of Virginia

Mergers and acquisitions is no easy path to riches or career advancement, but with the Applied Mergers and Acquisitions Workbook you can hone your skills and test your knowledge, so you can hit the ground running in this complex area of business. The Applied Mergers and Acquisitions Workbook provides a useful self-training study guide for those who want to fully understand what drives M&A success and failure. Useful review questions as well as problems and answers are provided for both professionals and students. By using this comprehensive self-study Workbook in conjunction with the core book, Applied Mergers and Acquisitions, you can further your knowledge of this complex field, build practical intuition, and learn the art and science of mergers and acquisitions. Techniques explored include valuation of synergies, valuation of options, option-like assets, and risk management terms. The Applied Mergers and Acquisitions Workbook also: *Presents real-world M&A problems with actual solutions *Includes in-depth questions to test your M&A knowledge *Offers a self-study course to review M&A decision-making tradeoffs, while discussing all the driving forces of M&A success The Applied Mergers and Acquisitions Workbook reviews the tools, concepts, and processes essential to M&A success, and will help you to understand and succeed in a highly competetive business environment.