| Description |
1 online resource (x, 415 pages) : illustrations |
| Physical Medium |
polychrome |
| Description |
text file |
| Bibliography |
Includes bibliographical references (pages 349-392) and index. |
| Summary |
Annotation The late 1980s saw a huge wave of corporate leveraging. The U.S. financial landscape was dominated by a series of high-stakes leveraged buyouts as firms replaced their equity with new fixed debt obligations. Cash-financed acquisitions and defensive share repurchases also decapitalized corporations. This trend culminated in the sensational debt-financed bidding for RJR-Nabisco, the largest leveraged buyout of all time, before dramatically reversing itself in the early 1990s with a rapid return to equity. This entertaining summary of the broad reshaping of U.S. corporate finance in the last decade and a half looks at three major issues: why corporations leveraged up in the first place, why and how the leverage wave came to an end, and what policy lessons are to be drawn. Using the Minsky-Kindleberger model as a framework, the authors interpret the rise and fall of leveraging as a financial market mania. In the course of chronicling the return to equity in the 1990s, they address a number of important corporate finance questions: How important was the return to equity in relieving corporations' debt burdens? How did the return to equity affect the ability of young high-tech firms to finance themselves without selling out to foreign firms? |
| Local Note |
eBooks on EBSCOhost EBSCO eBook Subscription Academic Collection - North America |
| Subject |
Leveraged buyouts -- United States -- History -- 20th century.
|
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Leveraged buyouts. |
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United States. |
|
History. |
| Chronological Term |
20th century |
| Subject |
Consolidation and merger of corporations -- United States -- History -- 20th century.
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Consolidation and merger of corporations. |
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Corporations -- United States -- Finance -- History -- 20th century.
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Corporations. |
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Finance. |
| Chronological Term |
1900 - 1999 |
| Genre/Form |
Electronic books.
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History.
|
| Added Author |
Ruud, Judith S.
|
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Iacono, Frank.
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| Other Form: |
Print version: McCauley, Robert N. Dodging bullets. Cambridge Mass. : MIT Press, ©1999 0262133512 (DLC) 99032604 (OCoLC)40981120 |
| ISBN |
058517623X (electronic book) |
|
9780585176239 (electronic book) |
|
9780262133517 (hc ; alkaline paper) |
|
0262133512 (hc ; alkaline paper) |
|
0262133512 (hc ; alkaline paper) |
|
