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Dodging bullets : changing U.S. corporate capital structure in the 1980s and 1990s /

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 cor...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: McCauley, Robert N. (Robert Neil), 1953-
Otros Autores: Ruud, Judith S., Iacono, Frank
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Cambridge Mass. : MIT Press, ©1999.
Temas:
Acceso en línea:Texto completo

MARC

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100 1 |a McCauley, Robert N.  |q (Robert Neil),  |d 1953-  |1 https://id.oclc.org/worldcat/entity/E39PCjHFxPKKdGTtVbRhHxr7BP 
245 1 0 |a Dodging bullets :  |b changing U.S. corporate capital structure in the 1980s and 1990s /  |c Robert N. McCauley, Judith S. Ruud, and Frank Iacono. 
260 |a Cambridge Mass. :  |b MIT Press,  |c ©1999. 
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504 |a Includes bibliographical references (pages 349-392) and index. 
520 8 |a 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? 
588 0 |a Print version record. 
505 0 |a Dodging Bullets -- Contents -- About the Authors -- Preface -- Acknowledgments -- Introduction -- The End of the 1980s -- Why the 1980s Stopped: Leveraging as a Mania -- Why the 1980s Stopped: Did Judges, Lawmakers, and Regulators Kill the Leveraging Business? -- RJR-Nabisco: A Case Study -- The 1990s -- The Legacy of Debt and Corporate Refinancing in the 1990s -- Relieving the Burden of Interest on Cash Flow -- The Equity Infusion Reverse LBOs -- Cheap Equity Capital for Young Firms -- Mergers and Acquisitions in the 1990s -- Lessons 
505 8 |a Policy and Asset InflationConclusion -- Notes -- Index 
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650 0 |a Consolidation and merger of corporations  |z United States  |x History  |y 20th century. 
650 0 |a Corporations  |z United States  |x Finance  |x History  |y 20th century. 
650 6 |a Entreprises  |x Rachat avec effet de levier  |z États-Unis  |x Histoire  |y 20e siècle. 
650 6 |a Entreprises  |x Fusion  |z États-Unis  |x Histoire  |y 20e siècle. 
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700 1 |a Iacono, Frank. 
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