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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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Cambridge Mass. :
MIT Press,
©1999.
|
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | 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? |
| Beschreibung: | 1 online resource (x, 415 pages) : illustrations |
| Bibliographie: | Includes bibliographical references (pages 349-392) and index. |
| ISBN: | 058517623X 9780585176239 9780262133517 0262133512 |
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| 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. | ||
| 300 | |a 1 online resource (x, 415 pages) : |b illustrations | ||
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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 | |
| 650 | 0 | |a Leveraged buyouts |z United States |x History |y 20th century. | |
| 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. | |
| 650 | 7 | |a BUSINESS & ECONOMICS |x Industries |x General. |2 bisacsh | |
| 650 | 7 | |a Consolidation and merger of corporations |2 fast | |
| 650 | 7 | |a Corporations |x Finance |2 fast | |
| 650 | 7 | |a Leveraged buyouts |2 fast | |
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| 655 | 7 | |a History |2 fast | |
| 700 | 1 | |a Ruud, Judith S. |0 http://id.loc.gov/authorities/names/no96031293 | |
| 700 | 1 | |a Iacono, Frank. |0 http://id.loc.gov/authorities/names/n99040007 | |
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| author | McCauley, Robert N. (Robert Neil), 1953- |
| author2 | Ruud, Judith S. Iacono, Frank |
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| author_GND | http://id.loc.gov/authorities/names/nb2002054407 http://id.loc.gov/authorities/names/no96031293 http://id.loc.gov/authorities/names/n99040007 |
| author_facet | McCauley, Robert N. (Robert Neil), 1953- Ruud, Judith S. Iacono, Frank |
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| contents | 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 Policy and Asset InflationConclusion -- Notes -- Index |
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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. 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| genre | History fast |
| genre_facet | History |
| geographic | United States fast https://id.oclc.org/worldcat/entity/E39PBJtxgQXMWqmjMjjwXRHgrq |
| geographic_facet | United States |
| id | ZDB-4-EBA-ocm44963358 |
| illustrated | Illustrated |
| indexdate | 2024-11-27T13:15:06Z |
| institution | BVB |
| isbn | 058517623X 9780585176239 9780262133517 0262133512 |
| language | English |
| oclc_num | 44963358 |
| open_access_boolean | |
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| owner_facet | MAIN DE-863 DE-BY-FWS |
| physical | 1 online resource (x, 415 pages) : illustrations |
| psigel | ZDB-4-EBA |
| publishDate | 1999 |
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| publisher | MIT Press, |
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| spelling | McCauley, Robert N. (Robert Neil), 1953- https://id.oclc.org/worldcat/entity/E39PCjHFxPKKdGTtVbRhHxr7BP http://id.loc.gov/authorities/names/nb2002054407 Dodging bullets : changing U.S. corporate capital structure in the 1980s and 1990s / Robert N. McCauley, Judith S. Ruud, and Frank Iacono. Cambridge Mass. : MIT Press, ©1999. 1 online resource (x, 415 pages) : illustrations text txt rdacontent computer c rdamedia online resource cr rdacarrier polychrome. rdacc http://rdaregistry.info/termList/RDAColourContent/1003 text file Includes bibliographical references (pages 349-392) and index. 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? Print version record. 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 Policy and Asset InflationConclusion -- Notes -- Index Leveraged buyouts United States History 20th century. Consolidation and merger of corporations United States History 20th century. Corporations United States Finance History 20th century. Entreprises Rachat avec effet de levier États-Unis Histoire 20e siècle. Entreprises Fusion États-Unis Histoire 20e siècle. BUSINESS & ECONOMICS Industries General. bisacsh Consolidation and merger of corporations fast Corporations Finance fast Leveraged buyouts fast United States fast https://id.oclc.org/worldcat/entity/E39PBJtxgQXMWqmjMjjwXRHgrq 1900-1999 fast History fast Ruud, Judith S. http://id.loc.gov/authorities/names/no96031293 Iacono, Frank. http://id.loc.gov/authorities/names/n99040007 has work: Dodging bullets (Text) https://id.oclc.org/worldcat/entity/E39PCGc8XMVRRBGKHdQQYtcRYX https://id.oclc.org/worldcat/ontology/hasWork Print version: McCauley, Robert N. Dodging bullets. Cambridge Mass. : MIT Press, ©1999 0262133512 (DLC) 99032604 (OCoLC)40981120 FWS01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=19109 Volltext |
| spellingShingle | McCauley, Robert N. (Robert Neil), 1953- Dodging bullets : changing U.S. corporate capital structure in the 1980s and 1990s / 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 Policy and Asset InflationConclusion -- Notes -- Index Leveraged buyouts United States History 20th century. Consolidation and merger of corporations United States History 20th century. Corporations United States Finance History 20th century. Entreprises Rachat avec effet de levier États-Unis Histoire 20e siècle. Entreprises Fusion États-Unis Histoire 20e siècle. BUSINESS & ECONOMICS Industries General. bisacsh Consolidation and merger of corporations fast Corporations Finance fast Leveraged buyouts fast |
| title | Dodging bullets : changing U.S. corporate capital structure in the 1980s and 1990s / |
| title_auth | Dodging bullets : changing U.S. corporate capital structure in the 1980s and 1990s / |
| title_exact_search | Dodging bullets : changing U.S. corporate capital structure in the 1980s and 1990s / |
| title_full | Dodging bullets : changing U.S. corporate capital structure in the 1980s and 1990s / Robert N. McCauley, Judith S. Ruud, and Frank Iacono. |
| title_fullStr | Dodging bullets : changing U.S. corporate capital structure in the 1980s and 1990s / Robert N. McCauley, Judith S. Ruud, and Frank Iacono. |
| title_full_unstemmed | Dodging bullets : changing U.S. corporate capital structure in the 1980s and 1990s / Robert N. McCauley, Judith S. Ruud, and Frank Iacono. |
| title_short | Dodging bullets : |
| title_sort | dodging bullets changing u s corporate capital structure in the 1980s and 1990s |
| title_sub | changing U.S. corporate capital structure in the 1980s and 1990s / |
| topic | Leveraged buyouts United States History 20th century. Consolidation and merger of corporations United States History 20th century. Corporations United States Finance History 20th century. Entreprises Rachat avec effet de levier États-Unis Histoire 20e siècle. Entreprises Fusion États-Unis Histoire 20e siècle. BUSINESS & ECONOMICS Industries General. bisacsh Consolidation and merger of corporations fast Corporations Finance fast Leveraged buyouts fast |
| topic_facet | Leveraged buyouts United States History 20th century. Consolidation and merger of corporations United States History 20th century. Corporations United States Finance History 20th century. Entreprises Rachat avec effet de levier États-Unis Histoire 20e siècle. Entreprises Fusion États-Unis Histoire 20e siècle. BUSINESS & ECONOMICS Industries General. Consolidation and merger of corporations Corporations Finance Leveraged buyouts United States History |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=19109 |
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