DODGING BULLETS by Robert N. McCauley, Frank Iacono, Judith S. Ruud ( 9780262133517 )

Item Details

Title:

DODGING BULLETS
CHANGING U.S. CORPORATE CAPITAL STRUCTURE IN THE 1980S AND 1990S

By:

Robert N. McCauley, Frank Iacono, Judith S. Ruud

Format:

Hardback

List price:

£7.99

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£5.99

Discount:

25% off

You save:

£2.00

ISBN 10:

0262133512

ISBN 13:

9780262133517

Availability:

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Publisher:

MIT PRESS LTD

Pub. date:

22 November, 1999

Series:

Dodging Bullets

Pages:

427

Description:

An entertaining summary of the broad reshaping of U.S. corporate finance in the last decade and a half.

Synopsis:

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?

Publication:

Imprint:

MIT Press

Returns:

Returnable

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