@article{401882,
      recid = {401882},
      author = {McCauley, Robert N. and Rudd, Judith S. and Iacono,  Frank.},
      title = {Dodging Bullets : Changing U.S. Corporate Capital  Structure in the 1980s and 1990s.},
      publisher = {MIT Press,},
      address = {Cambridge :},
      pages = {1 online resource (417 pages)},
      year = {2015},
      abstract = {An entertaining summary of the broad reshaping of U.S.  corporate finance in the last decade and a half.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?},
      url = {http://library.usi.edu/record/401882},
}