TY  - GEN
AB  - 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?
AU  - McCauley, Robert N.
AU  - Rudd, Judith S.
AU  - Iacono, Frank.
CN  - MIT Press
CN  - HD2746.55.U5.M35 1999eb
CY  - Cambridge :
DA  - 2015.
ID  - 401882
KW  - Leveraged buyouts
KW  - Consolidation and merger of corporations
KW  - Corporations
KW  - ECONOMICS/Finance
LK  - https://univsouthin.idm.oclc.org/login?url=https://doi.org/10.7551/mitpress/2476.001.0001
LK  - http://www.oclc.org/content/dam/oclc/forms/terms/vbrl-201703.pdf
N2  - 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?
PB  - MIT Press,
PP  - Cambridge :
PY  - 2015.
SN  - 9780262279383
SN  - 026227938X
T1  - Dodging Bullets :Changing U.S. Corporate Capital Structure in the 1980s and 1990s.
TI  - Dodging Bullets :Changing U.S. Corporate Capital Structure in the 1980s and 1990s.
UR  - https://univsouthin.idm.oclc.org/login?url=https://doi.org/10.7551/mitpress/2476.001.0001
UR  - http://www.oclc.org/content/dam/oclc/forms/terms/vbrl-201703.pdf
ER  -