04005oam 2200637M 450 991077888830332120190503073427.00-262-26366-10-262-27938-X0-585-17623-X(CKB)111004366632114(EBL)3338427(SSID)ssj0000140573(PQKBManifestationID)11911793(PQKBTitleCode)TC0000140573(PQKBWorkID)10052774(PQKB)10378293(MiAaPQ)EBC3338427(OCoLC)923250945(OCoLC-P)923250945(MaCbMITP)2476(Au-PeEL)EBL3338427(CaPaEBR)ebr2001018(EXLCZ)9911100436663211420151010d2015 uy 0engurcn|||||||||txtccrDodging Bullets Changing U.S. Corporate Capital Structure in the 1980s and 1990sCambridge MIT Press20151 online resource (417 p.)Description based upon print version of record.0-262-13351-2 Includes bibliographical references (p. [349]-392) and index.""Dodging Bullets""; ""Contents""; ""About the Authors""; ""Preface""; ""Acknowledgments""; ""Introduction""; ""The End of the 1980's""; ""Why the 1980's Stopped: Leveraging as a Mania""; ""Why the 1980's Stopped: Did Judges, Lawmakers, and Regulators Kill the Leveraging Business?""; ""RJR-Nabisco: A Case Study""; ""The 1990's""; ""The Legacy of Debt and Corporate Refinancing in the 1990's""; ""Relieving the Burden of Interest on Cash Flow""; ""The Equity Infusion Reverse LBO's""; ""Cheap Equity Capital for Young Firms""; ""Mergers and Acquisitions in the 1990's""; ""Lessons""""Policy and Asset Inflation""""Conclusion""; ""Notes""; ""Index""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?Leveraged buyoutsUnited StatesHistory20th centuryConsolidation and merger of corporationsUnited StatesHistory20th centuryCorporationsUnited StatesFinanceHistory20th centuryECONOMICS/FinanceLeveraged buyoutsHistoryConsolidation and merger of corporationsHistoryCorporationsFinanceHistory338.80973McCauley Robert N549836Rudd Judith S1475887Iacono Frank1475888OCoLC-POCoLC-PBOOK9910778888303321Dodging Bullets3690271UNINA