LEADER 04076nam 22006494a 450 001 9910817626203321 005 20200520144314.0 010 $a0-262-26366-1 010 $a0-262-27938-X 010 $a0-585-17623-X 035 $a(CKB)111004366632114 035 $a(EBL)3338427 035 $a(SSID)ssj0000140573 035 $a(PQKBManifestationID)11911793 035 $a(PQKBTitleCode)TC0000140573 035 $a(PQKBWorkID)10052774 035 $a(PQKB)10378293 035 $a(MiAaPQ)EBC3338427 035 $a(OCoLC)923250945 035 $a(OCoLC-P)923250945 035 $a(MaCbMITP)2476 035 $a(Au-PeEL)EBL3338427 035 $a(CaPaEBR)ebr2001018 035 $a(EXLCZ)99111004366632114 100 $a19990525d1999 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aDodging bullets $echanging U.S. corporate capital structure in the 1980s and 1990s /$fRobert N. McCauley, Judith S. Ruud, and Frank Iacono 205 $a1st ed. 210 $aCambridge Mass. $cMIT Press$dc1999 215 $a1 online resource (417 p.) 300 $aDescription based upon print version of record. 311 $a0-262-13351-2 320 $aIncludes bibliographical references (p. [349]-392) and index. 327 $a""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"" 327 $a""Policy and Asset Inflation""""Conclusion""; ""Notes""; ""Index"" 330 $aAn 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? 606 $aLeveraged buyouts$zUnited States$xHistory$y20th century 606 $aConsolidation and merger of corporations$zUnited States$xHistory$y20th century 606 $aCorporations$zUnited States$xFinance$xHistory$y20th century 615 0$aLeveraged buyouts$xHistory 615 0$aConsolidation and merger of corporations$xHistory 615 0$aCorporations$xFinance$xHistory 676 $a338.8/0973 700 $aMcCauley$b Robert N$0549836 701 $aRuud$b Judith S$01384434 701 $aIacono$b Frank$01599360 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910817626203321 996 $aDodging bullets$94185010 997 $aUNINA