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Dodging bullets
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ISBN: 0262133512 026227938X 058517623X 0262263661 9780262279383 9780585176239 9780262133517 Year: 1999 Publisher: Cambridge Mass. MIT Press

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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?

In the public interest : competition policy and the Monopolies and Mergers Commission
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ISBN: 0719055741 Year: 1999 Publisher: Manchester Manchester university press

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Keywords

Industrial policy --- -Competition --- -Monopolies --- -Consolidation and merger of corporations --- -#SBIB:032.IOS --- #SBIB:35H435 --- #SBIB:35H6014 --- #SBIB:316.334.2A470 --- Acquisition of corporations --- Acquisitions and mergers --- Amalgamation of corporations --- Business combinations --- Business mergers --- Buyouts, Corporate --- Corporate acquisitions --- Corporate buyouts --- Corporate mergers --- Corporate takeovers --- Corporations --- Fusion of corporations --- Hostile takeovers of corporations --- M & A (Mergers and acquisitions of corporations) --- Merger of corporations --- Mergers and acquisitions of corporations --- Mergers, Corporate --- Takeovers, Corporate --- Corporate reorganizations --- Golden parachutes (Executive compensation) --- Industrial concentration --- Trusts, Industrial --- Combinations in restraint of trade --- Commercial corners --- Corners, Commercial --- Engrossing --- Forestalling --- Commercial crimes --- Trade regulation --- Competition --- Monopolistic competition --- Monopsonies --- Restraint of trade --- Competition (Economics) --- Competitiveness (Economics) --- Economic competition --- Commerce --- Conglomerate corporations --- Covenants not to compete --- Monopolies --- Open price system --- Supply and demand --- Business --- Industries --- Industry and state --- Economic policy --- Government policy --- -Beleidssectoren: economisch en werkgelegenheidsbeleid --- Bestuur en beleid: nationale en regionale studies: Verenigd Koninkrijk --- Arbeidssociologie: het sociaal-economisch overheidsbeleid: algemeen --- Consolidation --- Mergers --- Consolidation and merger of corporations --- #SBIB:032.IOS --- Faraday partnerships --- Beleidssectoren: economisch en werkgelegenheidsbeleid --- Economic aspects

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