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Leveraged Buyouts And Corporate Debt
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Book Synopsis Leveraged Buyouts and Corporate Debt by : United States. Congress. Senate. Committee on Finance
Download or read book Leveraged Buyouts and Corporate Debt written by United States. Congress. Senate. Committee on Finance and published by . This book was released on 1989 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Leveraged Buyouts and Corporate Debt by : United States. Congress. Senate. Committee on Finance
Download or read book Leveraged Buyouts and Corporate Debt written by United States. Congress. Senate. Committee on Finance and published by . This book was released on 1989 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Restructuring by : Bjørn Espen Eckbo
Download or read book Corporate Restructuring written by Bjørn Espen Eckbo and published by Now Pub. This book was released on 2013-07 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: We survey the empirical literature on corporate financial restructuring, including breakup transactions (divestitures, spinoffs, equity carveouts, tracking stocks), leveraged recapitalizations, and leveraged buyouts (LBOs). For each transaction type, we survey techniques, deal financing, transaction volume, valuation effects and potential sources of restructuring gains. Many breakup transactions appear to be a response to excessive conglomeration and attempt to reverse a potentially costly diversification discount. The empirical evidence shows that the typical restructuring creates substantial value for shareholders. The value-drivers include elimination of costly cross-subsidizations characterizing internal capital markets, reduction in financing costs for subsidiaries through asset securitization and increased divisional transparency, improved (and more focused) investment programs, reduction in agency costs of free cash flow, implementation of executive compensation schemes with greater pay-performance sensitivity, and increased monitoring by lenders and LBO sponsors. Buyouts after the 1990s on average create value similar to LBOs of the 1980s. Recent developments include consortiums of private equity funds (club deals), exits through secondary buyouts (sale to another LBO fund), and evidence of persistence in fund returns. LBO deal financing has evolved toward lower leverage ratios. In Europe, recent deals are financed with less leveraged loans and mezzanine debt and more high-yield debt than before. Future research challenges include integrating analyses across transaction types and financing mixes, and producing unbiased estimates of the expected return from buyout investments in the presence of limited data on portfolio companies that do not return to public status.
Download or read book Report on the Corporate Debt written by and published by . This book was released on 1991 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Leveraged Management Buyouts by : Yakov Amihud
Download or read book Leveraged Management Buyouts written by Yakov Amihud and published by Beard Books. This book was released on 2002 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Papers presented at a conference held at the Leonard N. Stern School of Business, New York University, on May 20, 1988, and sponsored by the Salomon Brothers Center for the Study of Financial Institutions. The 1989 edition of this proceedings volume was published by Dow-Jones-Irwin. Academics, legis
Book Synopsis The New Financial Capitalists by : George Pierce Baker
Download or read book The New Financial Capitalists written by George Pierce Baker and published by Cambridge University Press. This book was released on 1998-10-13 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, first published in 1999, gives a balanced, enlightening account of how KKR has approached leveraged buyouts.
Book Synopsis Case Studies of Selected Leveraged Buyouts by :
Download or read book Case Studies of Selected Leveraged Buyouts written by and published by DIANE Publishing. This book was released on 1992-03 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: What happens to companies that had been taken over through an LBO; how have they performed since the takeover; how have the communities been affected; what happened to companies that amassed tremendous debt to avoid being taken over? In order to address these questions in this report, case studies were done of the companies that experienced an LBO or a takeover attempt during the mid- to late 1980s. The assessment was based primarily on public documents and financial reports filed by the companies with the SEC.
Book Synopsis Leveraged buyouts by : Michael Patrick Walsh
Download or read book Leveraged buyouts written by Michael Patrick Walsh and published by . This book was released on 1990 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Leveraged Buyouts and Corporate Debt by : United States. Congress. Senate. Committee on Finance
Download or read book Leveraged Buyouts and Corporate Debt written by United States. Congress. Senate. Committee on Finance and published by . This book was released on 1989 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Value Creation in Leveraged Buyouts by : Nicolaus Loos
Download or read book Value Creation in Leveraged Buyouts written by Nicolaus Loos and published by Springer Science & Business Media. This book was released on 2007-11-05 with total page 490 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on a dataset of over 3,000 leveraged buyout transactions, including performance data, Nicolaus Loos analyses how financial investors create economic value through their investments. He shows that various exogenous factors with respect to timing, industry, public market as well as deal specific factors can statistically be related to a buyout deal's performance. He also provides evidence of a "GP effect" in leveraged buyouts, i.e. that certain characteristics of a Private Equity firm and its investment professionals as well as a firm's buyout strategy approach and certain buyout target characteristics are important success factors.
Book Synopsis Venture Capital and Buyouts by : Brian Coyle
Download or read book Venture Capital and Buyouts written by Brian Coyle and published by Psychology Press. This book was released on 2000 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: First Published in 1998. Routledge is an imprint of Taylor & Francis, an informa company.
Author :United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Telecommunications and Finance Publisher : ISBN 13 : Total Pages :306 pages Book Rating :4.0/5 (2 download)
Book Synopsis Management and Leveraged Buyouts by : United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Telecommunications and Finance
Download or read book Management and Leveraged Buyouts written by United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Telecommunications and Finance and published by . This book was released on 1989 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Leveraged Buyouts and the Pot of Gold by : Carolyn Kay Brancato
Download or read book Leveraged Buyouts and the Pot of Gold written by Carolyn Kay Brancato and published by . This book was released on 1989 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis How to Do a Leveraged Buyout by : J. Terrence Greve
Download or read book How to Do a Leveraged Buyout written by J. Terrence Greve and published by . This book was released on 1990 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Leveraged Buyouts written by David Pilger and published by Harriman House Limited. This book was released on 2012-06-15 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reveals the things you need to know to analyse and create custom leveraged buyout analysis, as practised in firms such as Goldman Sachs, Morgan Stanley and Barclays. This title provides step-by-step instructions on how to understand financial statements and prepare analysis.
Book Synopsis Private Equity at Work by : Eileen Appelbaum
Download or read book Private Equity at Work written by Eileen Appelbaum and published by Russell Sage Foundation. This book was released on 2014-03-31 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: Private equity firms have long been at the center of public debates on the impact of the financial sector on Main Street companies. Are these firms financial innovators that save failing businesses or financial predators that bankrupt otherwise healthy companies and destroy jobs? The first comprehensive examination of this topic, Private Equity at Work provides a detailed yet accessible guide to this controversial business model. Economist Eileen Appelbaum and Professor Rosemary Batt carefully evaluate the evidence—including original case studies and interviews, legal documents, bankruptcy proceedings, media coverage, and existing academic scholarship—to demonstrate the effects of private equity on American businesses and workers. They document that while private equity firms have had positive effects on the operations and growth of small and mid-sized companies and in turning around failing companies, the interventions of private equity more often than not lead to significant negative consequences for many businesses and workers. Prior research on private equity has focused almost exclusively on the financial performance of private equity funds and the returns to their investors. Private Equity at Work provides a new roadmap to the largely hidden internal operations of these firms, showing how their business strategies disproportionately benefit the partners in private equity firms at the expense of other stakeholders and taxpayers. In the 1980s, leveraged buyouts by private equity firms saw high returns and were widely considered the solution to corporate wastefulness and mismanagement. And since 2000, nearly 11,500 companies—representing almost 8 million employees—have been purchased by private equity firms. As their role in the economy has increased, they have come under fire from labor unions and community advocates who argue that the proliferation of leveraged buyouts destroys jobs, causes wages to stagnate, saddles otherwise healthy companies with debt, and leads to subsidies from taxpayers. Appelbaum and Batt show that private equity firms’ financial strategies are designed to extract maximum value from the companies they buy and sell, often to the detriment of those companies and their employees and suppliers. Their risky decisions include buying companies and extracting dividends by loading them with high levels of debt and selling assets. These actions often lead to financial distress and a disproportionate focus on cost-cutting, outsourcing, and wage and benefit losses for workers, especially if they are unionized. Because the law views private equity firms as investors rather than employers, private equity owners are not held accountable for their actions in ways that public corporations are. And their actions are not transparent because private equity owned companies are not regulated by the Securities and Exchange Commission. Thus, any debts or costs of bankruptcy incurred fall on businesses owned by private equity and their workers, not the private equity firms that govern them. For employees this often means loss of jobs, health and pension benefits, and retirement income. Appelbaum and Batt conclude with a set of policy recommendations intended to curb the negative effects of private equity while preserving its constructive role in the economy. These include policies to improve transparency and accountability, as well as changes that would reduce the excessive use of financial engineering strategies by firms. A groundbreaking analysis of a hotly contested business model, Private Equity at Work provides an unprecedented analysis of the little-understood inner workings of private equity and of the effects of leveraged buyouts on American companies and workers. This important new work will be a valuable resource for scholars, policymakers, and the informed public alike.
Book Synopsis Comparative Company Law by : Andreas Cahn
Download or read book Comparative Company Law written by Andreas Cahn and published by Cambridge University Press. This book was released on 2018-10-04 with total page 1095 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents in-depth, comparative analyses of German, UK and US company laws illustrated by leading cases, with German cases in English translation.