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Junk Bonds: How High Yield Securities Restructured Corporate America - Glenn Yago
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Glenn Yago:

Junk Bonds: How High Yield Securities Restructured Corporate America - new book

ISBN: 9780195061116

ID: 978019506111

Junk bonds burst into the nation''s headlines as the fastest growing and most controversial financial instruments of the 1980s. Branded with an unflattering nickname, these high yield securities were tarnished in the public eye by waves of negative publicity. Critics cast the financiers andentrepreneurs who pioneered their use as symbols of a decade of greed and financial excess. By the end of the 1980s, the heyday of junk bonds had seemingly come to a close with the conviction of junk bond pioneer Michael Milken and the bankruptcy of Drexel Burnham Lambert, the brokerage thatdominated the high yield market. But the controversy surrounding junk bonds continues. Now, in Junk Bonds, business professor Glenn Yago turns the tables on conventional wisdom about this new financial technology. He offers the first systematic examination of the facts about high yield securities. His analysis provides hard evidence that demystifies junk bonds and explodesmany of the popular myths that surround them. Junk Bonds sheds light on the role of high yield financing in what Yago calls the democratization of capital. Before the advent of junk bonds, only companies with an investment grade rating--five percent of the 23,000 American companies with sales over $35 million--had access to long termcapital. In effect, the author argues, 95 percent of American companies were denied the means to finance growth and business development. Yago shows how junk bonds changed all that, breathing life into thousands of American companies that had been shunned by the capital markets. His researchdemonstrates that these junk companies outperformed many Fortune 500 firms in job creation, product development, sales, and business innovation. The real contribution of junk bonds, according to Yago, was to improve the productivity and competitiveness of American business by restructuring companies in the wake of the corporate conglomerations of the 1960s and 1970s. His findings show that divestitures by companies financed with highyield bonds were not necessarily destructive. Many sold-off units flourished as independent enterprises at a time when numerous investment grade companies stagnated or closed plants or fired workers. This restructuring of corporate America has enabled businesses to compete in a changinginternational environment, benefiting managers, workers, stockholders, and investors alike. Junk Bonds provides readers with a scholarly analysis that shears away the hype and hysteria that often accompany rapid change. And at a time when Wall Street is under greater scrutiny than at any time since the Depression, this provocative study provides a timely and thoughtful contributionto the debate surrounding junk bonds. Glenn Yago, Books, Business and Finance, Business Reference, Junk Bonds: How High Yield Securities Restructured Corporate America Books>Business and Finance>Business Reference, Oxford University Press

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Junk Bonds: How High Yield Securities Restructured Corporate America - Yago, Glenn
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Yago, Glenn:

Junk Bonds: How High Yield Securities Restructured Corporate America - used book

1980, ISBN: 9780195061116

ID: 533431

Junk bonds burst into the nation's headlines as the fastest growing and most controversial financial instruments of the 1980s. Branded with an unflattering nickname, these high yield securities were tarnished in the public eye by waves of negative publicity. Critics cast the financiers and entrepreneurs who pioneered their use as symbols of a decade of greed and financial excess. By the end of the 1980s, the heyday of junk bonds had seemingly come to a close with the conviction of junk bond pioneer Michael Milken and the bankruptcy of Drexel Burnham Lambert, the brokerage that dominated the high yield market. But the controversy surrounding junk bonds continues. Now, in Junk Bonds, business professor Glenn Yago turns the tables on conventional wisdom about this new financial technology. He offers the first systematic examination of the facts about high yield securities. His analysis provides hard evidence that demystifies junk bonds and explodes many of the popular myths that surround them. Junk Bonds sheds light on the role of high yield financing in what Yago calls the democratization of capital. Before the advent of junk bonds, only companies with an "investment grade" rating--five percent of the 23,000 American companies with sales over $35 million--had access to long term capital. In effect, the author argues, 95 percent of American companies were denied the means to finance growth and business development. Yago shows how junk bonds changed all that, breathing life into thousands of American companies that had been shunned by the capital markets. His research demonstrates that these "junk" companies outperformed many Fortune 500 firms in job creation, product development, sales, and business innovation. The real contribution of junk bonds, according to Yago, was to improve the productivity and competitiveness of American business by restructuring companies in the wake of the corporate conglomerations of the 1960s and 1970s. His findings show that divestitures by companies financed with high yield bonds were not necessarily destructive. Many sold-off units flourished as independent enterprises at a time when numerous "investment grade" companies stagnated or closed plants or fired workers. This restructuring of corporate America has enabled businesses to compete in a changing international environment, benefiting managers, workers, stockholders, and investors alike. Junk Bonds provides readers with a scholarly analysis that shears away the hype and hysteria that often accompany rapid change. And at a time when Wall Street is under greater scrutiny than at any time since the Depression, this provocative study provides a timely and thoughtful contribution to the debate surrounding junk bonds. Junk Bonds: How High Yield Securities Restructured Corporate America Yago, Glenn, Oxford University Press, USA

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Junk Bonds: How High Yield Securities Restructured Corporate America - Glenn Yago
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Glenn Yago:
Junk Bonds: How High Yield Securities Restructured Corporate America - used book

1980

ISBN: 019506111X

ID: 2964607

Junk bonds burst into the nation's headlines as the fastest growing and most controversial financial instruments of the 1980s. Branded with an unflattering nickname, these high yield securities were tarnished in the public eye by waves of negative publicity. Critics cast the financiers and entrepreneurs who pioneered their use as symbols of a decade of greed and financial excess. By the end of the 1980s, the heyday of junk bonds had seemingly come to a close with the conviction of junk bond pioneer Michael Milken and the bankruptcy of Drexel Burnham Lambert, the brokerage that dominated the high yield market. But the controversy surrounding junk bonds continues. Now, in Junk Bonds, business professor Glenn Yago turns the tables on conventional wisdom about this new financial technology. He offers the first systematic examination of the facts about high yield securities. His analysis provides hard evidence that demystifies junk bonds and explodes many of the popular myths that surround them. Junk Bonds sheds light on the role of high yield financing in what Yago calls the democratization of capital. Before the advent of junk bonds, only companies with an "investment grade" rating--five percent of the 23,000 American companies with sales over $35 million--had access to long term capital. In effect, the author argues, 95 percent of American companies were denied the means to finance growth and business development. Yago shows how junk bond biography and history,bonds,business and finance,business and investing,company profiles,finance,investing,investments and securities,popular economics,textbooks Business & Investing, Oxford University Press

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Junk Bonds - Glenn Yago
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Glenn Yago:
Junk Bonds - hardcover

ISBN: 9780195061116

Hardback, [PU: Oxford University Press Inc], This is a study of the high yield bond market, popularly called junk bonds. The author has studied how companies that use junk bond financing compare in economic performance with their industry averages. This book shows that the performance of these companies was superior in the vast majority of cases., Corporate Finance

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ISBN: 9780195061116

ID: 9780195061116

Junk Bonds How High Yield Securities Restructured Corporate America Author :Glenn Yago 9780195061116 019506111X, [PU: Oxford University Press]

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Details of the book
Junk Bonds: How High Yield Securities Restructured Corporate America
Author:

Yago, Glenn

Title:

Junk Bonds: How High Yield Securities Restructured Corporate America

ISBN:

9780195061116

In this book, the author offers the first systematic examination of the facts about high yield securities, providing hard evidence that demystifies junk bonds and explodes many of the popular myths that surround them.

Details of the book - Junk Bonds: How High Yield Securities Restructured Corporate America


EAN (ISBN-13): 9780195061116
ISBN (ISBN-10): 019506111X
Hardcover
Publishing year: 1990
Publisher: OXFORD UNIV PR
272 Pages
Weight: 0,653 kg
Language: eng/Englisch

Book in our database since 18.03.2008 02:28:14
Book found last time on 31.10.2016 16:26:41
ISBN/EAN: 9780195061116

ISBN - alternate spelling:
0-19-506111-X, 978-0-19-506111-6

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