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Junk Bonds Related Scholarly Compositions
See also:
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News,
Junk Bonds Related
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or
Junk Bonds Home Page.
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Ancient Redwoods, Junk Bonds, and
the Politics of Finance
by Harry
Deangelo & Linda Deangelo
University of Southern California
April, 1996
Abstract
In 1986 Pacific Lumber (PL). the largest private owner of
old-growth redwood trees, was acquired in a highly leveraged
hostile takeover by MAXXAM Group. MAXXAM subsequently doubled
the rate at which PL harvested its ancient redwoods,
precipitating 10 years of environmental protests and intensive
coverage in the national news media. This highly negative
coverage almost universally blames the junk bond-financed
takeover for the threat to PL's ancient forests, and thereby
provides for many people unequivocal evidence of the distinctive
impact of 1980s Wall Street greed...
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The Collapse of First Executive
Corporation: Junk Bonds, Adverse Publicity, and the 'Run on the
Bank' Phenomenon
by Harry
Deangelo, Linda Deangelo, & Stuart C. Gilson
Harvard Business School & University of Southern California
April, 1994
Abstract
In April 1991, regulators seized the major subsidiaries of First
Executive Corporation (FE), an insurer that invested heavily in
junk bonds. During the junk bond market turmoil of 1989-1990,
adverse publicity fueled a bank run at FE, forcing a $4 billion
portfolio liquidation before the market rose 50-60 percent in
1991-1992. More traditional insurers did not receive
commensurate press coverage, despite their substantial exposure
to real estate declines, which were roughly 2.5 times the junk
bond decline...
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High-Yield ('Junk') Bonds As
Investments and As Financial Tools
by William
A. Klein
University of California, Los Angeles
1997
Abstract
High-yield ("junk") bonds acquired a bad name when used in the
late 1980s to finance takeover transactions that left target
corporations with an excessive risk of insolvency. The tarnished
reputation of these instruments is largely under- served.
High-yield bonds have proved useful, as an alternative to bank
and other forms of financing, for "emerging" firms...
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Junk Bonds, Bank Debt, and
Financial Flexibility
by Stuart
C. Gilson, & Jerold B. Warner
October, 1997
Abstract
New issues of public high yield debt, or junk bonds, reached
record levels in the 1990s. This paper studies transactions
where firms issue junk bonds and use the proceeds to repay their
bank debt. These substitutions represent the most frequent use
of junk bonds...
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Junk Bonds Then and Now
by Glenn
Yago & Susanne Trimbath
May, 2003
Abstract
This chapter first presents a brief history of the high-yield
securities market in the USA since the 1970s. It then discusses
the etymology of the term ‘junk bonds’, and goes on to describe
critical events in the high-yield market from the period
1989–1990 – which has often been characterized as the time of
the beginning of the end for the market. The next part of the
chapter discusses the capital access and high-yield financial
innovations that led to the development of the high-yield
securities market from the late 1970s, giving a comparative
breakdown of the distribution of the main uses of high-yield
proceeds in the periods 1983–1989 and 1990–1999, and a
year-by-year breakdown of the use of proceeds from 1983 to
2000...
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Back to Scholarly Compositions
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Junk Bonds Home Page.
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