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US companies are still reeling form the takeovers, leveraged buyouts, junk bonds, recapitalizations and other financial restructuring transactions that reshaped corporations in the 1980s. This book discusses how those transactions affected corporate performance and altered the relationship between corporate management and the financial markets.

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CHOICE Review

An extremely interesting review of the turbulence in the financial markets of the 1980s and its impact upon corporate value. The issues raised however, have more than historical interest. Leveraged buyouts, hostile takeovers, and junk bond issuances produced a fundamental change in the way American corporations do business, with significant implications for future competitiveness. The book contains selected papers, along with discussants' comments, presented at a Brookings Institute conference attended by economists, legal scholars, executives, and investment bankers. A number of broad issues are examined, beginning with the debate concerning corporate governance and theories of optimal capital structure. The next set of papers discusses unconventional assets and the use of free cashflow for firm/industry valuation. Leveraged buyouts, acquisitions, and sources of capital are the next topics debated in this analysis of perhaps the most exciting decade in American business history. The book concludes with an examination of takeover politics and nonfinancial influences on corporate behavior. This collection has been carefully chosen and presents a sophisticated but balanced overview of the major issues that have influenced and will continue to affect American economic competitiveness. Highly recommended. Graduate; faculty; professional. S. P. Ferris University of Missouri--Columbia