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Author: S Shiva Ramu
Publisher: SAGE
ISBN: 9780761993353
Category : Social Science
Languages : en
Pages : 264
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Book Description
This book provides a comprehensive account of the nature of restructuring adopted by conglomerates. S.Shiva Ramu discusses all three aspects of restructuring; portfolio; financial and organizational and sees a direct correlation between the nature of diversification and the type of restructuring adopted.
Author: S Shiva Ramu
Publisher: SAGE
ISBN: 9780761993353
Category : Social Science
Languages : en
Pages : 264
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Book Description
This book provides a comprehensive account of the nature of restructuring adopted by conglomerates. S.Shiva Ramu discusses all three aspects of restructuring; portfolio; financial and organizational and sees a direct correlation between the nature of diversification and the type of restructuring adopted.
Author: S. Shiva Ramu
Publisher: Sage Publications Pvt Limited
ISBN: 9780761993360
Category : Business & Economics
Languages : en
Pages : 249
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Book Description
Author: B. Espen Eckbo
Publisher:
ISBN:
Category :
Languages : en
Pages : 86
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Book Description
This essay surveys the empirical literature on corporate breakup transactions (divestitures, spinoffs, equity carveouts, tracking stocks), leveraged recapitalizations, and leveraged buyouts (LBOs). Many breakup transactions are a response to excessive conglomeration and reverse costly diversification discounts. 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 turn of the century create value similar to LBOs of the 1980s. Recent developments include club deals (consortiums of LBO sponsors bidding together), fund-to-fund exits (LBO funds selling the portfolio firm to another LBO fund), a highly liquid (until mid-2007) leveraged loan market, and evidence of persistence in fund returns (perhaps because brand-sponsors borrow at better rates). The perhaps greatest challenge to the restructuring literature is to achieve a modicum of integration of the analysis across transaction types. Another challenge is to produce precise estimates of the expected return from buyout investments in the presence of limited data on those portfolio companies which do not return to public status.
Author: Bjørn Espen Eckbo
Publisher: Now Pub
ISBN: 9781601986900
Category : Business & Economics
Languages : en
Pages : 144
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Book Description
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.
Author: Stuart C. Gilson
Publisher: John Wiley & Sons
ISBN: 0470503521
Category : Business & Economics
Languages : en
Pages : 852
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Book Description
An updated look at how corporate restructuring really works Stuart Gilson is one of the leading corporate restructuring experts in the United States, teaching thousands of students and consulting with numerous companies. Now, in the second edition of this bestselling book, Gilson returns to present new insight into corporate restructuring. Through real-world case studies that involve some of the most prominent restructurings of the last ten years, and highlighting the increased role of hedge funds in distressed investing, you'll develop a better sense of the restructuring process and how it can truly create value. In addition to "classic" buyout and structuring case studies, this second edition includes coverage of Delphi, General Motors, the Finova Group and Warren Buffett, Kmart and Sears, Adelphia Communications, Seagate Technology, Dupont-Conoco, and even the Eurotunnel debt restructuring. Covers corporate bankruptcy reorganization, debt workouts, "vulture" investing, equity spin-offs, asset divestitures, and much more Addresses the effect of employee layoffs and corporate downsizing Examines how companies allocate value and when a corporation should "pull the trigger" From hedge funds to financial fraud to subprime busts, this second edition offers a rare look at some of the most innovative and controversial restructurings ever.
Author: Jill Sailes
Publisher: Lulu.com
ISBN: 1445200368
Category : Reference
Languages : en
Pages : 154
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Book Description
This book has been written especially for those ladies who find themselves as a single participant amongst the meandering pathways of this world after their steady romantic relationship has failed.In the pages you will discover useful tips, personal experiences and surprising anecdotes all aimed at enthusing the reader to motivate herself towards building a firm foundation and an optimistic approach to life ever after
Author: Donald DePamphilis
Publisher: Elsevier
ISBN: 0080511430
Category : Business & Economics
Languages : en
Pages : 633
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Book Description
Dr. Donald DePamphilis explains the real-world of mergers, acquisitions, and restructuring based on his academic knowledge and personal experiences with over 30 such deals himself. The 77 case studies span every industry and countries and regions worldwide show how deals are done rather than just the theory behind them, including cross-border transactions. New additions to the third edition: 17 new cases, with all 77 cases updated, Glossary, real options applications, projecting growth rates. Practical, real-world approach with 77 case studies from around the globe
Author: Giuliano Iannotta
Publisher: Springer Science & Business Media
ISBN: 354093765X
Category : Business & Economics
Languages : en
Pages : 199
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Book Description
From a historical point of view, the main activity of investment banks is what today we call security underwriting. Investment banks buy securities, such as bonds and stocks, from an issuer and then sell them to the ?nal investors. In the eighteenth century, the main securities were bonds issued by governments. The way these bonds were priced and placed is extraordinarily similar to the system that inve- ment banks still use nowadays. When a government wanted to issue new bonds, it negotiated with a few prominent “middlemen” (today we would call them investment bankers). The middlemen agreed to take a fraction of the bonds: they accepted to do so only after having canvassed a list of people they could rely upon. The people on the list were the ?nal investors. The middlemen negotiated with the government even after the issuance. Indeed, in those days governments often changed unilaterally the bond conditions and being on the list of an important middleman could make the difference. On the other hand, middlemen with larger lists were considered to be in a better bargaining position. This game was repeated over time, and hence, reputation mattered. For the middlemen, being trusted by both the investors on the list and by the issuing governments was crucial.
Author: Donald M. DePamphilis
Publisher: Academic Press
ISBN: 9780122095528
Category : Business & Economics
Languages : en
Pages : 800
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Book Description
This work includes updated cases and grounded models which reflect the theoretical underpinnings of the field. Expanded usage of key idea section headings enable the student to understand more easily the key point in each section of each chapter.
Author: Donald DePamphilis
Publisher: Academic Press
ISBN: 0080951635
Category : Business & Economics
Languages : en
Pages : 770
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Book Description
Dr. Donald DePamphilis explains the real-world of mergers, acquisitions, and restructuring based on his academic knowledge and personal experiences with over 30 such deals himself. The 99 case studies span every industry and countries and regions worldwide show how deals are done rather than just the theory behind them, including cross-border transactions. The interactive CD is unique in enabling the user to download and customize content. It includes an Excel-based LBO model and an M&A Structuring and Valuation Model in which readers can insert their own data and modify the model to structure and value their own deals. CD also real options applications and projecting growth rates. Student Study Guide on CD contains practice problems/solutions, powerpoint slides outlining main points of each chapter, and selected case study solutions. An extensive on-line instructor's manual contains powerpoint slides for lectures following each chapter, detailed syllabi for using the book for both undergraduate and graduate-level courses, and an exhaustive test bank with over 750 questions and answers (including true/false, multiple choice, essay questions, and computational problems). * CDROM contains extensive student study guide and detailed listings of online sources of industry and financial data and models on CDROM * Numerous valuation and other models on CDROM can be downloaded and customized by readers * Online Instructor's Manual with test bank, extra cases, and other resources * Over 90 cases
