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A View from Washington on Leveraged Buyouts
The Impact of Debt on Management Incentives
HighYield Debt as a Substitute for Bank Loans
What Explains the Growth of HighYield Debt?
Effects of LBOs on Tax Revenues of the U S Treasury
Discussion of Public Policy Issues of HighYield Debt
10-year Treasury acquisitions Altman analysis assets average bank loans bankruptcy beneﬁts bonds rated borrowers capital gains capital market cash ﬂow changes coefﬁcient companies concem corporate bonds corporate debt correlation costs coupon debt ﬁnancing debt market default probabilities default rates default risk default risk-free bond default-free deviation of retum economic effective duration efﬁciency embedded put option equity estimated expected retum Finance ﬁnancial ﬁnd ﬁrm’s ﬁrms ﬁrst funds govemment growth high-yield bond market high-yield debt high-yield ﬁrms high-yield market high-yield securities income increase industry investment grade investment in high-yield investors issuance issuers junk bonds leveraged buyouts losses lower-grade bonds Macaulay duration market value mergers million percent period portfolio prebuyout Products ratio restructuring retum risk-free interest rate risky bond Salomon Brothers sample shareholders signiﬁcant speciﬁc standard deviation Table takeovers tax revenues thrifts transactions Treasury bond yield bonds yield spreads yield to maturity