Beyond Junk Bonds: Expanding High Yield Markets by Glenn Yago (English) Hardcove

Description: Beyond Junk Bonds by Glenn Yago, Susanne Trimbath Since financial myths exploded in the 1980s, the perspective of time creates a unique opportunity to update and expand the analysis begun in Glenn Yago's 1991 book, Junk Bonds: How High Yield Securities Restructured Corporate America (Oxford University Press). At the time of its publication,Junk Bonds drew controversial responses from the Federal Reserve and government agencies. In retrospect, the evidence clearly casts favorable light on the role of high yield securities. The research presented here demonstrates how financial innovations enabled capital access for industrialrestructuring, capital and labor productivity gains, and improved global competitiveness. Enough time has now passed to allow this dispassionate empirical analysis to shear away the hype and hysteria that surrounded the Wall Street scandals, Washington controversies, and media frenzy of the time.Beyond Junk Bonds provides a one-stop data, reference and case study presentation of the firms and securities in the contemporary high yield market and the financial innovations that spurred growth in the nineties and will continue to finance the future. The high yield market incubated successivewaves of financial technologies that now proliferate beyond junk bonds to all the dimensions and dynamics of global debt and equity capital markets. It charts the recovery of the market in the 1990s, the recent wave of fallen angels, distressed credits and defaults, and suggests how the high yieldmarket will be recreated in the global market of the 21st century. It explicates the linkages between the high yield market, and other credit and equity markets in managing a firm's capital structure to execute itsbusiness strategy. The weakening of the U. S. economy in 2001 and the huge shockto Wall Street from the terrorist attacks of September 11 witnessed a historic increase in the yield to maturity of high yield bonds. Despite the volatility in the flow of funds to high yield mutual funds and occasionally sharp increases in non-investment grade debt yields, the asset class has beenone of the best performing fixed income investments of the past decades. In fact, high yield bonds offer an attractive risk-reward ratio competitive with more traditional asset classes. Anyone active in corporate finance, financial institutions and capital markets will find this book a must readfor interpreting and understanding the recent history both of the high yield marketplace and its interaction with private equity, public equity, and fixed income markets. FORMAT Hardcover LANGUAGE English CONDITION Brand New Publisher Description Since financial myths exploded in the 1980s, the perspective of time creates a unique opportunity to update and expand the analysis begun in Glenn Yagos 1991 book, Junk Bonds: How High Yield Securities Restructured Corporate America (Oxford University Press). At the time of its publication, Junk Bonds drew controversial responses from the Federal Reserve and government agencies. In retrospect, the evidence clearly casts favorable light on therole of high yield securities. The research presented here demonstrates how financial innovations enabled capital access for industrial restructuring, capital and labor productivity gains, and improved globalcompetitiveness. Enough time has now passed to allow this dispassionate empirical analysis to shear away the hype and hysteria that surrounded the Wall Street scandals, Washington controversies, and media frenzy of the time. Beyond Junk Bonds provides a one-stop data, reference and case study presentation of the firms and securities in the contemporary high yield market and the financial innovations that spurred growth in the nineties and will continue to finance the future. Thehigh yield market incubated successive waves of financial technologies that now proliferate beyond junk bonds to all the dimensions and dynamics of global debt and equity capital markets. It charts the recoveryof the market in the 1990s, the recent wave of fallen angels, distressed credits and defaults, and suggests how the high yield market will be recreated in the global market of the 21st century. It explicates the linkages between the high yield market, and other credit and equity markets in managing a firms capital structure to execute its business strategy. The weakening of the U. S. economy in 2001 and the huge shock to Wall Street from the terrorist attacks of September 11 witnessed ahistoric increase in the yield to maturity of high yield bonds. Despite the volatility in the flow of funds to high yield mutual funds and occasionally sharp increases in non-investment grade debtyields, the asset class has been one of the best performing fixed income investments of the past decades. In fact, high yield bonds offer an attractive risk-reward ratio competitive with more traditional asset classes. Anyone active in corporate finance, financial institutions and capital markets will find this book a must read for interpreting and understanding the recent history both of the high yield marketplace and its interaction with private equity, public equity, and fixed incomemarkets. Author Biography Glenn Yago is a senior economist and director of capital studies at the Milken Institute. He guides staff research in a wide range of topics, from developing financial markets in emerging market countries to applying financial innovations to solving problems of domestic environmental, business, and public policy. Yagos early work in high yield market research and new financial technologies helped bridge the gap between academic theory and practical applicationfor economic growth. He served as a professor at the State University of New York-Stony Brook, City University of New York Graduate Center and Baruch College, and a visiting professor in the financeprogram at the Recanati Graduate School of Business Administration at Tel-Aviv University. He is the author and editor of numerous books and widely published in both academic and popular publications and has consulted for corporations, state, local and national governments on economic and financial policy. He is series co-editor for the Milken Institute Series on Financial Innovation and Economic Growth (Kluwer Academic Publishers). He received his M. A. from Hebrew University ofJerusalem and Ph.D. from the University of Wisconsin-Madison.Susanne Trimbath is a research economist in capital studies at the Milken Institute. She leads research projects on all aspects of financial capital, including studies in the development of both international and domestic markets. After completing her MBA at Golden Gate University in San Francisco, her early career was centered on financial services operations, with particular emphasis on trade clearing and settlement. She was Director at Depository Trust and Clearing Corporation in New Yorkand Senior Advisor on a foreign aid project in Russia before returning to complete her Ph.D. from New York University. Table of Contents 1: Where Do We Go From Here?2: Junk Bonds Then and Now3: Regulatory Chokeholds on Economic Growth4: The End of the Beginning5: Participants in the Recovery6: New High Yield Markets7: Extended Markets and Innovative Extensions8: Why Capital Structure Matters: The Corporate Finance Revolution9: The 1980s Users Performance in the 1990s10: Industrial Restructuring11: Financing the FutureAppendicesA. The Many Definitions of "Junk Bond"B. Technical Material from Chapter 4C. Tools of the Trade GlossaryD. Literature ReviewReferencesIndex Review "The authors have provided a one-step data reference and case study presentation of the firms and securities in the high yield market, examining the financial innovations that spurred growth in the 1990s and will continue to finance the future."--Business Horizons"The authors have provided a one-step data reference and case study presentation of the firms and securities in the high yield market, examining the financial innovations that spurred growth in the 1990s and will continue to finance the future."--Business Horizons Promotional This new book turns the tables on conventional wisdom about this very familiar and controversial financial technology. Long Description Since financial myths exploded in the 1980s, the perspective of time creates a unique opportunity to update and expand the analysis begun in Glenn Yagos 1991 book, Junk Bonds: How High Yield Securities Restructured Corporate America (Oxford University Press). At the time of its publication, Junk Bonds drew controversial responses from the Federal Reserve and government agencies. In retrospect, the evidence clearly casts favorable light on therole of high yield securities. The research presented here demonstrates how financial innovations enabled capital access for industrial restructuring, capital and labor productivity gains, and improved global competitiveness. Enough time has now passed to allow this dispassionate empirical analysis to shear away thehype and hysteria that surrounded the Wall Street scandals, Washington controversies, and media frenzy of the time. Beyond Junk Bonds provides a one-stop data, reference and case study presentation of the firms and securities in the contemporary high yield market and the financial innovations that spurred growth in the nineties and will continue to finance the future. The high yield market incubated successive waves of financial technologies that now proliferate beyond junk bonds toall the dimensions and dynamics of global debt and equity capital markets. It charts the recovery of the market in the 1990s, the recent wave of fallen angels, distressed credits and defaults, and suggests how the high yield market will be recreated in the global market of the 21st century. It explicatesthe linkages between the high yield market, and other credit and equity markets in managing a firms capital structure to execute its business strategy. The weakening of the U. S. economy in 2001 and the huge shock to Wall Street from the terrorist attacks of September 11 witnessed a historic increase in the yield to maturity of high yield bonds. Despite the volatility in the flow of funds to high yield mutual funds and occasionally sharp increases in non-investment grade debt yields, theasset class has been one of the best performing fixed income investments of the past decades. In fact, high yield bonds offer an attractive risk-reward ratio competitive with more traditional asset classes. Anyone active in corporate finance, financial institutions and capital markets will find thisbook a must read for interpreting and understanding the recent history both of the high yield marketplace and its interaction with private equity, public equity, and fixed income markets. Review Text "The authors have provided a one-step data reference and case study presentation of the firms and securities in the high yield market, examining the financial innovations that spurred growth in the 1990s and will continue to finance the future."--Business Horizons"The authors have provided a one-step data reference and case study presentation of the firms and securities in the high yield market, examining the financial innovations that spurred growth in the 1990s and will continue to finance the future."--Business Horizons Review Quote "The authors have provided a one-step data reference and case studypresentation of the firms and securities in the high yield market, examining thefinancial innovations that spurred growth in the 1990s and will continue tofinance the future."--Business Horizons Feature This new book turns the tables on conventional wisdom about this very familiar and controversial financial technology. Details ISBN0195149238 Author Susanne Trimbath Short Title BEYOND JUNK BONDS Language English ISBN-10 0195149238 ISBN-13 9780195149234 Media Book Format Hardcover Year 2003 Subtitle Expanding High Yield Markets Pages 320 Position Research Economist in Capital Studies Imprint Oxford University Press Inc Place of Publication New York Country of Publication United States Affiliation Research Economist in Capital Studies, both at Milken Institute DOI 10.1604/9780195149234 UK Release Date 2003-05-15 AU Release Date 2003-05-15 NZ Release Date 2003-05-15 US Release Date 2003-05-15 Publisher Oxford University Press Inc Publication Date 2003-05-15 DEWEY 332.63234 Illustrations 78 line illus Audience General We've got this At The Nile, if you're looking for it, we've got it. With fast shipping, low prices, friendly service and well over a million items - you're bound to find what you want, at a price you'll love! TheNile_Item_ID:53297028;

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