ISBN: Ostalo
Jezik: Engleski
Oblast: Finansije
Godina izdanja: K40
Autor: Strani

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Junk Bonds: How High Yield Securities Restructured Corporate America 1st Edition

Junk bonds burst into the nation`s headlines as the fastest growing and most controversial financial instruments of the 1980s. Branded with an unflattering nickname, these high yield securities were tarnished in the public eye by waves of negative publicity. Critics cast the financiers and entrepreneurs who pioneered their use as symbols of a decade of greed and financial excess. By the end of the 1980s, the heyday of junk bonds had seemingly come to a close with the conviction of junk bond pioneer Michael Milken and the bankruptcy of Drexel Burnham Lambert, the brokerage that dominated the high yield market. But the controversy surrounding junk bonds continues.
Now, in Junk Bonds, business professor Glenn Yago turns the tables on conventional wisdom about this new financial technology. He offers the first systematic examination of the facts about high yield securities. His analysis provides hard evidence that demystifies junk bonds and explodes many of the popular myths that surround them.
Junk Bonds sheds light on the role of high yield financing in what Yago calls the democratization of capital. Before the advent of junk bonds, only companies with an `investment grade` rating--five percent of the 23,000 American companies with sales over $35 million--had access to long term capital. In effect, the author argues, 95 percent of American companies were denied the means to finance growth and business development. Yago shows how junk bonds changed all that, breathing life into thousands of American companies that had been shunned by the capital markets. His research demonstrates that these `junk` companies outperformed many Fortune 500 firms in job creation, product development, sales, and business innovation.
The real contribution of junk bonds, according to Yago, was to improve the productivity and competitiveness of American business by restructuring companies in the wake of the corporate conglomerations of the 1960s and 1970s. His findings show that divestitures by companies financed with high yield bonds were not necessarily destructive. Many sold-off units flourished as independent enterprises at a time when numerous `investment grade` companies stagnated or closed plants or fired workers. This restructuring of corporate America has enabled businesses to compete in a changing international environment, benefiting managers, workers, stockholders, and investors alike.
Junk Bonds provides readers with a scholarly analysis that shears away the hype and hysteria that often accompany rapid change. And at a time when Wall Street is under greater scrutiny than at any time since the Depression, this provocative study provides a timely and thoughtful contribution to the debate surrounding junk bonds.


Junk obveznice upadale su u naslove nacije kao najbrže rastući i najsporniji finansijski instrumenti 1980-ih. Markirani nezahvalnim nadimkom, ove hartije visokog prinosa su u javnosti blesnule talasom negativnog oglašavanja. Kritičari ocenjuju finansijere i preduzetnike koji su pionirski iskoristili njihovu upotrebu kao simbole decenije pohlepe i finansijskog viška. Krajem osamdesetih godina, razgledavanje junk obveznica naizgled se završilo sa ubeđivanjem pionira junk obveznica Majkla Milkena i bankrotom Drekela Burnhama Lamberta, brokerske kuće koja je dominirala na tržištu visokog prinosa. Ali kontroverza oko obveznica bez veze se nastavlja.
Sada, u Junk Bonds-u, profesor biznisa Glenn Iago okreće tablice o uobičajenoj mudrosti o ovoj novoj finansijskoj tehnologiji. On nudi prvo sistematsko ispitivanje činjenica o hartijama od visokog prinosa. Njegova analiza pruža čvrste dokaze koji demistificiraju veze bez smeća i eksplodiraju mnoge popularne mitove koji ih okružuju.
Junk Bonds baca svetlo na ulogu finansiranja visokog prinosa u onome što Iago naziva demokratizacijom kapitala. Pre pojave junk obveznica, samo kompanije sa ocenom `investicionog stepena` - pet odsto od 23.000 američkih kompanija sa prodajom većom od 35 miliona dolara - imale su pristup dugoročnom kapitalu. U stvari, tvrdi autor, 95 posto američkih kompanija bilo je uskraćeno za sredstva za finansiranje rasta i razvoja poslovanja. Iago pokazuje kako su bezvrijedne obveznice sve to promijenile, udahnuvši život hiljadama američkih kompanija koje su izbjegla tržišta kapitala. Njegovo istraživanje pokazuje da su ove „smeće“ kompanije nadmašile mnoge kompanije Fortune 500 u otvaranju novih radnih mesta, razvoju proizvoda, prodaji i poslovnim inovacijama.
Stvaran doprinos bezvrijednih obveznica, prema Iago-u, bio je poboljšanje produktivnosti i konkurentnosti američkog poslovanja restrukturiranjem kompanija nakon korporativnih konglomeracija 1960-ih i 1970-ih. Njegova otkrića pokazuju da oduzimanja kompanija koje se finansiraju obveznicama visokog prinosa nisu nužno bila destruktivna. Mnoge rasprodane jedinice uspevale su kao nezavisna preduzeća u vreme kada su brojne kompanije `investicionog razreda` stagnirale ili zatvorile fabrike ili otpuštale radnike. Ovo restrukturiranje korporativne Amerike omogućilo je preduzećima da se takmiče u promenljivom međunarodnom okruženju, profitirajući tako od menadžera, radnika, akcionara i investitora.
Junk Bonds pruža čitaocima naučnu analizu koja uklanja hipe i histeriju koji često prate brze promene. I u vreme kada je Vall Street pod većim nadzorom nego u bilo koje vreme od depresije, ova provokativna studija daje pravovremeni i promišljeni doprinos debati o bezvrijednim obveznicama.