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Leveraged Buyouts, Junk Bonds & the Economy, 2007.
A discussion regarding the effect of leveraged buyouts and junk bonds on the economy.
1,683 words (approx. 6.7 pages), 7 sources, MLA, £ 37.95
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Abstract
This paper discusses leveraged buyouts, junk bonds and significant segments of current economic conditions in order to provide an understanding of these topics. The paper also takes a look at the issues of leverage and appropriate risk.
Contents:
Introduction
Leveraged Buyouts
Junk Bonds
Leveraged and Appropriate Risk
Analysis of Current Economic Trends
Business Within the Prudent Christian View
Summary and Conclusion
From the Paper
"Appropriate risk is basically self-defined: taking a risk that is suitable for the losses that an investor can sustain, their investment goals, and so forth. The risk should be based on an educated decision based on research, experience and thought. Greed dulls the senses and leads to poor decisions that could come back to haunt the investor, and opens up the possibility of being swindled by weak junk bond offerings. A simple, yet effective school of thought on appropriate risk says not to make a decision unless you know the leader (Anslinger, 1996). What this means is the ancient theory of caveat emptor, or let the buyer beware, is eternally true. Investors need to know who the real people are behind an acquisition or bond offering, study their track record, and weigh risk versus reward in the light of realism and educated decision making rather than a long-shot gamble, hoping for a big pay out at the end of the deal. The researcher would like to take this vantage a step further and urge that appropriate risk also take into account the effect of the buyout itself on the assets of the firm to be acquired."
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Leveraged Buyouts and Junk Bonds, 1995.
This paper examines the effects of leveraged buyouts (LBOs) and junk bonds on current economic conditions: Definitions, purposes, rise and fall, risk, debt and economic effects.
2,250 words (approx. 9.0 pages), 21 sources, £ 54.95
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From the Paper
THE EFFECT OF LEVERAGED BUYOUTS
AND JUNK BONDS ON CURRENT ECONOMIC CONDITIONS
"This research examines the effects of leveraged buyouts (LBOs) and junk bonds on current economic conditions. A background discussion on LBOs and junk bonds follows this discussion, and in turn is followed by a discussion of the concepts of leverage and risk. The effects of LBOs and junk bonds on current economic conditions then are assessed.
LBOs and Junk Bonds: Background
During the 1980s, corporate mergers and acquisitions occurred at historically high levels in the American economy. Prior significant episodes of merger and acquisition
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Leveraged Buyouts & Junk Bonds, 1989.
Discusses history & effects of LBOs on the American economy. Focuses on high-risk, high-return, conflicts between management & shareholders, decision alternatives, dividend & financing.
1,575 words (approx. 6.3 pages), 7 sources, £ 38.95
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From the Paper
"This research examines leveraged buyouts (LBOs). Specifically, it attempts to determine whether or not LBOs are either good or bad for the American economy.
LEVERAGED BUYOUTS AND JUNK BONDS
LBOs and their effect on the American economy cannot be adequately discussed without also considering junk bonds. The reason for this necessary linkage is that junk bonds are used to finance LBO deals.
A leveraged buyout is one in which the cost of the purchase is largely borne by the firm being acquired. In most instances, these deals are structured to be financed by so.called junk bonds."
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Junk Bonds and Leveraged Buyouts, 2002.
An examination of junk bonds, leveraged buyouts, and the investment climate today.
2,800 words (approx. 11.2 pages), 8 sources, APA, £ 57.95
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Abstract
This paper provides a review of the relevant literature to define and describe junk bonds and leveraged buyouts, followed by a discussion and analysis of the current economic trends today. A summary of the research and salient findings are provided in the conclusion.
From the Paper
"Michael Milken's vast and increasingly powerful junk-bond network fostered the "merger mania" of the 1980s, in which his clients, partners, and allies, among others, engaged in a wave of corporate mergers, acquisitions, hostile takeovers, and leveraged buyouts. By the end of the 1980s, the junk-bond market had grown to $150 billion in size, and Drexel Burnham had become one of the leading financial firms in the United States. Milken's own operations accounted for at least half of the firm's profits, and his own salary zoomed from $25,000 in 1970 to $550 million in 1987 (the highest annual compensation at that time) ("Leveraged buyouts," 2002, 4-5)."
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Leveraged Buyouts, 1989.
Discusses background, conditions in late 1980s, conflicts of interest (among buyouts, management, shareholders, investment, financing, firms' productivity, etc.), acquisitions & mergers and junk bonds.
1,575 words (approx. 6.3 pages), 10 sources, £ 38.95
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From the Paper
"During the 1980s, corporate mergers and acquisitions have assumed historically high levels of activity in the American economy (Drucker, 1986, p. 17). Earlier major episodes of merger and acquisition activity in the American economy (particularly those in the 1960s) were primarily motivated by corporate diversification strategies, in which the principal goal was growth (Glueck, 1984, p. 274). By contrast, the unfriendly takeover (wherein the strategic goal often has little relevance to the primary business activity of the acquiring corporation) has characterized most of the acquisition and merger activity of the 1980s (Drucker, 1986, p. 20)."
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Junk Bonds, 2002.
Discusses the possible risks and potential profits of junk bonds.
1,286 words (approx. 5.1 pages), 4 sources, APA, £ 30.95
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Abstract
This paper analyzes the concept of junk bonds. It looks at the inherent risk of junk bonds, what factors determine whether a bond will be labeled a junk bond or an investment-grade bond, why they must offer higher returns to entice customers, and their viability on the investment front. The paper concludes with an overall positive, but cautious, assessment of junk bonds.
From the Paper
"The stock markets are the financial hubs of a country where businesses thrive on the value of their reputation and financial prowess. It is also a place where the investors are often duped by companies that try to create artificial value for themselves. Junk bonds are a consequence of this trend of many companies, which try to attract value to their bonds through false propaganda and enticing dividends. Similarly, the price of a share of even reputed companies depends on a variety of factors and hence, one cannot expect a steady price for a stock no matter how strong the credibility of the company is. This inherent unpredictability in the stock markets required for some kind of official standardization of the bonds so that investors could be forewarned about the performance and risk factors of a particular bond."
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The Junk Bonds, 2004.
An overview of the increasing phenomena and use of junk bonds.
1,289 words (approx. 5.2 pages), 4 sources, MLA, £ 30.95
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Abstract
This paper examines how junk bonds are a consequence of the growing trend of many companies to attract value to their bonds through false propaganda and enticing dividends. It looks at how, although they carry a definite amount of risk associated with them, if invested wisely and prudently, they can also return profits that will be many time higher that the ?safer? bonds. It also shows how experts believe that stock market crashes and scams, which are often attributed to the junk bonds, are, in fact, due to the investor?s lack of concern for risk in the mad rush to make money.
From the Paper
"The concept of junk bonds becomes relevant when we consider the inherent risk that the share market offers to the customer. According to financial statutes, every bond has what is called as the default risk associated with it. When an issuer of the bond is not able to pay timely dividends to the shareholders, there arises a situation where the company is said to be in default. The bonds that are issued by the US government or federal institutions are said to be relatively free of default risk since the government guarantees it and so the investor can be assured that his money is safe. On the contrary, for the shares of non-federal agencies or private companies, the inherent risk is gauged by what is known as credit ratings, which are issued by independent and competent companies."
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Junk Bonds and LBOs, 2002.
Looks at the origins of Junk bonds and LBOs and their impact on the economy.
1,650 words (approx. 6.6 pages), 7 sources, £ 42.95
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Abstract
The seven-page paper looks at the development of Junk bonds and LBO in the economic sector. It explores it impacts on the economy.
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Leveraged Buyouts, 2000.
The definition, purpose, benefits and drawbacks, debt, funding and the impact on buying target firms.
675 words (approx. 2.7 pages), 4 sources, £ 16.95
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Abstract
The article, "Leveraged Buyouts: Robber Barons of the Eighties," was written in 1989 and takes the point of view that LBOs are potentially inherently evil. In the 1980s, when debt was a four-letter word.
From the Paper
"Leveraged Buyouts
The article, "Leveraged Buyouts: Robber Barons of the Eighties," was written in 1989 and takes the point of view that LBOs are potentially inherently evil. In the 1980s, when debt was a four-letter word. "In simple terms, a leveraged buyout begins when investors, assisted by investment specialists, attempt to buy a given company's stock in total. This is done by borrowing against the assets of the company in question, which is known as leverage" ("Leveraged" 1989 54).
The article in also explains some of the tax ramifications and other elements of the economy that are affected by the LBO, as these are called. The biggest problem that the article points out is that there is connected with LBOs a tremendous debt level.
In a LBO, the..."
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The Junk Bond Market, 1989.
The definition and history of this market segment. An examination of the effects of the 1987 crash and how it affected the Junk Bond Markets' status in 1988 and future outlook.
900 words (approx. 3.6 pages), 7 sources, £ 21.95
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From the Paper
Introduction
"The purpose of this research is to provide an overview of the so-called junk bond market. In this research, the term junk bonds is defined, the history and experience of the market are examined, the effects of the October 1987 market crash on junk bonds is assessed, and the current status and future outlook of the junk bond market are stated.
Junk bonds: a definition
Junk bond is the term used to describe an (1) original issue, (2) high-yield, (3) low-grade, (4) corporate bond (Weinstein, 1987, p. 76). In the context of high- and low-grade, this definition is generally applied so that the lowest ranked bond which would be included in the high-grade classification would be Moody's Baa (p. 76). Junk bonds thus, are generally..."
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Junk Bond Market, 1993.
Provides an overview of market and looks at its function, ratings, returns, relation to economy, interest rates and the rise & fall of Michael Milken & Drexel Burham Lambert.
1,125 words (approx. 4.5 pages), 6 sources, £ 27.95
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From the Paper
"Companies in need of raising capital can do so in two ways: one, they can sell equity to raise cash, or two, they can borrow the funds. If the company chooses to sell equity, it faces possible ownership dilution and a loss of control for its current owners. For this reason, it may be more advantageous for the company to seek borrowed funds. Two common sources of borrowed funds are loans and bonds. Loans are generally administered by banks or similar financial institutions; bonds are issued directly by the company to the bondholders. Because bonds are an important investment option held by pension funds, insurance companies and other institutional investors, the market has established rating systems for evaluating the attractiveness of bonds issued by various companies. Bonds which fall in the lower echelons of this rating system are called "junk" bonds. Such bonds.."
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Bonds, 2005.
An overview of what bonds are, different types of bonds, and their uses in financial markets.
2,541 words (approx. 10.2 pages), 2 sources, MLA, £ 53.95
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Abstract
Bonds are IOUs extended from one entity to another entity as money in exchange for a loan. This paper explains that the three major types of bonds are U.S. government bonds, corporate bonds, and zero coupon bonds. Within these three major categories exist many other, major subcategories. It shows how a secure U.S. Treasury may be appropriate for one kind of investor, while a high-risk, callable corporate bond might be appropriate for another. The writer points out that most investors will seek, ideally, a diverse portfolio among a variety of these different types of securities, with varying levels of risk; a high risk gives an investor a higher yield than a low risk. The paper explains that bonds can be purchased through brokers and are traded in the open market. It concludes that the value of the bond varies according to the interest rate, although in general, government bonds are less risky than corporate bonds.
From the Paper
"According to economist Kevin Heckinger (2002), while the average investor in these MSNBC-happy watching times may feel that he or she knows about the basics of investing in the stock market, many people remain puzzled as to what bonds are and the ins and outs of investing in various forms of fixed income securities. The average investor may have been issued a bond as a present for graduation, or received a bond as a prize in a contest, or gotten a U.S. Savings Bond as a 'reward' or incentive for buying an appliance, perhaps. But the nature of what a bond means, as opposed to a share in a publicly traded company still remains obscure in public parlance."
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Bonds, 2004.
An exploration of different types of bonds and establishment of the right kind of bonds for different investors.
1,569 words (approx. 6.3 pages), 6 sources, MLA, £ 35.95
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Abstract
This paper looks at bonds, a splitting of a very large loan into many easily transferable notes or units. It discusses how each bond is a long-term investment, which also bears an interest and how, after being issued, the bond is sold to the investing public with the result that there are multiple bondholders participating in one loan. Through an analysis of the different types of bonds available, it attempts to advise on the right bond for the right situation.
Outline
Abstract
Introduction
What are Bonds?
Issuance of Bonds
Liquidity of Bonds
U.S. Government Bonds
Municipal Bonds
Corporate Bonds
Zero-Coupon Bonds
Conclusion
From the Paper
"Bonds have never been as attractive to investor as stocks, and in recent years bonds look plain and confusing. Who needs them? And while stocks have averaged 11% annual returns over time, bonds have dropped down to less than 6%. The happened in 1998, when bonds posted an 8.6% total return and stocks took 26.7%. It was the fourth straight year of 20%-plus gains for the S&P 500 index (Morgan Stanley). Well, don't be fooled. Stocks won't always give you such great returns. And it's often the case that when stocks go down, bonds go up, making them an excellent source for diversifying your portfolio. In the third quarter of 1998, the S&P 500 dropped by 11% due to fear of a global economic slowdown."
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Bonds and Shares, 2005.
An overview of the advantages and disadvantages in investing in bonds and shares.
1,308 words (approx. 5.2 pages), 17 sources, MLA, £ 30.95
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Abstract
Investors require a return to compensate for any uncertainty associated with cash flows associated with investment. This paper examines how, in the world of investment, all investors walk the line between greed and fear and how stocks and bonds are suitable investments for most individuals.
Outline
Advantages of Buying Different Types of Bonds
Rate of Return of the Bonds
Risk of Bonds
Interest Rates and Bonds
From the Paper
"Most investors want to earn the highest possible yield and growth rate with the lowest possible risk. But maximum profit and low risk are not compatible attributes. As a bond investor, they must be aware of relationship between the risk and potential reward, or opportunity. Risk in its many forms will determine whether an investment is appropriate or not and will it earn the yield you wanted. The different kinds of bond risk are: (1) interest rate risk, (2) default risk, (3) business risk, (4) marketability risk, (5) inflation risk, and (6) event risk."
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