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Junk Bonds: How High Yield Securities Restructured Corporate America
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..
Price: $31.11
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Gender and the Restructured University: Changing Management and Culture in Higher Education
Gender and the Restructured University explores the impact of globalization and organizational change on academic institutions and their staff. It considers the restructuring of universities as part of a broader process of reconstructing academic identities for the global knowledge economy. It considers the corporatization of academic life and its particular implications for academic women. Finally, it looks closely at how women managers now handle the management of change within their own institutions against the backdrop of the past decade's globalization and restructuring of academia..
Price: $47.24
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Operation of Restructured Power Systems (The Kluwer International Series in Engineering and Computer Science, Volume 621) (Power Electronics and Power Systems)
The book provides an in depth coverage of power system operation in the deregulated electricity market environment Basic principles of power system operation and economics have been discussed with an emphasis on recent research in the area. Other features include coverage of a wide spectrum of issues such as: - Role of the ISO in pool type vis-à-vis the bilateral markets;
- Generation scheduling in deregulation
- Transmission pricing;
- Congestion management;
- Ancillary services management;
- Reliability in deregulated power systems;
- Voltage dips and other power quality issues.
A highlight of the book is the extensive coverage and country specific information provided on various operational aspects of restructured power systems worldwide. Operation of Restructured Power Systems presents a discussion of restructured electricity markets that have been established in various degrees and forms in many countries. This book comes at a time when the deregulation process is poised to undergo further rapid advancements. It is envisaged that the reader will benefit by way of an enhanced understanding of power system operations in the conventional vertically integrated environment vis-à-vis the deregulated environment..
Price: $110.99
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European Agreement Concerning the International Carriage of Dangerous Goods by Road: Restructured ADR - Applicable as from 1 January 2005
This Agreement is intended to increase the safety of international transport of dangerous goods by road. It contains the conditions under which dangerous goods, when authorized for transport, may be carried internationally. This version has been prepared on the basis of amendments which are expected to enter into force on 1 January 2005 after acceptance by Contracting Parties. It contains in particular new provisions concerning transport of dangerous goods security..
Price: $135.00
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Working in Restructured Workplaces: Challenges and New Directions for the Sociology of Work
What are the contemporary trends in workplace restructuring and the sociological impact on workersâ lives? Around what concepts will work be organized and groups and individuals motivated in their work into the new century? To give you definition and answers to these contemporary questions, the editors of the sociological quarterly, Work and Occupations, assembled Working in Restructured Workplaces. It addresses contradictory influences in contemporary workplace restructuring, its impact on workersâ lives, and the direction and nature of future changes in the workplace. This authentic collection of sociological thought and research consists of previous works in Work and Occupations and some commissioned specifically for this book to focus on the nature, causes, and consequences of workplace restructuring. The editors introduce a new concept of "workplace restructuring" to broaden your perspective and then assess implications for workers and their lives. The chapters address four major themes: - Reconfiguring workplace status hierarchies
- Casualization of employment relationships
- Restructuring and worker marginalization
- Comparative labor responses to global restructuring
The last two chapters chart new research agendas on the boundaries and durability of workplace restructuring. .
Price: $10.00
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Applied Mathematics for Restructured Electric Power Systems: Optimization, Control, and Computational Intelligence (Power Electronics and Power Systems)
Applied Mathematics for Restructured Electric Power Systems: Optimization, Control, and Computational Intelligence consists of chapters based on work presented at a National Science Foundation workshop organized in November 2003. The theme of the workshop was the use of applied mathematics to solve challenging power system problems. The areas included control, optimization, and computational intelligence. In addition to the introductory chapter, this book includes 12 chapters written by renowned experts in their respected fields. Each chapter follows a three-part format: (1) a description of an important power system problem or problems, (2) the current practice and/or particular research approaches, and (3) future research directions. Collectively, the technical areas discussed are voltage and oscillatory stability, power system security margins, hierarchical and decentralized control, stability monitoring, embedded optimization, neural network control with adaptive critic architecture, control tuning using genetic algorithms, and load forecasting and component prediction. This volume is intended for power systems researchers and professionals charged with solving electric and power system problems. .
Price: $116.97
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Review of the U.S. Army Corps of Engineers Restructured Upper Mississippi River-Illinois Waterway Feasibility Study: Second Report
For the past few years, the Corps has been working on what is known as the Restructured Upper Mississippi River-Illinois Waterway Feasibility Study, the heart of which is a multibillion-dollar proposal to double the length of up to a dozen locks on the river. The Research Council first reviewed the feasibility study in 2001 during controversies over the accuracy of models being used by the Corps to justify lock expansion based on increased demand for barge transportation. More than 100 million tons of cargo--half of it grain destined for international markets, the other half goods such as construction materials, coal, and chemicals--are shipped along the navigation system each year. The locks, which along with dams allow barges to traverse uneven river depths, were originally designed for "tows" of barges up to 600 feet long, but the length of a typical tow has increased, forcing the Corps to look for ways to relieve congestion. The book finds the U.S. Army Corps of Engineers has made good progress in broadening its proposed plan for navigation improvements on the Upper Mississippi River-Illinois Waterway system to give greater consideration to ecological restoration. However, the plan still does not provide sufficient economic justification for expanding locks on the rivers because of flaws in the models the Corps used to predict demand for barge transportation. Little attention is paid to inexpensive, nonstructural navigation improvements that could help better manage existing levels of barge traffic. The revised plan has been usefully expanded to include many creative and potentially useful ecosystem restoration measures. These measures, however, should be more firmly grounded in river science principles and more broadly consider ways the river's ecology might affect or be affected by navigation, recreation and other uses..
Price: $18.00
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