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Journal Article
Developing small businesses and leveraging resources in Detroit: an informed discussion among financial institutions, policymakers and Other stakeholders in Detroit
In October 2012, the Federal Reserve Bank of Chicago, the Michigan Bankers Association and the New Economy Initiative for Southeast Michigan co-sponsored a symposium in Detroit that brought together business experts, business owners, policymakers, funders and bankers to explore issues around access to small business credit and financing in Detroit. As Alicia Williams, vice president of the Community Development and Policy Studies (CDPS) division, explained in her opening remarks, the symposium was a follow-up to meetings hosted around the country by the Federal Reserve System?s Community ...
Conference Paper
The real and imaginary risks of leveraged buyout lending
Newsletter
Buyouts and bondholders
Working Paper
U.S. corporate leverage: developments in 1987 and 1988
Working Paper
Agency problems in public firms: evidence from corporate jets in leveraged buyouts
This paper uses rich, new data to examine the fleets of corporate jets operated by both publicly traded and privately held firms. In the cross-section, firms owned by private equity funds average jet fleets at least 40 percent smaller than observably similar publicly-traded firms. Similar fleet reductions are observed within firms that go private in leveraged buyouts. I discuss assumptions under which comparisons across and within firms provide estimates of lower and upper bounds on the average treatment effect of taking a firm from public to private in a leveraged buyout. Both censored and ...
Journal Article
LBOs and conflict of interest
A discussion of leveraged buyouts and their dramatic impact on traditional corporate structure and relationships among stockholders, bondholders, and employees.
Journal Article
Banks and high leverage debt
Journal Article
Bank lending to LBO's: risks and supervisory response
An examination of the risks associated with leveraged buyouts and a discussion of the current response of federal bank regulators to the increased participation of banks and bank holding companies in funding LBOs, stressing the need for appropriate internal controls.