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Beyond Junk BondsExpanding High Yield Markets$
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Glenn Yago and Susanne Trimbath

Print publication date: 2003

Print ISBN-13: 9780195149234

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0195149238.001.0001

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The 1980s Users' Performance in the 1990s

The 1980s Users' Performance in the 1990s

(p.137) 9 The 1980s Users' Performance in the 1990s
Beyond Junk Bonds

Glenn Yago (Contributor Webpage)

Susanne Trimbath

Oxford University Press

Case studies are presented of five high‐yield US companies and the strategies they have pursued to maximize the value of their assets, labor force, products and markets. The examples show how businesses have responded to the pressures of economic change by modifying their strategies, adopting new technologies, and changing their supply chains and distribution channels; they also show how high‐yield issuers have responded to increasing competition in both domestic and international markets. A common story appears to repeat itself throughout the case studies: in utilizing the high‐yield market, companies not only went beyond traditional sources of capital but also created functions that went beyond traditional industrial categories. The companies are placed in the historical context of their foundations to give a sense of their place in their industries and in the economy as a whole, and these histories show that innovation was not new to any of them; they are Stone Container, McCaw Cellular, Viacom Incorporated, the Chrysler Corporation, and Medco Containment Services. The last part of the chapter discusses the use of high‐yield bond financing to improve efficiency by mergers and acquisitions.

Keywords:   acquisitions, case studies, Chrysler Corporation, companies, corporate finance, corporate strategy, economic change, efficiency, high‐yield bonds, high‐yield markets, high‐yield securities, McCaw Cellular, Medco Containment Services, mergers, Stone Container, strategy, USA, Viacom Incorporated

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