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ASA ECONOMIC SOCIOLOGY SECTION NEWSLETTER ACCOUNTS Volume 9 Issue 1 Spring 2010
ASA ECONOMIC SOCIOLOGY SECTION NEWSLETTER ACCOUNTS Volume 9 Issue 1 Spring 2010 Section Chair’s Introduction 2009‐10 Editors Jiwook Jung T Kim Pernell Sameer Srivastava The events of the last year and a half, or two if you were watching things Harvard University closely, have led many to question whether the economy operates as most everyone understood it to operate. The Great Recession has undermined many shibboleths of economic theory and challenged the idea that free markets regulate themselves. The notion that investment bankers and titans of industry would never take risks that might put the economy in jeopardy, because they would pay the price for a collapse, now seems Inside this Issue quaint. They did take such risks, and few of them have paid any kind of price. The CEOs of the leading automakers were chided for using private Markets on Trial: Progress and jets to fly to Washington to testify before Congress, and felt obliged to Prognosis for Economic Sociology’s Response to the Financial Crisis— make their next trips in their own products, but the heads of the investment Report on a Fall 2009 Symposium banks that led us down the road to perdition received healthy bonuses this by Adam Goldstein, UC Berkeley year, as they did last year. The Dollar Standard and the Global ProductionI System: The In this issue of Accounts, the editors chose to highlight challenges to Institutional Origins of the Global conventional economic wisdom. First, we have a first-person account, Financial Crisis by Bai Gao, Duke from UC-Berkeley doctoral candidate Adam Goldstein, of a fall Kellogg Book Summary and Interview: School (Northwestern) symposium titled Markets on Trial: Sociology’s David Stark’s The Sense of Response to the Financial Crisis. -
'Barbarians at the Gate'
Tuesday 27 July 2010 ‘Barbarians at the gate’ DH News Service Proposed changes in the takeover code may make Indian companies open to hostile acquisitions, but modifications were much needed writes, Dilip Maitra In 1990, when the giant private equity fund KKR (Kohlberg Kravis Roberts & Co) raided and acquired the American biscuit company RJR Nabisco Corp in a $25 billion leveraged buyout (LBO), the tussle between RJR and KKR was documented in an aptly titled book ‘Barbarians At The Gate’ written by financial journalist Bryan Burrough. Now in India we may soon come across situations where many corporate chiefs will complain about ‘Barbarians’ at their gates because India’s merger and acquisition (M&A) rules are all set for a complete makeover from April 2011. The rules will become simpler, more transparent and free from many roadblocks that now come in the way of M&A. The M&A activities in our country are regulated by the Takeover Code laid out by the capital market regulator Securities and Exchange Board of India (Sebi ). To overhaul the 15-year old takeover rules, last week a Sebi- appointed committee, Takeover Regulations Advisory Committee, headed by C Achuthan, proposed sweeping changes in many important issues like open offer trigger, offer size, pricing norms, non-compete fees, etc. Changes proposed by the Achuthan committee are now open for public debate and, if accepted, will become the new Takeover Code from the next financial year. The real threat In a major change, the Achuthan committee suggested that the trigger point for a mandatory open offer should be raised to 25 per cent of the equity capital. -
The Future of Money: from Financial Crisis to Public Resource
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Mellor, Mary Book — Published Version The future of money: From financial crisis to public resource Provided in Cooperation with: Pluto Press Suggested Citation: Mellor, Mary (2010) : The future of money: From financial crisis to public resource, ISBN 978-1-84964-450-1, Pluto Press, London, http://library.oapen.org/handle/20.500.12657/30777 This Version is available at: http://hdl.handle.net/10419/182430 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further -
Activist Distressed Debtholders: the New Barbarians at the Gate?
Washington University Law Review Volume 89 Issue 1 2011 Activist Distressed Debtholders: The New Barbarians at the Gate? Michelle M. Harner University of Maryland Follow this and additional works at: https://openscholarship.wustl.edu/law_lawreview Part of the Law Commons Recommended Citation Michelle M. Harner, Activist Distressed Debtholders: The New Barbarians at the Gate?, 89 WASH. U. L. REV. 155 (2011). Available at: https://openscholarship.wustl.edu/law_lawreview/vol89/iss1/4 This Article is brought to you for free and open access by the Law School at Washington University Open Scholarship. It has been accepted for inclusion in Washington University Law Review by an authorized administrator of Washington University Open Scholarship. For more information, please contact [email protected]. ACTIVIST DISTRESSED DEBTHOLDERS: THE NEW BARBARIANS AT THE GATE? MICHELLE M. HARNER ABSTRACT The term “corporate raiders” previously struck fear in the hearts of corporate boards and management teams. It generally refers to investors who target undervalued, cash-flush or mismanaged companies and initiate a hostile takeover of the company. Corporate raiders earned their name in part because of their focus on value extraction, which could entail dismantling a company and selling off its crown jewels. Today, the term often conjures up images of Michael Milken, Henry Kravis, or the movie character Gordon Gekko, but the alleged threat posed to companies by corporate raiders is less prevalent—at least with respect to the traditional use of equity to facilitate a hostile takeover. The growing use of debt rather than equity to cause a change of control at target companies raises new concerns for corporate boards and management teams and new policy considerations for commentators and legislators. -
Walpole Public Library DVD List A
Walpole Public Library DVD List [Items purchased to present*] Last updated: 9/17/2021 INDEX Note: List does not reflect items lost or removed from collection A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Nonfiction A A A place in the sun AAL Aaltra AAR Aardvark The best of Bud Abbot and Lou Costello : the Franchise Collection, ABB V.1 vol.1 The best of Bud Abbot and Lou Costello : the Franchise Collection, ABB V.2 vol.2 The best of Bud Abbot and Lou Costello : the Franchise Collection, ABB V.3 vol.3 The best of Bud Abbot and Lou Costello : the Franchise Collection, ABB V.4 vol.4 ABE Aberdeen ABO About a boy ABO About Elly ABO About Schmidt ABO About time ABO Above the rim ABR Abraham Lincoln vampire hunter ABS Absolutely anything ABS Absolutely fabulous : the movie ACC Acceptable risk ACC Accepted ACC Accountant, The ACC SER. Accused : series 1 & 2 1 & 2 ACE Ace in the hole ACE Ace Ventura pet detective ACR Across the universe ACT Act of valor ACT Acts of vengeance ADA Adam's apples ADA Adams chronicles, The ADA Adam ADA Adam’s Rib ADA Adaptation ADA Ad Astra ADJ Adjustment Bureau, The *does not reflect missing materials or those being mended Walpole Public Library DVD List [Items purchased to present*] ADM Admission ADO Adopt a highway ADR Adrift ADU Adult world ADV Adventure of Sherlock Holmes’ smarter brother, The ADV The adventures of Baron Munchausen ADV Adverse AEO Aeon Flux AFF SEAS.1 Affair, The : season 1 AFF SEAS.2 Affair, The : season 2 AFF SEAS.3 Affair, The : season 3 AFF SEAS.4 Affair, The : season 4 AFF SEAS.5 Affair, -
Video Resources Feature Films Boiler Room
Video Resources Feature Films Boiler Room. New Line Cinema, 2000.A college dropout, attempting to win back his father's high standards he gets a job as a broker for a suburban investment firm, which puts him on the fast track to success, but the job might not be as legitimate as it once appeared to be. Margin Call. Before the Door Pictures, 2011. Follows the key people at an investment bank, over a 24- hour period, during the early stages of the 2008 financial crisis. The Wolf of Wall Street. Universal Pictures, 2013. Based on the true story of Jordan Belfort, from his rise to a wealthy stock-broker living the high life to his fall involving crime, corruption and the federal government. The Big Short. Paramount Pictures,2015. In 2006-7 a group of investors bet against the US mortgage market. In their research they discover how flawed and corrupt the market is. The Last Days of Lehman Brothers. British Broadcasting Corporation, 2009. After six months' turmoil in the world's financial markets, Lehman Brothers was on life support and the government was about to pull the plug. Documentaries Enron: The Smartest Guys in the Room. Jigsaw Productions, 2005. A documentary about the Enron Corporation, its faulty and corrupt business practices, and how they led to its fall. Inside Job. Sony Pictures Classics, 2010. Takes a closer look at what brought about the 2008 financial meltdown. Too Big to Fail. HBO Films, 2011. Chronicles the financial meltdown of 2008 and centers on Treasury Secretary Henry Paulson. Money for Nothing: Inside the Federal Reserve. -
Corporate Governance: Barbarian’S at the Gate, Again
Corporate Governance: Barbarian’s at the Gate, again. By Paul A Zaman MBA, MSC Paul Zaman shares insights on the dynamics financial media, these deals are called LBOs, 'leveraged & role of private equity in the capital markets. buy-outs'. In the 1980’s these private equity groups raised money buy issuing corporate bonds, known as junk bonds due to the high risk with the high interest rates paid from the The most influential business event of all target companies cash flow. Hence the best targets were times - Barbarians at the Gate - is the those companies that had strong cash flow, often in retail or definitive account of the largest takeover in defence sectors. All was well until it became too big, too Wall Street history. Perhaps history is fast, too secret, and the fees too greedy. The loans involved became gigantic, as large as some nations' deficits. They're repeating with the current corporate activity. different from the publicly listed companies in that they don't have to give out very much information about their activities. One of the merits of a company becoming listed, that is a A global game started of pass-the-junk bond-parcel that had public company, is that it strengthens its corporate the debtors, investors, and regulators spinning in the 1980s. governance and as a result improves the creation of long- A junk bond is any corporate bond issued by a company term shareholder value. In the late 1980s and continuing that does not have an investment grade credit rating of BBB today the thrust has been for entrepreneurs to grow their or above. -
“Going Private” and Other Changes of Corporate Control
THE ANTITRUST IMPLICATIONS OF “GOING PRIVATE” AND OTHER CHANGES OF CORPORATE CONTROL Thomas A. Piraino, Jr.* Abstract: Public shareholders likely have suffered billions of dollars in losses in recent years as a result of collusion among potential purchasers in change-of-control transactions. Unfortunately, the federal courts have been unable to devise an appropriate antitrust approach to collusion in change-of-control transactions. This article proposes a new approach to the antitrust regulation of the market for the control of public and pri- vate companies. Collusion among purchasers in that market has occurred in nearly every American industry. The proposed approach will effectively deter the three types of anticompetitive conduct most likely to occur in these circumstances: (1) express agreements to allocate bids among po- tential purchasers, (2) implicit bid rigging by potential purchasers, and (3) consortiums among potential purchasers to submit single bids in company auctions. This Article illustrates the advantages of the proposed approach by applying it to “going private” transactions, which in recent years have become the most popular—and the most controversial—of all types of acquisitions. Introduction A. Collusion in Change-of-Control Transactions The potential for collusion in corporate change-of-control transac- tions poses one of the greatest antitrust challenges of our time. During the last few years, shareholders likely have suffered billions of dollars in losses as a result of agreements among potential purchasers to limit bid- ding for the purchase of control of American companies.1 Collusion among purchasers has occurred in the market for control of both public and private entities and has involved companies in nearly every Ameri- * Vice President, General Counsel, and Secretary, Parker Hannifin Corporation, Cleveland, Ohio; J.D., Cornell Law School, 1974; B.A., Allegheny College, 1971; Distin- guished Adjunct Lecturer, Case Western Reserve University School of Law. -
UC Riverside Electronic Theses and Dissertations
UC Riverside UC Riverside Electronic Theses and Dissertations Title Playing Along Infinite Rivers: Alternative Readings of a Malay State Permalink https://escholarship.org/uc/item/70c383r7 Author Syed Abu Bakar, Syed Husni Bin Publication Date 2015 Peer reviewed|Thesis/dissertation eScholarship.org Powered by the California Digital Library University of California UNIVERSITY OF CALIFORNIA RIVERSIDE Playing Along Infinite Rivers: Alternative Readings of a Malay State A Dissertation submitted in partial satisfaction of the requirements for the degree of Doctor of Philosophy in Comparative Literature by Syed Husni Bin Syed Abu Bakar August 2015 Dissertation Committee: Dr. Hendrik Maier, Chairperson Dr. Mariam Lam Dr. Tamara Ho Copyright by Syed Husni Bin Syed Abu Bakar 2015 The Dissertation of Syed Husni Bin Syed Abu Bakar is approved: ____________________________________________________ ____________________________________________________ ____________________________________________________ Committee Chairperson University of California, Riverside Acknowledgements There have been many kind souls along the way that helped, suggested, and recommended, taught and guided me along the way. I first embarked on my research on Malay literature, history and Southeast Asian studies not knowing what to focus on, given the enormous corpus of available literature on the region. Two years into my graduate studies, my graduate advisor, a dear friend and conversation partner, an expert on hikayats, Hendrik Maier brought Misa Melayu, one of the lesser read hikayat to my attention, suggesting that I read it, and write about it. If it was not for his recommendation, this dissertation would not have been written, and for that, and countless other reasons, I thank him kindly. I would like to thank the rest of my graduate committee, and fellow Southeast Asianists Mariam Lam and Tamara Ho, whose friendship, advice, support and guidance have been indispensable. -
BURROUGH Would Say That We Hadn’T Already Said in Our Journal Stories,” Says Burrough
for The Wall Street Journal. When the two of them began pitching a book on the RJR Nabisco saga, “every publisher wanted to know what the book BURROUGH would say that we hadn’t already said in our Journal stories,” says Burrough. Only one publisher, Harper Collins, offered the two a contract, for $150,000. Minus their agent’s on “BARBARIANS” cut and distributed in installments split between the authors, that amount was just enough to allow Author bryan burrough discusses how his Burrough and Helyar to take some time off from and John Helyar’s masterpiece on the RJR Nabisco The Wall Street Journal. takeover changed the way deals are done Burrough, 27 at the time, had been covering Wall Street for only four months, “and I only wrote for t the barnes & noble bookstore on the Wall Street Journal because it was the best job New York’s Fifth Avenue, thousands I got offered out of college, not because I had any of titles cram the shelves of business interest in business. My interest was much more in books, suggesting that it won’t be easy true crime.” A to find a 28-year-old tome about an Neither Burrough nor Helyar had ever written a ’80s-era takeover. Does Barnes & Noble even carry book. “We started working on it on January 2nd and Barbarians at the Gate any longer? we turned it in over Labor Day. For those months, The title clearly rings a bell with the young man it was a seven-day-a-week, 16-hour-days thing. -
Remembering the Grandfather of Private Equity in an Era of 'Barbarians at the Gate'
Remembering the grandfather of private equity in an era of 'Barbarians at the Gate' ! Jonathan Marino Aug. 3, 2015, 9:53 AM Business Insider ! Jerome Kohlberg will be remembered as a conservative mind in one of Wall Street's gaudiest eras. Henny Ray Abrams/AP Jerome Kohlberg was a gentleman in an age of 'Barbarians at the Gate.' The founder of private equity firm Kohlberg Kravis Roberts & Co died on Thursday at his home in Martha's Vineyard, Massachusetts. The death of the man who founded private equity giant KKR should serve as an opportunity for reflection at how much the business has changed in the fifty or so years since he pioneered the private equity investment model. Kohlberg's mentality as a private equity investor was based in the tried-and-true operational improvement strategy. He wasn't a fan of financial engineering and he shunned mega-deals. He put rates of return for his investors ahead of the size of his firm. "Jerry was a real visionary, having played an important role in developing the private equity model in the 1960's, and he was a true mentor to George Roberts and me," KKR co-founder Henry Kravis said in a statement provided to Business Insider. "Subsequently, he became an important factor in launching KKR, the first private equity firm, with George and me." The firm was relatively insignificant when it first started out. KKR's first fund was $31 million, a paltry sum by today's standards. The returns however were incredible in the early years. KKR returned 22.5% on its 1980 fund, and nearly 40% on its 1982 fund. -
Video Lending Library to Request a Program, Please Call the RLS Hotline at (617) 300-3900 Or Email Ralph Lowell [email protected]
Video Lending Library To request a program, please call the RLS Hotline at (617) 300-3900 or email [email protected]. Can't find what you're looking for? Contact us to check availability for any WGBH program. TITLE YEAR SUB-CATEGORY TYPE 9/11 Inside the Pentagon 2016 General DVD 10 Buildings that Changed America 2013 General DVD 1421: The Year China Discovered America? 2004 General DVD 15 Years of Terror 2016 Nova DVD 16 or ’16: The Contenders 2016 General DVD 180 Days: A Year inside the American High School 2013 General DVD 180 Days: Hartsville 2015 General DVD 20 Sports Stories 2016 General DVD 3 Keys to Heart Health Lori Moscas 2011 General DVD 39 Steps 2010 Masterpiece Theatre DVD 3D Spies of WWII 2012 Nova DVD 7 Minutes of Magic 2010 General DVD A Ballerina’s Tale 2015 General DVD A Certain Justice 2003 Masterpiece Mystery! DVD A Chef’s Life, Season One 2014 General DVD A Chef’s Life, Season Two 2014 General DVD A Chef’s Life, Season Three 2015 General DVD A Chef’s Life, Season Four 2016 General DVD A Class Apart 2009 American Experience DVD A Conversation with Henry Louis Gates 2010 General DVD A Danger's Life N/A General DVD A Daring Flight 2005 Nova DVD A Few Good Pie Places 2015 General DVD A Few Great Bakeries 2015 General DVD A Girl's Life 2010 General DVD A House Divided 2001 American Experience DVD A Life Apart 2012 General DVD A Lover's Quarrel With the World 2012 General DVD A Man, A Plan, A Canal, Panama 2004 Nova DVD A Moveable Feast 2009 General DVD A Murder of Crows 2010 Nature DVD A Path Appears 2015 General