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The Governance Revolution by Deborah Midanek

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Chapter 12 The Rise of Leveraged Buyouts, High Yield Bonds, and Private Equity Investment

Before we can move forward to actually defining and executing the job of the corporate board and its members, we need to explore several more critically important developments in the capital markets: the developments in the market for corporate control, both byproducts of inflation just as securitization was. Specifically, we look at the intertwined development of leveraged buyouts, the high yield bond market and hostile takeovers, as well as the now respectable private equity market and the development of hedge funds, including their aggressive activism.

Why do we dwell on these? Because unless board members have grown up in the dynamic capital markets, ...

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