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The New Financial Capitalists

Опубликовано на портале: 18-01-2003
Cambridge: Cambridge University Press, 1999
Kohlberg Kravis Robertss approach to leveraged buyouts was an important aspect of the corporate restructuring and governance reforms in the American economy from the mid-1970s through 1990. During that period, KKR crafted a series of progressively more elaborate deals tailored to specific companies and market conditions. Through its creative debt financing and its relationships with an evolving cast of investors, companies, and managers, KKR drove the scale and scope of the buyout phenomenon to unprecedented highs. This book examines KKRs record in detail. Based upon interviews with partners of the firm and on unprecedented access to KKRs records, George Baker and George Smith have written a balanced and enlightening account of how KKR has approached LBOs. This book focuses on KKRs founding, evolution, and innovations as ways to understand issues in modern American business. In examining KKR as a unique form of enterprise - one that subscribes to a set of alternative perspectives on business and value creation - the book bridges the gap between public perception and academic knowledge of the leveraged buyout, a crucial phenomenon of modern economic life.

The New Financial Capitalists

Introduction
1. Context and overview
2. Recasting the role of debt: creative leverage and buyout financing
3. LBO governance and value creation
4. When risk becomes real: managing buyouts in distress
5. KKR as an institutional form: structure, function and character

Conclusion