Since financial myths exploded in the 1980s, the perspective of time creates a unique opportunity to update and expand the analysis begun in Glenn Yago's 1991 book, Junk Bonds: How High Yield Securities Restructured Corporate America (Oxford University Press). At the time of its publication, Junk Bonds drew controversial responses from the Federal Reserve and government agencies. In retrospect, the evidence clearly casts favorable light on the role of high yield securities. The research presented here demonstrates how financial innovations enabled capital access for industrial restructuring, capital and labor productivity gains, and improved global competitiveness. Enough time has now passed to allow this dispassionate empirical analysis to shear away the hype and hysteria that surrounded the Wall Street scandals, Washington controversies, and media frenzy of the time. Beyond Junk Bonds provides a one-stop data, reference and case study presentation of the firms and securities in the contemporary high yield market and the financial innovations that spurred growth in the nineties and will continue to finance the future. The high yield market incubated successive waves of financial technologies that now proliferate beyond junk bonds to all the dimensions and dynamics of global debt and equity capital markets. It charts the recovery of the market in the 1990s, the recent wave of fallen angels, distressed credits and defaults, and suggests how the high yield market will be recreated in the global market of the 21st century. It explicates the linkages between the high yield market, and other credit and equity markets in managing a firm's capital structure to execute its business strategy. The weakening of the U. S. economy in 2001 and the huge shock to Wall Street from the terrorist attacks of September 11 witnessed a historic increase in the yield to maturity of high yield bonds. Despite the volatility in the flow of funds to high yield mutual funds and occasionally sharp increases in non-investment grade debt yields, the asset class has been one of the best performing fixed income investments of the past decades. In fact, high yield bonds offer an attractive risk-reward ratio competitive with more traditional asset classes. Anyone active in corporate finance, financial institutions and capital markets will find this book a must read for interpreting and understanding the recent history both of the high yield marketplace and its interaction with private equity, public equity, and fixed income markets.

Beyond Junk Bonds: Expanding High Yield Markets

Business & Money

Yago, Glenn

Trimbath, Susanne

Economics

Oxford University Press

Mergers And Efficiency: Changes Across Time focuses on one aspect of the corporate finance revolution that restructured Corporate America and led to the longest expansion in U.S. history - changes in rates of merger efficiency. Demystifying this most controversial and dynamic period of U.S. economic history is key to understanding the business, financial and economic innovations that defined the last two decades of the 20th century. In addition, it is important to create a careful empirical understanding of the conditions under which merger activity increased or decreased firm efficiency, industrial productivity, and overall improvements in aggregate output and economic performance.

Mergers and Efficiency: Changes Across Time (The Milken Institute Series on Financial Innovation and Economic Growth, 3)

Springer

Lessons Not Learned: 10 Steps to Stable Financial Markets

''In a time of mind-boggling complexity in financial regulation - too complex, according to Ben Bernanke, for the Federal Reserve System to understand its impact - Lessons Not Learned is a refreshing call to return to a simpler, more basic approach. Susanne Trimbath emphasizes that the failure to implement regulations, a key factor in the crisis of 2008, remains the system's Achilles heel. This book features a refreshing combination of research grounding and pragmatic experience. A must read for taxpayers and their representatives!'' -- Jerry Caprio, (currently) Williams College, (formerly - 1988-2005) World Bank, Director, Operations and Policy Department, Financial Sector Vice Presidency *** Much has been written and spoken about the lessons learned from the financial crisis of 2009. This book lists the lessons not learned before the financial crisis. It demonstrates that the theoretical and intellectual frameworks for regulating financial systems that had been available since at least 2001 could have prevented the systemic failure in the United States that led to the collapse of global credit markets in 2007-2009. Step-by-step, the book will guide readers through what can be done right now, and/or what could have been done before 2008 or the Dodd-Frank Act. The book concludes with a key idea for how to make financial service businesses stand out from the crowd and be successful in the coming decades. The list of '10 Steps' is quite straight-forward and simple: ** Have private, independent rating agencies. ** Provide some government safety net, but not so much that banks are not held accountable ("Too Big to Fail"). ** Allow very little government ownership and control of national financial assets. ** Allow banks to reduce the volatility of returns by offering a wide-range of services. ** Require financial market players to register and be authorized. ** Provide information, including setting standards, to enhance market transparency. ** Routinely examine financial institutions to ensure that the regulatory code is obeyed. ** Enforce the code and discipline transgressors. ** Develop policies that keep the regulatory code up-to-date. ** Encourage the creation of specialized financial institutions. For each step, the reader will find legislative/regulatory background on the existing rules, plus what academic work is available on the theory. The book also includes facts showing where they were not implemented/enforced in the US (with examples of countries that did get it right), where applicable, and data supporting the connection between the steps and the events of 2008. *** Librarians: ebook available *** "A truly impressive and articulate analysis, 'Lessons Not Learned: 10 Steps to Stable Financial Markets' should be a part of every community, governmental, corporate, NGO, college, and university Contemporary Economics reference collection and supplemental studies reading list." -- Midwest Book Review, MBR Bookwatch: February 2016, Helen's Bookshelf [Subject: Economics, Finance]

Spiramus Press

<div>Rigged financial markets and hopeless under-regulation on Wall Street are not new problems. In this book, Susanne Trimbath gives a sobering account of naked short selling, the failure to settle, and her efforts over decades to get this fixed. Twenty-five years ago, Trimbath was working "backstage at Wall Street" when a group of corporate trust specialists told her about a problem in shareholder voting rights. When she went to senior management at Depository Trust Company (DTC), they brushed it off saying, "You can't balance the world." Ten years later, a lawyer from Texas would tell her that the same problem was about to blow up the financial markets: Wall Street brokers are using short sales and fails to deliver to grab the assets of American entrepreneurs. This is a cautionary tale. What started as a regulatory failure turned into a regulatory crisis. Global financial markets may not survive what comes next. </div>

Naked, Short and Greedy: Wall Street's Failure to Deliver

Business Culture

This as-it-happened review of the causes, consequences, and repercussions of the 2008 Global Financial Crisis is more than a history lesson - it's a look into the future. These essays by Dr Susanne Trimbath, were first published between 2008 and 2015 on newgeography.com. They have been edited to be read as a free-standing publication, grouped together into the following chapters: <ul> <li>Bailouts</li> <li>Congressional Hearings and Legislation</li> <li>Homeowners and Mortgages</li> <li>Federal Reserve and Treasury Actions</li> <li>Bank/Broker Behavior</li> <li>Systemic Issues</li> <li>Public Reaction</li> </ul> The hardback is a limited edition of 100 copies, signed by the author. Every copy sold will include a US$5 donation to the Diane Fossey Foundation&nbsp;

A Decade of Armageddon: New Geography Essays

See the best price to sell, buy, or rent books by Trimbath, Susanne. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Books by Trimbath, Susanne

See the best price to sell, buy, or rent books by Trimbath, Susanne. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Beyond Junk Bonds: Expanding High Yield Markets

Mergers and Efficiency: Changes Across Time (The Milken Institute Series on Financial Innovation and Economic Growth, 3)

Lessons Not Learned: 10 Steps to Stable Financial Markets

Lessons Not Learned: 10 Steps to Stable Financial Markets

Naked, Short and Greedy: Wall Street's Failure to Deliver

A Decade of Armageddon: New Geography Essays