金融工程案例解析(英文版)(參考版)
2025-01-05 03:52本頁面
【正文】 Financial Engineering 返回目錄 1 Cases in Financial Engineering Instructor: Chen Miaoxin Financial Engineering 返回目錄 2 The Case of RJR Nabisco Holding Capital Corporation Financial Engineering 返回目錄 3 Reference: Robert M. Dammon, Kenh B. Dunn. And Chester S. Pratt. 1993. The Relative Pricing of HighYield Debt: The Case of RJR Nabisco Holdings Capital Corporation. the American Economic Review, 83 ( Dec.) Financial Engineering 返回目錄 4 Part One: Background Financial Engineering 返回目錄 5 Background 1 ? The firm known in 1991 as RJR Nabisco was a descendant of the tobacco firm . Reynolds, founded in 1875. ? Through acquisitions in the 1960s, the tobacco firm entered a variety of food businesses. ? After its 1985 merger, the firm was renamed RJR Nabisco. Financial Engineering 返回目錄 6 Background 2 ? In the late 1980s the food products industry experienced massive consolidation through mergers. ? In 1988 two main bidders proposed to take the RJR Nabisco private in a leveraged buyout contest: – The Management Group – Kohlberg, Kravis, Roberts Co. (KKR), a firm specializing in leveraged buyouts Financial Engineering 返回目錄 7 Background 3 ? At the end of a bidding war, KKR prevailed by offering shareholders $81 per share in cash plus a package of bonds valued at $28. ?
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