This is a study of the high yield bond market, popularly called junk bonds. The author has studied how companies that use junk bond financing compare in economic performance with their industry averages. This book shows that the performance of these companies was superior in the vast majority of cases.

"Yago makes an important and controversial assertion"--Booklist "Three hearty, full-throated cheers for Glenn Yago's book an research. He dispassionately makes a strong case for the passion-drenched junk bonds. I've long believed that high-yield securities were the single most important stimulus to American economic restructuring in the '80s; Yago provides a masterly analysis in defense of such a view."--Tom Peters "Glenn Yago's Junk Bonds is a clear and insightful view of the revolution that has struck corporate America in the 1980s. The author is an academic with his feet planted firmly in the real world."--T. Boone Pickens, Jr. "Glenn Yago has masterfully dissolved the misconceptions and delusions regarding the use of junk financings. Junk Bonds is a coll, well-documented rejoinder to those whose indignation is not matched by their knowledge, and the best source for readers wanting to know just what all the fuss has been about."--Robert Sobel, Hofstra University

A resounding defense of the much-maligned junk bond Argues that junk bonds offer an important source of financing for mid-sized companies Shows that plants involved in takeovers were less likely to close than non-acquired plants

Glenn Yago is Director of the Economic Research Bureau and Associate Professor of Management at the State University of New York at Stony Brook. He has testified before federal and state committees and his articles have appeared in The New York Times, The Wall Street Journal, and many other publications. He is also a director and principal in both a start-up and a turnaround company.

A resounding defense of the much-maligned junk bond Argues that junk bonds offer an important source of financing for mid-sized companies Shows that plants involved in takeovers were less likely to close than non-acquired plants