By Bryan Burrough, John Helyar
Original 12 months of publication: 1990; 2003 - Microsoft Reader
“One of the best, such a lot compelling debts of what occurred to company the United States and Wall road within the 1980’s.”
—New York occasions ebook Review
A no 1 New York Times bestseller and arguably the easiest company narrative ever written, Barbarians on the Gate is the vintage account of the autumn of RJR Nabisco. an everlasting masterpiece of investigative journalism by means of Bryan Burrough and John Helyar, it incorporates a new afterword by way of the authors that brings this amazing tale of greed and double-dealings modern 20 years after the famed deal. The l. a. Times calls Barbarians on the Gate, “Superlative.” The Chicago Tribune raves, “It’s difficult to visualize a greater story...and it’s tough to visualize a greater account.” And in an period of awesome enterprise crashes and federal bailouts, it nonetheless stands as a useful cautionary story that has to be heeded.
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Extra resources for Barbarians at the Gate: The Fall of RJR Nabisco
Kocagil, A. 1 model, Moody’s KMV. Two academic papers that describe the estimation of a logit scoring model are Shumway, T. 2001, Forecasting bankruptcy more accurately: A simple hazard model, Journal of Business 74, 101–124 and Altman, R. , 2004, How rating agencies achieve rating stability, Journal of Banking and 9 For each variable, run a univariate logit regression in which default is explained by only this variable; the Pseudo-R2 s from these regressions give a good indication on the relative explanatory power of individual variables.
NOTES AND LITERATURE In the econometrics literature, the logit models we looked at are subsumed under the heading of ‘binary response or qualitative response models’. Statisticians, on the other hand, often speak of generalized linear models. , 2003, Econometric Analysis, Prentice Hall. J. , 1997, Fitting regression models to case-control data by maximum likelihood, Biometrika 84, 57–71. , 2000, RiskCalc for private companies. Moody’ default model. , Mikityanskaya, V. , 2000, Moody’s public firm risk model: A hybrid approach to modeling short term default risk.
1 Root-T-rule for scaling standard deviations of return The percentage price change over T periods from t PT P0 R0 T R1 R2 0 to t R3 T can be written as RT where P denotes price and R the simple, gross return. With logarithmic returns r ln(R) we have (recall ln(x y) ln(x) ln(y)) r0 T r1 r2 r3 rT If the returns are independent across periods, the T-period variance is just the sum of the one-period variances Var(r0 T ) Var(r1 ) Var(r2 ) Var(r3 ) If return variances are identical across time, Var(r1 ) Var(rt ), we can then write Var(r0 T ) T Var(r T ) Var(r2 ) Var(r T ) Var(rt ) For the standard deviation of returns, it follows that (r0 T ) T (rt ) This is the root-T-rule.