Ford’s 1919 Management Buyout

           Leveraged buyouts, the acquisition of companies where the purchase price is paid primarily by borrowing, became increasingly common in the 1980s. Very often, existing management teams are invited to participate in a leveraged buyout by the acquirer. Occasionally, it is the management team themselves who initiate the transaction and in this variation the arrangement is

Russia’s Voucher Privatization

           When the Soviet Union collapsed in 1991, the abandonment of socialism in its former republics accelerated. In Russia in particular, industries were privatized at a breakneck pace. At first, this was done by so-called ‘voucher privatization’ where shares were purchased by ordinary people using vouchers distributed to almost all Russian citizens. One might expect such

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