The problems that plagued the thrift industry during the 1980s were primarily due to greater macroeconomic uncertainty and to inconsistent public policies. The slow regulatory response to the industry's problems was largely the result of the regulator's unwillingness to face up to the...

A comprehensive empirical examination of a relatively new form of leverage-increasing transaction known as a leveraged recapitalization (LR) is presented. Although similar to a leveraged buyout, the LR differs from LBOs in that the firm remains public instead of going private. We find...