Junk bonds, buyouts and bankruptcies
Article Abstract:
The business communities in the US and in the UK are undergoing a very difficult period. In the US, the insider trading and security fraud scandals that led to the conviction of renowned financial experts, including Michael Milken of Drexel Burnham Lambert and arbitrageur Ivan Boesky, had significant business and legal consequences. The junk bond market collapsed, as did the savings and loan associations which invested heavily in junk bonds. Takeovers slowed down because corporate raiders lost a valuable means for raising capital when the market fell. The outlook for business is just as grim in the UK. Receiverships in the region have increased by 124% within the first half of 1990 while bankruptcies in England and Wales have already reached 11,600 within the same period. Scotland's businesses fared better, experiencing a modest 13% rise in receiverships.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1990
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What price fine art market?
Article Abstract:
The fine art market boomed in the 1980s. On an index using a base of 100 for 1980, the price of Impressionist paintings sold at Sotheby's climbed to 2,450 by 1990. Sotheby CEO Michael Ainslie believes that the market will experience a price slowdown or pause, but Christie's managing director Christopher Davidge, while conceding that prices have plateaued, believes that the market in 20th Century and contemporary artists will heat up. The buyers of fine art reflect old and new money, and the market is attracting more buyers than at any time since the 1920s. Japanese collectors increasingly are prominent in the market. Trends in the market include the bidding of Europeans for minor works of their countrymen, an increase in agent trading, and the quick return to market of major works.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1990
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Green paper blues
Article Abstract:
The recent Green Paper proposals on reform of the English and Welsh legal profession suggest major changes in the organization of the profession and the responsibilities and powers of barristers and solicitors. The most controversial proposals discuss: the potential loss of barristers' exclusive right to audience in the higher and lower courts; the potential creation of multi-disciplinary practices; and the potential loss of the conveyancing monopoly. Accountants should be concerned about the Green Paper proposals because they call into question how long the professional independence of accountants will be maintained.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1989
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