When a private equity firm takes a public firm private by purchasing all of its common stock with leverage loans. The private equity firm then makes changes to the company, in effect "dressing up" the company, with an eye toward bringing it public again via an initial public offering (IPO). Repackaging is a very common and popular route taken by private equity firms. For instance, there were 77 IPOs brought to the market by private equity buyout firms in 2006. The goal is to improve the company that is taken over enough so that the funds received for the IPO of the newly packaged company will exceed the amount of funds sunk into the company. The risk is that changes made to the company will not actually improve it. In those cases, the company may not be able to be sold or must be sold for less than the original purchase price.
A business strategy where a company will hire fake employees to make a business look busy. Rented employees are sometimes used when a big client is coming into the office and the company does not want to give the impression that the business is doing poorly. They wish to instill confidence in the client and the impression that many other clients have also chosen them for their services. The rent-an-employee tactic can typically be used after major layoffs that have left the office looking deserted. Similarly, retailing companies also use the rent-a-crowd tactic to create a buzz or interest in their store.
A group of people rented to make a business appear busy. Rent-a-crowds are sometimes employed on the grand openings of a new business to give the appearance that something is attracting people to the store, which then potentially attracts real customers, who come to see why the crowd has gathered. Rent-a-crowds can be a good strategy to help get new customers into the door. This can also make a business look busy and give potential clients the impression that business is good.
A substance of economic value that can be replaced or replenished in the same amount or less time as it takes to draw the supply down. Some renewable resources have essentially an endless supply, such as solar energy, wind energy and geothermal pressure, while other resources are considered renewable even though some time or effort must go into their renewal, such as wood, oxygen, leather and fish. Most precious metals are considered renewable as well; even though they are not naturally replaced, they can be recycled because they are not destroyed during their extraction and use. Renewable resources have become a focal point of the environmental movement, both politically and economically. Energy obtained from renewable resources puts much less strain on the limited supply of fossil fuels (non-renewable resources). The problem with using renewable resources on a large scale is a cost problem and in most cases, more research is needed to make their use cost-effective.
A business deal or arrangement between two parties who are joined by a special relationship prior to the deal. For example, a business transaction between a major shareholder and the corporation, such as a contract for the shareholder's company to perform renovations to the corporation's offices, would be deemed a related-party transaction. American public companies are required to disclose all transactions with related parties such as executives, associates and their family members in their annual 10-K report. While the great majority of related-party transactions are perfectly normal, the special relationship inherent between the involved parties creates potential conflicts of interest which can result in actions which benefit the people involved as opposed to the shareholders. For example, in the infamous Enron scandal, related-party transactions with "special-purpose entities" were used to help the company misreport their accounting numbers.
Regulatory capture is a theory associated with George Stigler, a Nobel laureate economist. It is the process by which regulatory agencies eventually come to be dominated by the very industries they were charged with regulating. Regulatory capture happens when a regulatory agency, formed to act in the public's interest, eventually acts in ways that benefit the industry it is supposed to be regulating, rather than the public. Public interest agencies that come to be controlled by the industry they were charged with regulating are known as captured agencies. Regulatory capture is an example of gamekeeper turns poacher; in other words, the interests the agency set out to protect are ignored in favor of the regulated industry's interests.
A disparaging term dating back to the 12th century which refers to: 1. Unscrupulous feudal lords who amassed personal fortunes by using illegal and immoral business practices, such as illegally charging tolls to passing merchant ships.2. Modern-day businesspeople who allegedly engage in unethical business tactics and questionable stock market transactions to build large personal fortunes. Due to the robber barons' unethical business practices, such as the exploitation of labor, the general public typically regards these aggressive capitalists with disdain. However, some historians argue that the late-19th century entrepreneurs usually referred to as "robber barons" - including Andrew Carnegie and John D. Rockefeller - are responsible for building a large portion of the U.S.'s current economic clout, because of their large investments in burgeoning American industries. Many also went on to become high-profile philanthropists.
A presentation by an issuer of securities to potential buyers. It is intended to create interest in the securities. Also known as a "dog and pony show", a road show is when the management of a company issuing securities or doing an IPO travels around the country giving presentations to analysts, fund managers, or potential investors. Often, the success of a road show is critical to the success of an offering.
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