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| Author: | DeAngelo, H. DeAngelo, L. |
| Title: | Ancient redwoods and the politics of finance: the hostile takeover of the Pacific lumber company. |
| Journal: | Journal of Financial Economics
1998 : JAN, VOL. 47:1, p. 3-53 |
| Index terms: | ENVIRONMENTAL ECONOMICS FORESTRY INDUSTRY MERGERS JUNK BONDS PACIFIC, THE MEDIA RESEARCH |
| Language: | eng |
| Abstract: | Pacific lumber was acquired in 1986 by MAXXAM, whose decision to double PL's harvest of old-growth redwoods precipitated 11 years of environmental protests. Intense media coverage blames the Drexel-financed takeover for threatening headwaters forest, the largest privately owned ancient redwood forest. The authors establish that the threat to headwaters is not attributable to MAXXAM's junk bond-financed takerover. Government's response to dramatic crises encourages interest groups to use emotional appelas to influence resource allocation. |
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