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Opaque governance, special purpose vehicles, and the preacher´s waiver

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Author Info

  • Rodolfo Apreda

Abstract

This paper argues that special purpose vehicles, SPVs, are two-edged financial constructs whose bad edge consists in conveying opaque governance, whereas its good one amounts to interesting financial engineering. Firstly, the notion of opaque governance is highlighted, to focus next on SPVs and their governance. Afterwards, the paper delves into collateralized debt obligations and their facilitators, the offshore locations. Last, the failing role of some regulators and gatekeepers is emphasized with the purpose of setting up new measures to prevent them from claiming the Preacher’s waiver.

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File URL: http://www.ucema.edu.ar/publicaciones/download/documentos/481.pdf
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Bibliographic Info

Paper provided by Universidad del CEMA in its series CEMA Working Papers: Serie Documentos de Trabajo. with number 481.

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Length: 28 pages
Date of creation: Mar 2012
Date of revision:
Handle: RePEc:cem:doctra:481

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Related research

Keywords: opaque governance; special purpose vehicles; collateralized debt obligations; offshore locations; gatekeepers; regulators;

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References

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  1. Rodolfo Apreda, 2004. "Differential rates, residual information sets and transactional algebras," CEMA Working Papers: Serie Documentos de Trabajo. 256, Universidad del CEMA.
  2. Rodolfo Apreda, 2002. "How corporate governance and globalization can run afoul of the law and good practices in business: The Enron's disgraceful affair," CEMA Working Papers: Serie Documentos de Trabajo. 225, Universidad del CEMA.
  3. Rodolfo Apreda, 2004. "Corporate Rent-Seeking and the managerial soft-budget constraint," CEMA Working Papers: Serie Documentos de Trabajo. 283, Universidad del CEMA.
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Cited by:
  1. Rodolfo Apreda, 2012. "Embedding Minsky´s taxonomy of cash flows into a corporate finance framework (The microeconomic linkage between speculative and Ponzi schemes)," CEMA Working Papers: Serie Documentos de Trabajo. 497, Universidad del CEMA.

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