Another viewpoint on investment funds. And their opaque governance
AbstractFirstly, this paper brings forth an encompassing definition of investment funds intended to track down some patterns of deviant governance. Secondly, it will focus on three conspicuous types among those funds: banks, mutual funds, and hedge funds. Such approach seeks to reveal deep similarities among them, albeit they may superficially look dissimilar. Afterwards, hinging upon the notion of opaque governance, we point out that investment funds more often than not misapply special purpose vehicles, in particular the so-called collateralized-debt obligations, just to hide their transactions, debasing their transparency, flouting good practices, even showing contempt of the law. Last of all, it will be put forward a protocol of covenants to be enforced by regulators on behalf of investors, taxpayers and financial markets.
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Bibliographic InfoPaper provided by Universidad del CEMA in its series CEMA Working Papers: Serie Documentos de Trabajo. with number 535.
Length: 33 pages
Date of creation: Mar 2014
Date of revision:
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More information through EDIRC
investment funds; banks; mutual funds; hedge funds; corporate governance; opaque governance.;
Find related papers by JEL classification:
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
- G01 - Financial Economics - - General - - - Financial Crises
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
- G30 - Financial Economics - - Corporate Finance and Governance - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2014-04-18 (All new papers)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ren� M. Stulz, 2007.
"Hedge Funds: Past, Present, and Future,"
Journal of Economic Perspectives,
American Economic Association, vol. 21(2), pages 175-194, Spring.
- Rodolfo Apreda, 2012. "Opaque governance, special purpose vehicles, and the preacher´s waiver," CEMA Working Papers: Serie Documentos de Trabajo. 481, Universidad del CEMA.
- Joshua Coval & Jakub Jurek & Erik Stafford, 2009. "The Economics of Structured Finance," Journal of Economic Perspectives, American Economic Association, vol. 23(1), pages 3-25, Winter.
- Gaurav Amin & Harry. M Kat, 2001.
"Hedge Fund Performance 1990-2000- Do the "Money Machines" Really Add Value?,"
ICMA Centre Discussion Papers in Finance
icma-dp2001-05, Henley Business School, Reading University, revised Sep 2001.
- Amin, Gaurav S. & Kat, Harry M., 2003. "Hedge Fund Performance 1990–2000: Do the “Money Machines” Really Add Value?," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 38(02), pages 251-274, June.
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