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Another viewpoint on investment funds. And their opaque governance


  • Rodolfo Apreda


Firstly, 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.

Suggested Citation

  • Rodolfo Apreda, 2014. "Another viewpoint on investment funds. And their opaque governance," CEMA Working Papers: Serie Documentos de Trabajo. 535, Universidad del CEMA.
  • Handle: RePEc:cem:doctra:535

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    References listed on IDEAS

    1. Rodolfo Apreda, 2012. "Opaque governance, special purpose vehicles, and the preacher´s waiver," CEMA Working Papers: Serie Documentos de Trabajo. 481, Universidad del CEMA.
    2. 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.
    3. René M. Stulz, 2007. "Hedge Funds: Past, Present, and Future," Journal of Economic Perspectives, American Economic Association, vol. 21(2), pages 175-194, Spring.
    4. 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.
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    Cited by:

    1. Rodolfo Apreda, 2014. "Accountability and transparency as learning processes in private, public and global governance," CEMA Working Papers: Serie Documentos de Trabajo. 546, Universidad del CEMA.

    More about this item


    investment funds; banks; mutual funds; hedge funds; corporate governance; opaque governance.;

    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

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