Capital structures and corporate governance. The role of...

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Business & Economics - Personal Finance
Capital structures and corporate...

Capital structures and corporate governance. The role of hybrid financial instruments.

Name: Capital structures and corporate governance. The role of hybrid financial instruments.
ISBN: 9789041148438

Sasso, Lorenzo

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Despite a clear distinction in law between equity and debt, the results of such a categorization can be misleading. The growth of financial innovation in recent decades necessitates the allocation of control and cash-flow rights in a way that diverges from the classic understanding. Some of the financial instruments issued by companies, so-called hybrid instruments, fall into a grey area between debt and equity, forcing regulators to look beyond the legal form of an instrument to its practical substance. This innovative study, by emphasizing the agency relations and the property law claims embedded in the use of such unconventional instruments, analyses and discusses the governance regulation of hybrids in a way that is primarily functional, departing from more common approaches that focus on tax advantages and internal corporate control.

种类:

Business & Economics - Personal Finance

年:

2013

出版社:

Kluwer Law International

语言:

english

页:

248

ISBN 10:

9041148434