Securitization and Special Purpose Vehicles in an International Setting: a Systemic View

The present work tries to display a comprehensive and comparative study of the different legal and regulatory problems involved in international securitization transactions. First, an introduction to securitization is provided, with the basic elements of the transaction, followed by the different varieties of it, including dynamic securitization and synthetic securitization structures. Together with this introduction to the intricacies of the structure, a insight into the influence of securitization in the financial and economic crisis of 2007-2009 is provided too; as well as an overview of the process of regulatory competition and cooperation that constitutes the framework for the international aspects of securitization. The next Chapter focuses on the aspects that constitute the foundations of structured finance: the inception of the vehicle, and the transfer of risks associated to the securitized assets, with particular emphasis on the validity of those elements, and how a securitization transaction could be threatened at its root. In this sense, special importance is given to the validity of the trust as an instrument of finance, to the assignment of future receivables or receivables in block, and to the importance of formalities for the validity of corporations, trusts, assignments, etc., and the interaction of such formalities contained in general corporate, trust and assignment law with those contemplated under specific securitization regulations. Then, the next Chapter (III) focuses on creditor protection aspects. As such, we provide some insights on the debate on the capital structure of the firm, and its inadequacy to assess the financial soundness problems inherent to securitization. Then, we proceed to analyze the importance of rules on creditor protection in the context of securitization. The corollary is in the rules in case of insolvency. In this sense, we divide the cases where a party involved in the transaction goes bankrupt, from those where the transaction itself collapses. Finally, we focus on the scenario where a substance over form analysis may compromise some of the elements of the structure (notably the limited liability of the sponsor, and/or the transfer of assets) by means of veil piercing, substantive consolidation, or recharacterization theories. Once these elements have been covered, the next Chapters focus on the regulatory aspects involved in the transaction. Chapter IV is more referred to “market” regulations, i.e. those concerned with information disclosure and other rules (appointment of the indenture trustee, and elaboration of a rating by a rating agency) concerning the offering of asset-backed securities to the public. Chapter V, on the other hand, focuses on “prudential” regulation of the entity entrusted with securitizing assets (the so-called Special Purpose vehicle), and other entities involved in the process. Regarding the SPV, a reference is made to licensing requirements, restriction of activities and governance structures to prevent abuses. Regarding the sponsor of the transaction, a focus is made on provisions on sound originating practices, and the servicing function. Finally, we study accounting and banking regulations, including the Basel I and Basel II Frameworks, which determine the consolidation of the SPV, and the de-recognition of the securitized asset from the originating company’s balance-sheet, as well as the posterior treatment of those assets, in particular by banks. Chapters VI-IX are concerned with liability matters. Chapter VI is an introduction to the different sources of liability. Chapter VII focuses on the liability by the SPV and its management for the information supplied to investors, the management of the asset pool, and the breach of loyalty (or fiduciary) duties. Chapter VIII rather refers to the liability of the originator as a result of such information and statements, but also as a result of inadequate and reckless originating or servicing practices. Chapter IX finally focuses on third parties entrusted with the soundness of the transaction towards the market, the so-called gatekeepers. In this respect, we make special emphasis on the liability of indenture trustees, underwriters and rating agencies. Chapters X and XI focus on the international aspects of securitization. Chapter X contains a conflicts of laws analysis of the different aspects of structured finance. In this respect, a study is made of the laws applicable to the vehicle, to the transfer of risks (either by assignment or by means of derivatives contracts), to liability issues; and a study is also made of the competent jurisdiction (and applicable law) in bankruptcy cases; as well as in cases where a substance-over-form is performed. Then, special attention is also devoted to the role of financial and securities regulations; as well as to their territorial limits, and extraterritoriality problems involved. Chapter XI supplements the prior Chapter, for it analyzes the limits to the States’ exercise of regulatory power by the personal and “market” freedoms included in the US Constitution or the EU Treaties. A reference is also made to the (still insufficient) rules from the WTO Framework, and their significance to the States’ recognition and regulation of securitization transactions.

Essays in Media and Finance

This Ph.D. thesis consists in three research papers focused on the relationship between media industry and the financial sector. The importance of a correct understanding what is the effect of media on financial markets is becoming increasingly important as long as fully informed markets hypothesis has been challenged. Therefore, if financial markets do not have access to complete information, the importance of information professionals, the media, follows. On the other side, another challenge for economic and finance scholar is to understand how financial features are able to influence media and to condition information disclosure. The main aim of this Ph.D. dissertation is to contribute to a better comprehension for both the phenomena. The first paper analyzes the effects of owning equity shares in a newspaper- publishing firm. The main findings show how for a firm being part of the ownership structure of a media firm ends to receive more and better coverage. This confirms the view in which owning a media outlet is a source of conflicts of interest. The second paper focuses on the effect of media-delivered information on financial markets. In the framework of IPO in the U.S. market, we found empirical evidence of a significant effect of the media role in the IPO pricing. Specifically, increasing the quantity and the quality of the coverage increases the first-day returns (i.e. the underpricing). Finally the third paper tries to summarize what has been done in studying the relationship between media and financial industries, putting together contributes from economic, business, and financial scholars. The main finding of this dissertation is therefore to have underlined the importance and the effectiveness of the relationship between media industry and the financial sector, contributing to the stream of research that investigates about the media role and media effectiveness in the financial and business sectors.

Experiments on Pro-Sociality and Environmental Issues

The thesis comprises three essays that use experimental methods, one about other-regarding motivations in economic behavior and the others on pro-social behavior in two environmental economics problems. The first chapter studies how the expectations of the others and the concern to maintain a balance between effort exerted and rewards obtained interact in shaping the behavior in a modified dictator game. We find that dictators condition their choices on recipients' expectations only when there is a high probability that the the recipient will not be compensated for her effort. Otherwise, dictators tend to balance the efforts and rewards of the recipients, irrespective of the recipients' expectations. In the second chapter, I investigate the problem of local opposition to large public projects (e.g. landfills, incinerators, etc.). In particular, the experiment shows how the uncertainty about the project's quality makes the community living in the host site skeptical about the project. I also test whether side-transfers and costly information disclosure can help to increase the efficiency. Both tools succesfully make the host more willing to accept the project, but they lead to the realization of different types of projects. The last chapter is an experiment on climate negotiations. To avoid the global warming, countries are called to cooperate in the abatement of their emissions. We study whether the dynamic aspect of the climate change makes cooperation across countries behaviorally more difficult. We also consider inequality across countries as a possible factor that hinders international cooperation.

Corporate dividencs and seasoned equity issues: an empirical investigation

This paper investigates whether managers rely on dividends to obtain a higher price in a stock offering and whether the stock price reaction to dividend and offering announcements justifies such a coordination. The evidence does not support either conjecture. Issuing firms are not more likely to pay or increase dividends than nonissuing forms. Moreover, there is little evidence that firms time stock offering announcements right after dividend declarations to befefit from the attendant information disclosure. The analysis of dividend and stock offering announcement effects suggests few if any benefits from linking divbidend and stock offering announcements.

Online social networks: why we disclose

On online social networks such as Facebook, massive self-disclosure by users has attracted the attention of industry players and policymakers worldwide. Despite the impressive scope of this phenomenon, very little is understood about what motivates users to disclose personal information. Integrating focus group results into a theoretical privacy calculus framework, we develop and empirically test a Structural Equation Model of self-disclosure with 259 subjects. We find that users are primarily motivated to disclose information because of the convenience of maintaining and developing relationships and platform enjoyment. Countervailing these benefits, privacy risks represent a critical barrier to information disclosure. However, users’ perception of risk can be mitigated by their trust in the network provider and availability of control options. Based on these findings, we offer recommendations for network providers.

Privacy Policies and Users’ Trust: Does Readability Matter?

Over the years, a drastic increase in online information disclosure spurs a wave of concerns from multiple stakeholders. Among others, users resent the “behind the closed doors” processing of their personal data by companies. Privacy policies are supposed to inform users how their personal information is handled by a website. However, several studies have shown that users rarely read privacy policies for various reasons, not least because limitedly readable policy texts are difficult to understand. Based on our online survey with over 440 responses, we examine the objective and subjective readability of privacy policies and investigate their impact on users’ trust in five big Internet services. Our findings show the stronger a user believes in having understood the privacy policy, the higher he or she trusts a web site across all companies we studied. Our results call for making readability of privacy policies more accessible to an average reader.

Gestão de informação : O caso das empresas participantes do programa de incubação de empresas daUniversidade Federal de Goiás

The main objective of this paper is to point out the information management strategic profile of companies participating in the program of business incubation of Universidade Federal de Goiás (PROINE-UFG). This new alignment of social network aims to promote the competitiveness of micro and small business by approaching them to the knowledge producers that, in the Brazilian case, are the universities. The strategic information aligning model, proposed by Marchand, was used as the theoretical framework. The research took the design of a case study, as it limited to study the UFG incubation program. Nine companies of PROINE-UFG were investigated. The main conclusions are that the PROINE-UFG companies have a tendency of proactivity. Nevertheless the financial and technological resources are scarce to monitor the external environment as demanded by the strategy. They use few information sources and the interaction with the university is still incipient

Gestão de informação : O caso das empresas participantes do programa de incubação de empresas daUniversidade Federal de Goiás

The main objective of this paper is to point out the information management strategic profile of companies participating in the program of business incubation of Universidade Federal de Goiás (PROINE-UFG). This new alignment of social network aims to promote the competitiveness of micro and small business by approaching them to the knowledge producers that, in the Brazilian case, are the universities. The strategic information aligning model, proposed by Marchand, was used as the theoretical framework. The research took the design of a case study, as it limited to study the UFG incubation program. Nine companies of PROINE-UFG were investigated. The main conclusions are that the PROINE-UFG companies have a tendency of proactivity. Nevertheless the financial and technological resources are scarce to monitor the external environment as demanded by the strategy. They use few information sources and the interaction with the university is still incipient

Gestão de informação : O caso das empresas participantes do programa de incubação de empresas daUniversidade Federal de Goiás

The main objective of this paper is to point out the information management strategic profile of companies participating in the program of business incubation of Universidade Federal de Goiás (PROINE-UFG). This new alignment of social network aims to promote the competitiveness of micro and small business by approaching them to the knowledge producers that, in the Brazilian case, are the universities. The strategic information aligning model, proposed by Marchand, was used as the theoretical framework. The research took the design of a case study, as it limited to study the UFG incubation program. Nine companies of PROINE-UFG were investigated. The main conclusions are that the PROINE-UFG companies have a tendency of proactivity. Nevertheless the financial and technological resources are scarce to monitor the external environment as demanded by the strategy. They use few information sources and the interaction with the university is still incipient

Blind reconiliation

Information reconciliation is a crucial procedure in the classical post-processing of quantum key distribution (QKD). Poor reconciliation e?ciency, revealing more information than strictly needed, may compromise the maximum attainable distance, while poor performance of the algorithm limits the practical throughput in a QKD device. Historically, reconciliation has been mainly done using close to minimal information disclosure but heavily interactive procedures, like Cascade, or using less e?cient but also less interactive ?just one message is exchanged? procedures, like the ones based in low-density parity-check (LDPC) codes. The price to pay in the LDPC case is that good e?ciency is only attained for very long codes and in a very narrow range centered around the quantum bit error rate (QBER) that the code was designed to reconcile, thus forcing to have several codes if a broad range of QBER needs to be catered for. Real world implementations of these methods are thus very demanding, either on computational or communication resources or both, to the extent that the last generation of GHz clocked QKD systems are ?nding a bottleneck in the classical part. In order to produce compact, high performance and reliable QKD systems it would be highly desirable to remove these problems. Here we analyse the use of short-length LDPC codes in the information reconciliation context using a low interactivity, blind, protocol that avoids an a priori error rate estimation. We demonstrate that 2×103 bits length LDPC codes are suitable for blind reconciliation. Such codes are of high interest in practice, since they can be used for hardware implementations with very high throughput.

Estrategias y ventajas competitivas de los hoteles españoles y su relación con el desempeño

Actualmente, el sector hotelero está inmerso en un entorno de alta incertidumbre y muy competitivo por lo que necesita información estratégica para la correcta gestión de sus establecimientos. Dicha información puede obtenerse a partir de la clasificación de los hoteles en grupos estratégicos. Esta investigación empírica presenta los grupos estratégicos en el sector hotelero como una herramienta muy útil para la planificación y la implantación de estrategias de los hoteles ya que permiten identificar las estrategias y las ventajas competitivas de este sector. Además, se analiza si existen diferencias de desempeño entre los distintos grupos estratégicos hoteleros obtenidos. Para la identificación y la caracterización de los grupos se emplean las dimensiones compromiso de recursos y alcance de las actividades hoteleras.

Statewide teen fatality report /

Title from cover.

AUDITORÍA DE LA GESTIÓN DE LOS RECURSOS DE INFORMACIÓN EN LA ESCUELA DE BIBLIOTECOLOGÍA, DOCUMENTACIÓN E INFORMACIÓN

La información vista hoy en día como un recurso estratégico para la organización, ha llevado a que se evalúe su gestión de la misma forma que se hace con los demás recursos que existen en la organización.Para esta evaluación se utiliza la Auditoría de información por ser una herramienta indispensable en aquellos procesos relacionados con la gestión de información.La presente investigación surge a raíz de la necesidad que plantea la Escuela de Bibliotecología, Documentación e Información de realizar una evaluación de los recursos de información que requiere para el cumplimiento de objetivos y toma de decisiones, a fin de determinar el nivel de la gestión de éstos por medio de la aplicación de una Auditoría de Información.El desarrollo de esta auditoría se hizo a través de varias fases, las cuales permitieron obtener como resultados:- La identificación de los recursos de información estratégicos que la Escuela requiere para desarrollarse adecuadamente, a partir del análisis de diferentes estructuras de información.- La descripción de cada uno de los recursos a fin de conocer todas sus características e importancia para la Escuela.- El conocer los diferentes flujos de información que se presentan en la Escuela.- Un análisis de la situación actual de los recursos, el balance informacional y la evaluación general de los recursos para determinar las fortalezas y debilidades presentes en su gestión.- La presentación de oportunidades de mejora que aplicadas oportunamente pueden contribuir a optimizar la gestión de los recursos.- Y finalmente presentar un propuesta para la gestión de uno de los recursos de información que presentó debilidad en su gestión.En términos generales, la aplicación de la auditoría de información en la Escuela fue muy pertinente y oportuna ya que permitió identificar y evaluar los recursos de información tal y como se espera en este tipo de proceso.

Kwestia niekonstytucyjności roszczenia informacyjnego z art. 2861 p.w.p. – wybrane zagadnienia

Roszczenie informacyjne jest instrumentem prawnym, przy pomocy którego uprawniony z tytuł prawa do patentu, prawa ochronnego na wzór użytkowy, prawa z rejestracji wzoru przemysłowego czy też prawa ochronnego na znak towarowy może domagać się, aby sąd zobowiązał określony podmiot do ujawnienia informacji, które są niezbędne dla skutecznego dochodzenia roszczeń przed sądem. Niejednokrotnie bowiem ze względu na niematerialny charakter praw własności przemysłowej ustalenie naruszyciela tych praw oraz skali samego naruszenia jest znacznie utrudnione. Wokół tytułowego roszczenia informacyjnego na gruncie ustawy Prawo własności przemysłowej powstało szereg kontrowersji, którego zwieńczeniem było wniesienie skargi konstytucyjnej w 2015 roku, oczekującej obecnie na rozstrzygnięcie przez Trybunał Konstytucyjny. Realizacja roszczenia tego rodzaju powoduje bowiem, że ochrona praw podmiotu uprawnionego prowadzi nieuchronnie do ograniczenia praw innego podmiotu – zobowiązanego do udzielenia informacji. Wobec tego szczególnie istotne jest respektowanie zasady proporcjonalności przy ustanawianiu ograniczeń praw i wolności obywatelskich. W niniejszym opracowaniu została rozważona zasadność zarzutów niekonstytucyjności omawianej instytucji prawnej i jej zgodności m.in. z prawem do sądu oraz wolnością działalności gospodarczej w zestawieniu z zasadą proporcjonalności ograniczenia praw konstytucyjnych. Na tle wątpliwości co do zgodności z Konstytucją roszczenia informacyjnego przedstawione zostały także kwestie dotyczące wadliwości implementacji dyrektywy unijnej w zakresie roszczenia o udzielenie informacji. Wszystkie zagadnienia zostały omówione na tle stosunków gospodarczych, w jakich uczestniczą podmioty uprawnione do żądania udzielenia informacji, a także zobowiązane do ich udzielenia.

Determinants of Sustainability e-reporting in Portuguese municipalities: an institutional and legitimacy theoretical framewor

This study aims to analyse the extent of online social responsibility (SR) information disclosure by Portuguese municipalities and to identify related determinant factors, based on Institutional Theory and Legitimacy Theories. A content analysis was performed on webpages from 60 sampled municipalities, and an information disclosure index was created.Descriptive statistics obtained indicate the Total Disclosure Index (TDI) value was 0.46. The Economic Information sub-category exhibits the highest value (0.66), followed by the Social and Environmental Information categories (0.61 and 0.36, respectively). The multivariate analysis results indicate that LA21 implementation the existence of tax burdens, the characterisation of a municipality as urban and environmental/SR certification application positively influence SR information disclosure. TDI is negatively affected by the existence of an inactive population (i.e. by the percentage of individuals ≤19 and ≥65 years of age).