Las Participaciones Preferentes Y Su Contexto: Resolviendo El Sudoku (Preferred Shares (in Spanish Banks) and their Context: Solving the Sudoku)

Diario La Ley, Nº 7970, Sección Tribuna, 22 Nov. 2012, Editorial LA LEY

22 Pages Posted: 23 Feb 2016

See all articles by David Ramos Muñoz

David Ramos Muñoz

Universidad Carlos III de Madrid; EUSFIL Jean Monnet Centre of Excellence

Date Written: November 22, 2012

Abstract

Spanish Abstract: Durante los 'go-go years' previos a la crisis financiera (y varios de los años de crisis) se asistió a un incremento extraordinario en la comercialización de productos financieros 'híbridos', que otorgaban a los inversores una participación en el capital de instituciones financieras (pero no el voto). En España el producto más importante fueron las 'participaciones preferentes' (no denominadas 'acciones' porque debían poder ser emitidas por las cajas, que no podían emitir derechos de propiedad). Este artículo trata de pintar un cuadro completo del entorno institucional (y sus fallos) que condujeron a la comercialización masiva de estos productos a inversores minoristas

English Abstract: The go-go years prior to the financial crisis (and several crisis years) saw an extraordinary increase in the marketing of hybrid financial products which granted investors a participation in financial institutions' capital (but no vote). In Spain the more important product were 'preferred participations' (not called 'shares' because they had to be issued by savings banks, which could issue no ownership rights). This article tries to draw a full picture of the institutional environment (and failures) that led to the massive marketing of these products to retail investors.

Note: Downloadable document is in Spanish.

Keywords: preferentes, preferred shares, hybrid, financial, products, retail, investors, savings banks

JEL Classification: K12, K2, K22

Suggested Citation

Ramos Muñoz, David, Las Participaciones Preferentes Y Su Contexto: Resolviendo El Sudoku (Preferred Shares (in Spanish Banks) and their Context: Solving the Sudoku) (November 22, 2012). Diario La Ley, Nº 7970, Sección Tribuna, 22 Nov. 2012, Editorial LA LEY, Available at SSRN: https://ssrn.com/abstract=2733625

David Ramos Muñoz (Contact Author)

Universidad Carlos III de Madrid ( email )

126, Getafe
Madrid, 28903
Spain

HOME PAGE: http://www.uc3m.es

EUSFIL Jean Monnet Centre of Excellence ( email )

Italy

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