資源描述：
《the mezzanine product group and the financial industry》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在工程資料-天天文庫。
1、5TheMezzanineProductGroupandtheFinancialIndustrySofarwehavebeenlookingatmezzanineapplicationsincorporationswhereourconcernwasrelatedtothedynamicsoftheproduct,thereturntargetandtheintrinsicriskembodiedinthelevelofsubordinationofthemezzanineproductand/ortherisknatureofthetransactionbeingfinanc
2、ed,whetherthatwasanacquisition,recapitalization,internationalizationorotherwise.Ourunderstandingofriskandcorporategovernancedidthetrick.Thereare,however,industrieswheretheregulatordoesn’tleaveitcompletelyuptotheshare-holdersormanagementteamtodecidehowtheactivitiesofthefirmneedtobefinanced.Th
3、isoftenhappensbecausetheregulatorconsidersthatthepublicdeservesprotectionwhenengag-ingwiththesefirmsandtheclaimstheypotentiallyhaveagainstthefirms(asthesefirmshavebuiltupaliabilitytowardsthatpublic).Manytypesoflegislationtry(andsomemanagetoacertaindegree)toprotecttheaudienceagainstpotentiali
4、ssueswhichmightariseatthesefirms.Wearetalkinghereaboutthefinancialsector,andtoalargedegreeaswellaboutthein-surancesector.Sincetheyeitherraiserawmaterial(deposits)fromthepublicorinsurethemagainstcertainrisksandagreetoprovideapaymentincasethatriskmaterializes,theregula-torthoughtitwaswisetoreg
5、ulatehowthestructureofthebalancesheetofthoseinstitutionsshouldlookgiventhetypeofrisktheyareexposedto,withaviewtoprotectingthepublicintheirdealingswiththeseinstitutions.Itisbeyondthescopeofthisbooktoprovideafulloverviewofalltheinitiativestheregula-torshavetakeninthisrespect.Itisalsooutsideoft
6、hisbooktodrilldeepintotheexperiencesandpolicyresponsesthe2008–2009financialcrisishastriggered,andhowtheunderstandingofwhethertherulesinplaceweresolidenoughtoprotectagainstcertaintypesofsystemicmarketriskshaschanged.Finally,itisalsooutsidethescopeofthisbooktojudgeorevaluatethenewruleswhichhav
7、ebeenputinplaceandtowhatextenttheywillprovetobeamoresolidframeworkagainstfuturerisks.Besidesthemanytechnicaldiscussions,itisclearthatregulatorsareoftenbehindthecurveinsolvingissuesinlegislation,andbringingtheminlinewithreality.They,atleast,haveabad
