Rule arbitrage : evading regulatory, tax, accounting, covenant and credit rating rules

Businesses often face criticism for engaging in financial activities with no genuine business purpose other than to minimise taxes or enhance financial statements. Opponents of financial engineering highlight notorious cases like WorldCom, Enron, and Long-Term Capital Management, where accounting ab...

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Bibliographic Details
Main Author Nasr, Oussama A. (Author)
Format Electronic eBook
LanguageEnglish
Published Bingley, U.K. : Emerald Publishing Limited, 2026.
Subjects
Tax evasion.
Taxation > Law and legislation.
Business & Economics > Corporate Finance > General.
Public finance and taxation.
Corporate finance.
elektronické knihy
electronic books
Online AccessFull text
ISBN9781805926115
DOI10.1108/978-1-80592-609-2
Physical Description1 online resource (228 pages)

Cover

Table of Contents:
  • Introduction
  • Chapter 1. Credit ratings and regulatory arbitrage: Aaa-rated hedge fund investments
  • Chapter 2. Credit ratings and regulatory arbitrage: Senior/subordinated transactions
  • Chapter 3. Accounting and covenant arbitrage: Prepaid forward
  • Chapter 4. Accounting arbitrage: Total return swaps on equity investments
  • Chapter 5. Accounting arbitrage: Total return swaps on own equity
  • Chapter 6. Regulatory arbitrage: Balance sheet synthetic clo
  • Chapter 7. Covenant arbitrage: Circumventing no refinancing covenants
  • Chapter 8. Covenant arbitrage: Synthetic dumping
  • Chapter 9. Accounting arbitrage: The michelangelo swap
  • Chapter 10. Tax and accounting arbitrage: Spams
  • Chapter 11. Reputation arbitrage: Lebanon's riskless bond
  • Chapter 12. Tax arbitrage: Universities as conduits
  • Chapter 13. Tax arbitrage: Reducing taxes on securities trading
  • Chapter 14. Tax, regulatory and credit rating arbitrage: Bank hybrid capital
  • Chapter 15. Leveraged investments
  • Chapter 16. Accounting and credit ratings arbitrage: Forward equity purchase
  • Chapter 17. Covenant arbitrage: Leveraged inverse floaters and orange county
  • Chapter 18. Covenant and regulatory arbitrage: Creating "phantom" claims against the borrower
  • Chapter 19. Tax arbitrage: Weak currency debt structures
  • Chapter 20. Credit ratings arbitrage: Aaa-rated swap dealers

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