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Full-Text Articles in Law
Reforming Derivative Taxation, Alex Raskolnikov
Reforming Derivative Taxation, Alex Raskolnikov
Faculty Scholarship
This brief essay outlines three benchmarks for evaluating alternative ways of taxing capital income, summarizes anticipatory, retroactive, and accrual-based proposals for reforming the taxation of derivatives, and offers guidelines for evaluating more limited reforms. It is intended as an introduction to key concepts, tensions, and ideas for reforming the taxation of financial instruments.
Credit Risk Transfer Governance: The Good, The Bad, And The Savvy, Houman B. Shadab
Credit Risk Transfer Governance: The Good, The Bad, And The Savvy, Houman B. Shadab
Articles & Chapters
Goldman Sachs and American International Group on the eve of the 2008 financial crisis were bound together through a web of credit risk transfer (CRT) contracts in the form of credit default swaps (CDSs) and synthetic collateralized debt obligations (CDOs). Synthetic CDOs enabled certain hedge funds to profit from the ultimate bursting of the housing bubble due to the funds’ savvy in understanding CRT better than their counterparties. This Article constructs a novel theory of CRT that extends the insights of creditor governance theory to CRT transactions. By doing so, this Article establishes a framework for good CRT governance. CRT …