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Preferred shares in Spain: a case of financial predation?

Olivier Mesly (), María del Carmen de la Orden de la Cruz () and Juan Francisco Núñez Grapain ()
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María del Carmen de la Orden de la Cruz: Universidad Rey Juan Carlos - Facultad de Ciencias Jurídicas y Sociales. Despacho 287, Edificio Departamental-Campus Vicálvaro Paseo Artilleros s/n. 28032 Madrid, España.
Juan Francisco Núñez Grapain: Université de Sherbrooke - Faculté d’administration. Local K1-4330 - 2500 Boul. de l’Université. Sherbrooke (Québec) Canadá J1K 2R1.

Economía, 2014, vol. 39, issue 37, 77-99

Abstract: Following on the 2009 financial crisis in Spain, the way financial products are traditionally sold has been questioned, especially considering cases of fraud or deceit. Using the consolidated model of financial predation CMFP and the Delphi method, we analyze the commercialization of preferred shares in Spain during 2009. Results suggest no evident cases of financial predation according to CMFP model, but confirm the presence of dysfunctional practice and a sequence of adverse circumstances. We identify precautionary measures to the risks of financial predation such as the role of Spanish authorities in strengthening marketing rules of financial products and improving financial literacy on investors.

Keywords: Preferred shares; marketing of hybrid financial products; financial predation; Delphi method. (search for similar items in EconPapers)
JEL-codes: G02 G21 G23 (search for similar items in EconPapers)
Date: 2014
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Handle: RePEc:ula:econom:v:39:y:2014:i:37:p:77-99