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{
    "pk": 65657,
    "title": "Deceptive Debt Practices Undermining Transparency in the Corporate World: The Legal Issues Behind Special Purpose Vehicles and Collateralized Debt Obligations",
    "subtitle": null,
    "abstract": "<p>An issue that continues to afflict the securities field is the existence of special purpose vehicles (SPVs), which are financial entities disclosed in companies’ off-sheet balance reports to fund business operations and collateralize debt. Since their inception in the early 20th century, SPVs have proved to be one of the most widespread financial tools in the corporate world, allowing companies to display exaggerated revenue margins on their balance sheets while supposedly adhering to a standard of public transparency. This was coupled with the rise of Collateralized Debt Obligations (CDOs) in the 21st century, another financial entity that pooled assets together to appease investors. Despite the functionality of SPVs, misusing these financial tools results in devastating costs, including company bankruptcy, mass layoffs, and deterioration of public trust. The Sarbanes–Oxley Act of 2002 and the Dodd–Frank Act aimed to curb the power of internal corporate operations by establishing regulatory mechanisms to ensure consumer transparency and industry confidence. However, the regulations established within both acts exhibit gaps in the proper mitigation of abuse of SPVs by corporations, requiring further amendments to avoid detrimental consequences on the world economy and the general public.</p>",
    "language": "eng",
    "license": {
        "name": "Creative Commons Attribution 4.0",
        "short_name": "CC BY 4.0",
        "text": "Attribution — You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.\r\n\r\nNo additional restrictions — You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.",
        "url": "https://creativecommons.org/licenses/by/4.0"
    },
    "keywords": [
        {
            "word": "deceptive debt practice"
        },
        {
            "word": "debt"
        },
        {
            "word": "transparency"
        },
        {
            "word": "financial transparency"
        },
        {
            "word": "special purpose vehicle"
        },
        {
            "word": "collateralized debt obligations"
        },
        {
            "word": "SPVs"
        },
        {
            "word": "Sarbanes-Oxley Act"
        },
        {
            "word": "Dodd-Frank Act"
        },
        {
            "word": "financial regulation"
        }
    ],
    "section": "Article",
    "is_remote": true,
    "remote_url": "https://escholarship.org/uc/item/0mh8z40j",
    "frozenauthors": [
        {
            "first_name": "Rylan",
            "middle_name": "",
            "last_name": "Chiu",
            "name_suffix": "",
            "institution": "",
            "department": ""
        }
    ],
    "date_submitted": "2026-05-12T02:23:23.792458+03:00",
    "date_accepted": "2026-05-13T05:04:03.387327+03:00",
    "date_published": "2026-05-13T18:00:00+03:00",
    "render_galley": null,
    "galleys": [
        {
            "label": "PDF",
            "type": "pdf",
            "path": "https://journalpub.escholarship.org/ucsdulr/article/65657/galley/50323/download/"
        }
    ]
}