Apreda
Dr. Rodolfo Apreda
Ph.D. in Economics, University of Buenos Aires, UBA
Professor Apreda holds a Ph D in Economics (University of Buenos Aires, UBA, 1998), a Master Degree in Political Sciences (University of Cema, 2005), and he has Licenciate degrees in Mathematics (Caece University) and Economics (UBA).

Dr. Apreda is Director of the Ph D program in Finance, and Director of the Center for the Study of Public and Private Governance, at the University of Cema.

He was Visiting Scholar at the Center for Corporate Governance Studies, University of Delaware; as well as Visiting Fellow at the Stern School of Business, Department of Finance, New York University.

As a researcher, Dr. Apreda has been deeply involved in Corporate Governance and Public Governance topics so far. His latest book in English came out in November 2012, with the title "Governance Risks in Organizations with a Toolkit for Decision Making".

a) BOOKS PUBLISHED IN THE UNITED STATES
b) BOOKS PUBLISHED IN ARGENTINA
  • Corporate Govenance. La Ley, Buenos Aires, Mayo 2007.
  • Administración de Carteras, Mercados de Capitales y Corporate Governance (Conflictos de Intereses y Arbitraje Financiero). Editorial La Ley, 2005.
  • El nuevo sistema de fondos de pensión en Argentina, Macchi, 1994.
  • Administradoras de fondos de jubilaciones y pensiones, Macchi, 1993.
  • Mercosur: economía política y canales de financiación, El Cronista Comercial, 1990.
  • Obligaciones negociables, bonos y opciones. Club de Estudio,1988.
  • Toma y colocación de fondos, Club de Estudio, 1987.
  • Análisis monetario y cambiario, Club de Estudio, 1986.
  • Curso de matemática financiera, Club de Estudio, 1984.

c) PAPERS PUBLISHED IN EDITED BOOKS
  • 2010. State Owned Banks in Latin America: A new Dual-Governance Approach. In “Corporate Governance in Banks: Anti-crisis paradigms”, edited by Alex Kostyuk, Kaoru Hosono and Stefan Prigge. Virtus Interpress, Ukraine, Chapter 19, pp. 405-438.
  • 2009. Good Practices and Corporate Governance in Argentina. In “Codes of Good Practices Around the World”, edited by professor Felix Lopez Iturriaga, Nova Science Publishers, New York.
  • 2008. Arbitrage in Foreign Exchange Markets Within the Context of a Transactional Algebra, In “Trends in Monetary Policy Issues”, edited by professor Albert Tavidze. Nova Science Publishers, New York. Chapter 6, pp. 121-143
  • 2007. Covered Arbitrage in Transactional Algebras and Globalization. In En “International Currencies and Globalization”, edited by professor Marcy Ferrington, Nova Science Publishers, New York.
  • 2006. Arbitrage in Foreign Exchange Markets within the Context of a Transactional Algebra. In “International Trade Issues”, edited by professor Robert Weeks, Nova Science Publishers, New York.
  • 2005. How Corporate Governance and Globalization Can Run Afoul of the Law and Good Practices in Business: The Enron’s Disgraceful Affair. In “Corporate governance. Anglo-american experience and Polish problems”, edited by Henryk Sterniczuk. Poland.
  • 2005. On the Extent of Arbitrage Constraints within Transactional Algebras. In “Focus on Macroeconomics Research”, edited by professor Lawrence Pelzer, Nova Science Publishers, New York.
d) PAPERS PUBLISHED IN PEER-REVIEWED JOURNALS

e) PAPERS PRESENTED IN INTERNATIONAL MEETINGS
  • 1996. “Market Microstructure and the Argentine Capital Market”, in the Corporate Finance Seminar, UADE-New York University, September, with Dr. Glenn Picou (New York University), at the Argentine Business University, UADE; Buenos Aires.
  • 1996. “Bonds Returns Allocation in Argentine Financial Practice”, in the Portfolio Management Seminar, UADE-New York University, with Professor Martin Gruber (New York University), at the Argentine Business University premises; Buenos Aires.
  • 1998. “Banking and Capital Markets in Argentina”, executives program, Fuqua School of Business, Duke University, February 4-6, at the Argentina Business University premises; Buenos Aires.
  • 1998. “Complex Financial Dynamics in Arbitrage Gaps”, 1998-Annual Meeting Eastern Financial Association, Williamsburg, Virginia, April 22-25, United States.
  • 1998. “Dynamic Arbitrage Gaps for Financial Assets in a Non-Linear and Chaotic Price Adjustment Process”, 11° Annual Australasian Finance and Banking Conference, Sydney, December 15-16.
  • 1999. “Transactionally Efficient Markets, Dynamic Arbitrage and Microstructure”, 1999-Annual Meeting Eastern Financial Association, Miami, April 14 -17, United States.
  • 1999. “Capital Market and Corporate Governance (1991-2000)”, International Meeting, Catholic University of Chile, August, Santiago, Chile.
  • 1999. “A Corporate Cash Flow Model with Float: The Underlying Financial Engineering”, 5° Meeting, Latin American and Caribbean Economic Associations (Lacea), October, Santiago, Chile. (E)
  • 1999. “Corporate Governance in Argentina (1991-2000)”, International Seminar in Corporate Finance, Sheffield University, School of Business, December 10, Sheffield, United Kingdom. (E)
  • 2000. “Transactionally Efficient Markets and Microstructure”, 12 th. Annual PACAP/ FMA Conference and Pacific Basin Financial Management Society Annual Meeting, Department of Accounting and Finance, The University of Melbourne, July 6-8, Melbourne, Australia. (E)
  • 2001. “Differential Rates of Return and Information Sets”, Missouri Valley Economic Association Meeting, Kansas City, February 22 to February 24. (E)
  • 2001. “Corporate Governance in Argentina”, 50th Annual Meeting, Midwest Finance Association, Cleveland, Ohio, March 29 to March 31. (E)
  • 2001. “Corporate Governance in Argentina: 1991-2000”, 37th Annual Meeting, Eastern Finance Association, Charleston, April 25 to April 28. (E)
  • 2002. “The Governance Slack Model: A Cash Flow Approach for the Budgeting and Accountability of some Corporate Governance Issues”, Departament of Finance, College of Business and Economics, University of Delaware, Delaware, February.
  • 2002. “Residual Information Sets, A Discrete Approach to Differential Rates of Returns and Transaction Costs”, 38th Annual Meeting, Eastern Finance Association, Baltimore, April 10-13. (E)
  • 2003. “Plain and Enlarged Separation Portfolios”, 30th Annual Meeting, Eastern Finance Association, Buena Vista Lake, Florida, April 9-12. (E)
  • 2003. “A Code of Good Practices to Foster the Corporate Governance in Argentina”, 5th International Meeting auspiciado por el Banco Central del Uruguay, Montevideo, Setiembre.
  • 2004. “Differential Rates, Residual Information Sets and Transactional Algebras”, 31st Annual Meeting, Eastern Finance Association, Mystic, Connecticut, April 23-25. (E)
  • 2004. “Simple and Enlarged Separation Portfolios”, 2004-Annual Meeting, Midwest Finance Association, Chicago, March 18-20. (E)
  • 2005.- “Fibrous Portfolios: An Algebraic Derivation of the SML”, 32nd Annual Meeting, Eastern Finance Association, Norfolk, Virginia, April 20-23. (E).
  • 2006. “How Trade Splits Up Information Sets and Dealers Carry Out their Brokerage of Asymmetric Information”. 33rd Annual Meeting, Eastern Finance Association, Philadelphia, Pennsylvania, April 19-22. (E).
  • 2007. “Subsidiarity Portfalios and Separation Compacts to Enhance the Governance of State-Owned Banks”. 2007 Annual Meeting, April 18-21, Eastern Finance Association, New Orleans, Louisiana (E).
  • 2009. “ Cost of Capital Adjusted for Governance Risk through a Multiplicative Model of Exepected Returns”. Second International Congress on Corporate Governance in Emerging Markets, July 2nd and 3rd , 2009, Sao Paulo, Brazil.
  • 2010. “Designing a Non-Standard Convertible Zero-Coupon Bond to Enhance Corporate Governance”. First Argentine Congress in Corporate Governance, June 11th, Buenos Aires, Argentina.
  • 2010. Devising a Non-Standard Convertible Zero-Coupon Bond to Enhance Corporate Governance. 25th Meeting in Economics, Central Bank of Uruguay, Montevideo, October 25th and 26th .

f) WORKING PAPERS (UNIVERSITY OF CEMA WORKING PAPER SERIES)

Since 1998, when Dr. Apreda joined the University of Cema, he has regularly been publishing working papers, adding up to 48 titles so far. They can be downloaded from http://www.cema.edu.ar/publicaciones, or http://www.ssrn.com

  •  2013. The Governance Risk Scoreboard. Working Paper Series, number 512, Ucema.
  •  2013. Cooperatives: The Governance of Patronage Dividends (A Corporate Finance Viewpoint. Working Paper Series, number 508, Ucema.
  •  2012. A Clinical Approach to the Governance of Conflict Systems. Working Paper Series, number 498, Ucema.
  •  2012. Embedding Minsky´s Taxonomy of Cash Flows into a Corporate Finance Framework (The Microeconomic Linkage between Speculative and Ponzin Schemes). Working Paper Series, number 497, Ucema.
  •  2012. Opaque Governance, Special Purpose Vehicles, and the Preacher´s Waiver. Working Paper Series, number 481, Ucema.
  •   2011. Governance Risks (How to Measure Them by means of the Incremental Cash-Flow Model). Working Paper Series, number 467, Ucema.
  •   2011. Multiplicative Models of Financial Returns and What We Fail to Get when they are Disregarded. Working Paper Series, number 454, Ucema.
  •   2011. The Statute of Governance. A Pivotal Linkage between Principles of Governance and Corporate Practices. Working Paper Series, number 442, Ucema.
  •   2010. The Pricing of Financial Assets in the Physical World of Finance. Working Paper Series, number 427, Ucema.
  •   2010. Devising a Non-Standard Convertible Zero-Coupon Bond to Enhance Corporate Governance. Working Paper Series, number 421, Ucema.
  •   2010. Shaping Up the Company’s Internal Investment Fund Through
  • Separation Portfolios. Working Paper Series , number 416, Ucema.
  •   2009. An Axiomatic Treatment of Enlarged Separation Portfolios and Treasurer’s Portfolios. Working Paper Series , number 398, Ucema.
  •   2009. A Two-Tiered Approach to the Valuation of Investment Projects Adjusted for Governance Risk. Working Paper Series, number 392, Ucema.
  •   2008. Cost of Capital Adjusted for Governance Risk through a Multiplicative Model of Expected Returns. Working Paper Series, number 383, Ucema.
  •   2008. A New Linkage between Corporate and Public Governance through the Lens of Incremental Cash Flows. Working Paper Series, number 374, Ucema.
  •   2008. Who is the Ultimate Master of Contractual, Regulatory, Discretionary and Residual Cash Flows? An Answer from the Standpoint of Corporate Governance. Working Paper Series, number 368, Ucema.
  •   2007. Factoring Governance Risk into Investor’s Expected Rates of Return by Means of a Weighted Average Governance Index. Working Paper Series, number 356, Ucema.
  •   2007. How the Logic and Pragmatics of Sinking Funds Play a Part in Corporate Governance. Working Paper Series, number 351, Ucema.
  •   2007. Stakeholders, Transactional Environments, and Conflict Systems (Mapping on Why the Founding Charter Compact Becomes the Mainstay of Corporate Governance). Working Paper Series, number 346, Ucema.
  •   2007. The Rise of Corporate Governance Brokers and How They Trade in Asymmetric Information. Working Paper Series, number 341, Ucema.
  •   2006. Subsidiarity Portfolios and Separation Compacts to Enhance the Governance of State Owned Banks. Working Paper Series, number 317, Ucema.
  •   2006. Dual Governance In State-Owned Banks. Working Paper Series, number 319, Ucema.
  •   2006. Tailoring Compliance Risk and the Compliance Function for Non-Financial Organizations. Working Paper Series, number 325, Ucema.
  •   2005. How Trade Splits Up Information Sets and Dealers Carry Out their Brokerage of Asymmetric Information. Working Paper Series, number 288, Ucema.
  •   2005. Arbitrage in Foreign Exchange Markets within the Context of a Transactional Algebra. Working Paper Series, number 290, Ucema.
  •   2005. Public Governance : A Blueprint for Political Action and Better Government. Working Paper Series, number 297, Ucema.
  •   2005. It is for Global Governance to Sharpen Up International Relations by fulfilling a Fiduciary Role and Carrying Out the Brokerage of Asymmetric Information. Working Paper Series, number 302, Ucema.
  •   2005. The Principle of Subsidiarity and the Negative Spread. A case for the Governance of State-Owned Banks. Working Paper Series, number 308, Ucema.
  •   2004. Differential Rates, Residual Information Sets and Transactional Algebras. Working Paper Series, number 256, Ucema.
  •   2004. Enhancing Corporate Governance with One- and Two-Tiered Convertible Preferred Stock. Working Paper Series, number 260, Ucema.
  •   2004. Corporate Rent-Seeking and the Managerial Soft-Budget Constraint. Working Paper Series, number 283, Ucema.
  •   2003. Simple and Enlarged Separation portfolios. On their Use when Arbitraging and Synthesizing Securities. Working Paper Series, number 233, Ucema.
  •   2003. Underlying Counterfactual Conditionals in Rawls´”Justice as Fairness”. How the Overlapping Consensus becomes functional to the Original Position. Working Paper Series, number 238, Ucema.
  •   2003. On the Extent of Arbitrage Constraints within a Transactional Algebra. A Non—Standard Approach. Working Paper Series, number 239, Ucema.
  •   2003. The Semantics of Governance (The Common Thread Running Through Corporate, Public and Global Governance). Working Paper Series, number 245, Ucema.
  •   2002. The Governance Slack Model: A Cash Flow Approach for the Budgeting and Accountability of some Corporate Governance Issues, Working Paper Series, number 212, Ucema.
  •   2002. The Incremental Cash Flow Model, Information Sets and Conflicts of Interest. Working Paper Series, number 220, Ucema.
  •   2002. How Corporate Governance and Globalization Can Run Afoul of the Law and Good Practices in Business: The Enron’s Disgraceful Affair, Working Paper Series, number 225, Ucema.
  •   2001. Arbitrage Portfolios, Working Paper, N° 184, Ucema, February.
  •   2001. The Brokerage of Asymmetric Information, Working Paper Series, number 190, Ucema.
  •   2001. Arbitraging Mispriced Assets with Separation Portfolios to Lessen Total Risk, Working Paper Series, number 203, Ucema.
  •   2000. A Transaction Costs Approach to Financial Assets Rates of Return, Working Paper N° 161, Ucema.
  •   2000. Differential Rates of Return and Transaction Costs: A Toolkit for Practitioners, Accountants and Financial Economists, Working Paper N° 166, Ucema.
  •   2000. Differential Rates of Return and Residual Information Sets, Working Paper, N° 177, Ucema.
  •   1999. A Corporate Finance Cash Flow Model with Float, Working Paper N° 142, Ucema.
  •   1999. Transactionally Efficient Markets, Dynamic Arbitrage and Microstructure, Working Paper N° 151, Ucema.
  •   1999. Corporate Governance in Argentina (1991-2000), Working Paper N°154, Ucema.
  •   1998. Dynamic Arbitrage Gaps for Financial Assets, Working Paper N° 134, Ucema.

g) WORKING PAPERS (NEW YORK UNIVERSITY, STERN SCHOOL OF BUSINESS)
  •   2001. Differential Rates of Return and Residual Information Sets, Working Paper Series, S-01-3, New York University, Salomon Center, January.
  •   2001. A Cash Flow Model with Float to Deal with Corporate Governance Issues, Working Paper Series, S-01-4, New York University, Salomon Center, January.
  •   2001. Corporate Governance in Argentina: New Developments through 1991-2001, Working Paper Series, S-01-11, New York University, Salomon Center, February.