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Revista de derecho (Coquimbo)
versión On-line ISSN 0718-9753
VILLACORTA HERNANDEZ, Miguel Ángel. NATURE, CLASSIFICATION AND FUTURE EVOLUTION OF THE PREFERRED SHARES. RDUCN [online]. 2012, vol.19, n.1, pp.293-331. ISSN 0718-9753. http://dx.doi.org/10.4067/S0718-97532012000100009.
This article analyzes the juridical nature of the issuing of preferred shares, regulated for the first time in Spain under Law 19/2003, and that is a different figure than those stocks or preferred social shares and privileged of the Adapted Text of the Capital Societies' Law. This figure is analyzed under five reasons: first, because the economic press offers ambiguous information; second, because they have a detailed regulation that deserves a closer observation; third, because its legislation holds several common aspects with the callable stocks; fourth, because they are the most successful issuing of hybrid capital in the financial market; and fifth, because it was the chosen instrument by the brokers to receive financing during the 2009-2011 crisis. The main conclusion is the need to separately analyze the nature of the preferred shares issued directly and those issued indirectly.
Palabras clave : Preferred shares; Capital; financing hybrids.