Introduction
Repairing a Failed System: An Introduction
Viral V. Acharya and Matthew Richardson
Section I: Causes of the Financial Crisis of 2007-2008
Chapter 1: Mortgage Origination and Securitization in the Financial Crisis
Dwight Jaffee, Anthony Lynch, Stijn Van Nieuwerburgh and Matthew Richardson
Chapter 2: How Banks Played the Leverage "Game"?
Viral V. Acharya and Philipp Schnabl
Chapter 3: The Rating Agencies
Matthew Richardson and Lawrence White
Section II: Financial Institutions
Chapter 4: What to Do About the Government Sponsored Enterprises?
Dwight Jaffee, Stijn Van Nieuwerburgh, Matthew Richardson, Lawrence White and Robert Wright
Chapter 5: Enhanced Regulation of Large Complex Financial Institutions
Anthony Saunders, Roy Smith and Ingo Walter
Chapter 6: Hedge Funds in the Aftermath of the Financial Crisis
Stephen Brown, Marcin Kacperczyk, Alexander Ljungqvist, Anthony Lynch, Lasse Pedersen and Matthew Richardson
Section III: Governance, Incentives and Fair-value Accounting
Chapter 7: Corporate Governance in the Modern Financial Sector
Viral V. Acharya, Jennifer Carpenter, Xavier Gabaix, Kose John, Matthew Richardson, Marti Subrahmanyam, Rangarajan Sundaram and Eitan Zemel
Chapter 8: Rethinking Compensation in Financial Firms
Gian Luca Clementi, Thomas F. Cooley, Matthew Richardson and Ingo Walter
Chapter 9: Fair Value Accounting: Policy Issues Raised by the Credit Crunch
Stephen Ryan
Section IV: Derivatives, Short Selling and Transparency
Chapter 10: Derivatives—The Ultimate Financial Innovation
Viral V. Acharya, Menachem Brenner, Robert Engle, Anthony Lynch and Matthew Richardson
Chapter 11: Centralized Clearing for Credit Derivatives
Viral V. Acharya, Robert Engle, Stephen Figlewski, Anthony Lynch and Marti Subrahmanyam
Chapter 12: Short Selling
Menachem Brenner and Marti Subrahmanyam
Section V: The Role of the Fed
Chapter 13: Regulating Systemic Risk
Viral V. Acharya, Lasse Pedersen, Thomas Philippon and Matthew Richardson
Chapter 14: Private Lessons for Public Banking: The Case for Conditionality in LOLR Facilities
Viral V. Acharya and David Backus
Section VI: The Bailout
Chapter 15: The Financial Sector "Bailout": Sowing the Seeds of the Next Crisis
Viral V. Acharya and Rangarajan Sundaram
Chapter 16: Mortgages and Households
Andrew Caplin and Thomas F. Cooley
Chapter 17: Where Should the Bailout Stop?
Edward Altman and Thomas Philippon
Section VII: International Coordination
Chapter 18: International Alignment of Financial Sector Regulation
Viral V. Acharya, Paul Wachtel and Ingo Walter
Copyright © 2009 Leonard N. Stern School of Business
Link: Executive Summaries