Lessons from the Financial Crisis

KOLB SERIES IN FINANCE Essential Perspectives With so much information saturating the market, it has been difficult for both financial professionals and those in the academic community to gain a firm understanding of why the recent economic crisis occurred and what needs to be done to fix it. There is a real need, and demand, from both finance professionals and scholars to obtain answers as to what really happened and why. That's why Robert Kolb-one of today's most respected academics and Editor of the Robert W. Kolb Series in Finance-has created Lessons from the Financial Crisis. Consisting of contributed chapters from leading minds in the worlds of finance, government, and academia, Lessons from the Financial Crisis dissects this devastating crisis and offers a valuable look at what we must do to avoid future missteps. Page by page, this timely guide puts the events that have transpired in perspective and skillfully details why it began and how it developed as well as its effect on people, implication for our economy, and the broader ramifications for our society. With each contributor bringing his or her own unique insights into this dilemma, you'll gain a firm understanding of the issues that lie at the heart of the recent financial crisis. Topics touched upon along the way include: Particular institutional problems that were revealed in the crisis The role of borrowers, especially subprime borrowers, in fomenting the crisis The failures of modern risk analysis and management, and how these essential disciplines can be improved The securitization process and how a new way of originating mortgages affected the mortgage market and the broader financial crisis Regulatory, systemic, and other solutions that can be implemented to avert future problems And much more We currently face a serious economic situation, but in understanding it, we can overcome the challenges it presents. This well-rounded resource offers the best chance to get through these tough times and learn from our mistakes.