Publication series

Towards a Fundamental Understanding of Financial Sector Developments

Volume: 17 Topics in Corporate Finance

Author(s): Frank Partnoy, Arnoud W.A. Boot and Anjan V. Thakor

Year: 2009

ISBN: 978-90-77859-09-4

Price: € 20.00

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By Frank Partnoy, Arnoud W.A. Boot and Anjan V. Thakor, 2009
ISBN 978-90-77859-09-4
The functioning of the financial system has become one of the most acute public policy issues of our time.
The financial crisis that confronts the world since the middle of 2007 points at the need for reform of the financial system. For this reason the Amsterdam Center for Corporate Finance has dedicated this issue of its Topics in Corporate Finance series to analyzing two key questions for the design of the financial system: i. How should we reform the role of credit rating agencies? And ii. How should we deal with the increasing integration and interlinkages between financial institutions and markets?
In the first two chapters of this publication, Frank Partnoy, Professor of Law at the University of San Diego School of Law, addresses the first question relating to the role of credit rating agencies. In the first chapter Partnoy explains why credit rating agencies are at the heart of the current credit crisis. In the second chapter he provides an in-depth analysis of the role of credit rating agencies and the regulatory framework surrounding them. He also puts forward fundamental reform proposals that could solidify their role. This contribution was part of Professor Partnoy’s presentation at an ACCF symposium last July. Professor Partnoy very early on started pointing at the underlying risks in the financial sector. It is unfortunate that a crisis is needed to bring his ideas to the forefront.
The third chapter, entitled ‘The Accelerating Integration of Banks and Markets and its Implications for Regulation’, is an extensive analysis of the profound academic work that has been done on the integration of financial institutions and markets. The authors, Arnoud Boot and Anjan V. Thakor, a finance professor at the Olin School of Business (Washington University, St. Louis), show that the complexity of the financial sector creates virtually insurmountable regulatory and supervisory challenges. They offer several avenues forward.
This publication aims to build a further understanding on what is needed to rectify the weaknesses in the financial sector. We hope you enjoy reading it, and that this publication may contribute to bridging the gap between theory and practice.

Publications Topics in Corporate Finance

292021A.J. Menkveld, G. Vuillemey, M.P. Schinkel, T. Klein and othersPerspectives on Central Clearing and Competition Policy€ 20.00
282020R. de Weijs, A. Jonkers & A. Boot et al.Perspectives on Leveraged Finance and Fintech€ 20.00
272019Dirk Schoenmaker, Rens van Tilburg, Elisa Achterberg and Max van SonSustainable Finance and Government Policy€ 20.00
262018Arnoud W.A. Boot, Jeroen E. Ligterink and Jens K. MartinUnderstanding Fintech and Private Equity€ 20.00
252017Jeroen E. Ligterink en Jens K. MartinPrivate equity: waardecreatie, herverdeling en excessen€ 20.00
242015Tanju YorulmazerUnderstanding the Crisis: Bank Funding Structures as Source of Instability€ 20.00
232014Anat R. AdmatiTowards a Better Understanding of the Capitalization of Banks€ 20.00
222013Arnoud W.A. BootTransactiemaatschappij en financiële markten: op zoek naar een nieuwe balans€ 20.00
212012Lans BovenbergMacro-oplossingen gezocht: naar integrale oplossingen voor de onevenwichtigheden in wonen, pensioen, ouderenzorg en het bancaire landschap€ 20.00
202011Paul De Grauwe and Arnoud W.A. BootTowards a Fundamental Resolution of the Eurocrisis€ 20.00
192010David T. LlewellynThe Global Banking Crisis and the Post-Crisis Banking and Regulatory Scenario€ 20.00
182010Ludovic PhalippouRegulating Private Equity€ 20.00
172009Frank Partnoy, Arnoud W.A. Boot and Anjan V. ThakorTowards a Fundamental Understanding of Financial Sector Developments€ 20.00
162008Arnoud W. A. BootCorporate finance theorie en financiële crisis in breder perspectief € 20.00
152007Arnoud W.A. Boot, meerdere auteursPrivate equity en aandeelhoudersactivisme€ 20.00
142007X. Vives and V. Strauss-KahnHeadquarters and innovation: does location matter? € 20.00
132006L. Bouchez, M. Knubben, J.A. McCahery and L. Timmerman (eds)The Quality of Corporate Law and the Role of Corporate Law € 20.00
122005J. McCahery and E. VermeulenUnderstanding (Un)incorporated Business Forms € 20.00
112005D. Cumming, G. Fleming and A. SchwienbacherRecent research on the investment behavior of private equity fund managers€ 20.00
102005M.J.G.C. Raaijmakers, G. van Solinge en P. Frentrop Corporate governance: een agenda voor de toekomst€ 20.00
92004Amar BhidéEntrepreneurship and Venture Capital€ 20.00
82004V. Maksimovic, D. Brounen, A. de Jong and K. KoedijkPerspectives on the Theory and Practice of Corporate Finance € 20.00
72003J.J.A. LeenaarsSecuritisatie: Economics en Europees Perspectief€ 20.00
62003U. BhattacharyaGlobal Corporate Governance and Accounting Transparency € 20.00
52002A. Saunders and A. SchmeitsThe Role of Bank Funding for the Corporate Sector: the Netherlands in an International Perspective € 20.00
42001Todd T. MilbournManagement Compensation in the Netherlands: Theory, Evidence, and Best Practice € 12.50
32000A.W.A. Boot and J.E. LigterinkDe Efficiëntie van de Nederlandse Faillissements€ 15.00
22000E.I. Altman and A. Saunders, and A.W.A. Boot, T. Milbourn, and S. DezelanPerspectives on the Regulation of the Financial Services Industry € 12.50
11999I. Walter and A.W.A. BootThe Future of Banking: Two Essays on the Consolidation in the Financial Sector€ 15.00