Faculty and Research
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Henry Kaufman
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John Paulson
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Myron Scholes
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The financial crisis has provided a unique opportunity to harness the collective expertise of NYU Stern faculty to make a serious contribution to the repair efforts underway.

Introducing an independent view of the financial crisis, Restoring Financial Stability: How to Repair a Failed System features executive summaries of 18 targeted and definitive White Papers authored by 33 Stern academics that offer financial policy alternatives—and specific courses of action—to restore the global financial system.

Thomas F. Cooley, Dean   Ingo Walter, Vice Dean
Viral V. Acharya & Matthew Richardson, Professors & Co-Editors
White Papers Book Launch Event
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View Video Excerpts
NYU Stern Launches Courses on the
Financial Crisis Causes and Remedies
View Complete Courses
Dean Cooley and authors ring
the closing bell at NASDAQ
View Video
Viral V. Acharya
Edward I. Altman
David K. Backus
Menachem Brenner
Stephen J. Brown
Andrew Caplin
Jennifer N. Carpenter
Gian Luca Clementi
Thomas F. Cooley
Robert F. Engle
Stephen C. Figlewski
Xavier Gabaix
Dwight Jaffee
Kose John
Marcin Kacperczyk
Alexander Ljungqvist
Anthony W. Lynch
Lasse H. Pedersen
Thomas Philippon
Matthew P. Richardson
Nouriel Roubini
Stephen G. Ryan
Anthony Saunders
Philipp Schnabl
Roy C. Smith
Marti G. Subrahmanyam
Rangarajan K. Sundaram
Stijn Van Nieuwerburgh
Paul A. Wachtel
Ingo Walter
Lawrence J. White
Robert E. Wright
Eitan Zemel

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Restoring Financial Stability
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A Curb on Bank Bonuses Misses the Point
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Systemic Risk and Deposit Insurance Premiums
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State of Corporate Finance: It's Not Over Yet
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Regulating Systemic Risk
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Derivatives Trades Should All Be Transparent
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Green Shoots Or Yellow Weeds?
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The Almighty Renminbi?
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Insolvent banks should feel market discipline
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We Can't Subsidize the Banks Forever
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Two Cheers For The Stress Tests
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Bank dividends in the crisis: A failure of governance
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The Origin of Bias in Credit Ratings
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Give Credit to Timothy Geithner's New Toxic Asset Plan
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Are CEOs Paid Too Much?
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Fixing A Failed Financial System
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Some steps in the right direction: A critical assessment of the de Larosiere report
VoxEU.org, 3/4/09

Guarantees: A Double-Edged Sword
The Banker, 3/1/09

The Case For and Against Bank Nationalisation
VoxEU.org, 2/26/09

Free bond information market from its shackles
Financial Times, 2/25/09

The G7 Meetings and the Regulation of Hedge Funds
VoxEU.org, 2/20/09

There's Virtue In Geithner's Vague Bank Plan
Wall Street Journal, 2/18/09

Nationalize the Banks! We're all Swedes Now
The Washington Post, 2/15/09

An Overview of the Proposals to Fix the Financial System
VoxEU.org, 2/15/09

Financial Polluters Need to Pay
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Greed is Good
Wall Street Journal, 2/7/09

Repairing a Failed System
VoxEU.org, 2/7/09

Wall Street Pay in the Age of Obama
Forbes.com, 2/5/09

Expect Even More Shadow Banking Losses
Forbes.com, 2/3/09

Good Bank, Bad Bank; Good Plan, Better Plan
The New York Times, 1/31/09

A Proposal to Prevent Wholesale Financial Failure
Financial Times, 1/29/09

Formula For Fiscal Fitness
New York Post, 1/16/09

Government Money Should Have Strings Attached
FT.com Economist's Forum, 1/6/09

Guardian.co, 8/20/09

Bloomberg, 8/19/09

The Wall Street Journal blog, 7/27/09

Wharf.co.uk, 5/27/09

VoxEU.org, 4/24/09

TIME, 3/23/09

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Chosunilbo Daily, 2/25/09

TIME, 2/16/09

ABC News, 2/15/09

Financial Week, 2/11/09

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New Paper
On the Financial Regulation of Insurance Companies
Viral V. Acharya, John Biggs, Matthew Richardson and Stephen Ryan

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