Finanz- und Bankenkrisen können seit Jahrhunderten beobachtet werden und gründen auf ähnlichen Verhaltensweisen der Beteiligten. Wie die vergangenen zwei Jahre gezeigt haben, variieren hingegen die den Krisen zugrundeliegenden tieferen Ursachen und Mechanismen. Durch statistische Daten wird gezeigt, wie die Immobilienpreise in den USA zunächst stiegen. Wegen erwarteter weiterer Wertentwicklung wurden Kredite auch an Schuldner geringer (subprime) Bonität gegeben und Risiken als forderungsbesicherte Wertpapiere auf globalen Märkten veräußert. Als sich die Wachstumserwartungen nicht erfüllten, vermehrten sich Rückzahlungsausfälle lavinenartig. Vom amerikanischen Hypothekenmarkt breitete sich die Krise auf die internationalen Banken und im weiteren Verlauf auf die Weltwirtschaft aus. / Financial and banking crisis have been repeatedly reported on few centuries. In a way, they were caused by similar behaviour of the people involved. But the essential reasons and mechanisms were basicly different. In this paper, by statistics is to be demonstrated in which way US residential property prices had been developing before the beginning of the current crisis. Because of the expectation of continuing increase banks did not hesitate to give mortgages even to subprime, i.e. less reliable, debtors. Furthermore, they passed on their risk by selling special new securities, such as MBS (mortgage-backed securities), on global markets, i.e. all over the world. When the expectation of eternal growth failed to come true the number of debtors unable to meet their repayments snowballed and mortgage banking collapsed. Then the crisis was spreading across international banking and, eventually, severely damaged the whole world economy.

Denna litteraturstudie avser reda ut den eventuella kopplingen mellan bonus och dagens finanskris samt undersöka om ett bonusstopp för bankanställda kan minska risken för en framtida finansiell kris. Uppsatsen inleds med en förklaring av bankväsendets särart och vikten av ett statligt skyddsnät. Senare avhandlas relevant bonusteori och moral hazard, därefter en redogörelse för bonusens betydelse i finanskrisen. Vidare utreds bonusprogrammens inverkan i svenska bankers expansion i Baltikum. Vi har kommit fram till att belöningsstrukturen inom finansbranschen har varit felaktigt utformad då dessa belönat kortsiktiga vinster på riskfyllda affärer. Detta har varit en av orsakerna till subprimekrisen. Ett bonusstopp minskar därför risken för liknande finansiella kriser men kan däremot inte helt eliminera risken för finanskriser.

The collapse of subprime loan markets in the United States in 2007 sparked a global financial crisis. With the fallout of subprime loan storm, the global economy has been in serious recession. In addition to the financial stagnation, other industries have been also affected. According to the estimation by International Labor Organization (ILO), the global unemployment population in 2009 will be more than 200 millions. The continued rising of misery index and losing confidence among the public become the motivation for inspiring the researcher to explore this issue. The research aims to understand the financial storm and explore the cause of the subprime financial storm through the reviews and reorganization of literature. In light of the cyclical and repetitive nature of financial crisis, if we could find the leverage solution to the subprime loan storm, it will be a useful reference for dealing with possible financial crises in future. This research adopted literature analysis method and history study to collect data and explain the feedback viewpoint of the operation of the subprime loan storm through casual loop diagram (CLD). Through the reorganization of related literature, this research found the historical cause of the subprime loan storm. We also constructed a causal feedback diagram of the formation of subprime loan storm by the archetypes. Furthermore, we found out the leverage solution that might effectively curb subprime loan storm in the causal feedback diagram. This research presents three conclusions: 1) three reasons for the formation of the structure of subprime loan storm: a. the building-up of Black-Scholes Model; b. the regulations on the capital adequacy rates and commodity derivatives in Basel Agreement; c. the domination of performance; 2) the policy factors for the formation of the structure of subprime loan storm: the over-adjustment of rate policy by Fed; 3) the implicit factors for the formation of the structure of subprime loan storm: the effects of moral decline. In the last part, the research recommends six fundamental solutions for the subprime loan problem according to the leverage solution to the subprime loan storm: 1) the de-leverage of commodity derivatives; 2) the strict self-management of internal control and audit system in banks; 3) the adjustment of performance-dominated culture; 4) the promotion of moral education; 5) the pace of adjustment of rate policy by Fed should be slowed down; 6) the governments should adopt fiscal policy as much as they can.

The entire thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file; a non-technical public abstract, appears in the public.pdf file. Title from PDF of title page (University of Missouri--Columbia, viewed on March 19, 2010). Thesis advisor: Dr. Charles Davis. Includes bibliographical references.

The importance of the financial markets has constantly been increasing during the last few decades. With the increase of the importance of the financial markets the popularity and importance of financial reporting have also increased dramatically. The importance of financial reporting has logically created a need for a lot of research in the area. It is for instance important to understand the links financial reporting has with the different parts of the business and its implications on them and the business in general. Based on that the research conducted has focus on the following research issue – identify, understand and explain the implications of financial reporting on leadership’s decision making process as well as identify, understand and explain their effects on leadership’s strategic choices. The aim of the research process is to reach some general conclusions on the issue derived from a certain context – the crisis in the financial sector originating from the US subprime mortgage crisis as well as provide basis for further research on the issue.

Following the fall of the Lehman Brothers in 2008, the U.S. saw the worst recession since the Great Depression in the 1920's. This dissertation presents a summary of two previous major U.S. recessions, the Great Depression and the Savings and Loans Crisis, and an analysis of the root causes and consequences of the 2007-2009 recession is also provided, namely the bursting of the housing bubble, loose monetary policy, lax financial regulation, and misperception of risk. The Troubled Asset Relief Program, a bailout program implemented following the Emergency Economic Stabilization Act in October 2008, is then discussed. Using county-level panel data, the effect of the implementation of TARP on unemployment patterns is then studied. The results show that TARP negatively affected unemployment patterns, so that TARP alleviated the sharp rise in unemployment after its inception

<p>The importance of the financial markets has constantly been increasing during the last few decades. With the increase of the importance of the financial markets the popularity and importance of financial reporting have also increased dramatically.</p><p>The importance of financial reporting has logically created a need for a lot of research in the area. It is for instance important to understand the links financial reporting has with the different parts of the business and its implications on them and the business in general. Based on that the research conducted has focus on the following research issue – identify, understand and explain the implications of financial reporting on leadership’s decision making process as well as identify, understand and explain their effects on leadership’s strategic choices.</p><p>The aim of the research process is to reach some general conclusions on the issue derived from a certain context – the crisis in the financial sector originating from the US subprime mortgage crisis as well as provide basis for further research on the issue.</p>

El objetivo de este trabajo es analizar la estabilidad de las calificaciones de riesgo crediticio (ratings) de un tipo de derivados de crédito conocido como synthetic Collateralized Debt Obligations (CDO sintéticos). Durante la crisis subprime gatillada el 2007, la mayoría de los derivados de crédito tipo CDO tuvo un muy mal desempeño. Debido a que cada CDO poseía una calificación de riesgo crediticio, este mal desempeño evidenció la falta de precisión de los ratings de las agencias calificadoras. En este contexto, este trabajo se enfoca en los CDO sintéticos, por dos motivos. Primero, pues ellos tuvieron un rol protagónico en la crisis subprime al transformarse en uno de los instrumentos favoritos de los especuladores para hacer “apuestas unidireccionales”. Y segundo, dado que los CDO sintéticos se transaban en un mercado secundario no regulado, y poco transparente, esto los hace más interesantes como objetos de estudio. Tradicionalmente, los ratings de las calificadoras de riesgo se han basado en un único estimador, sin considerar el error asociado con éste. Por ello, este trabajo analiza la estabilidad de las calificaciones de riesgo, mediante la estimación de intervalos de confianza y análisis de sensibilidad en función de los distintos parámetros considerados. Este trabajo utiliza la metodología de calificación de Moody’s, una de las calificadoras de mayor participación de mercado, que emplea el concepto de pérdida esperada. En el desarrollo de los análisis, se consideró la información a la cual un inversionista habría tenido acceso previo a la crisis subprime. Los casos de estudio seleccionados corresponden a CDO sintéticos representativos del mercado global de riesgo de crédito. Este trabajo concluye que el empleo de un solo valor como medida de riesgo de crédito para los CDO sintéticos es inadecuado. Los intervalos de confianza estimados para la perdida esperada contienen consistentemente más de un rating, es decir, contienen un margen de error significativo. Además, este trabajo revela que la información disponible previa a la crisis subprime habría permitido a inversionistas sofisticados haber detectado el peligroso margen de error asociado a los ratings. Por último, este trabajo pone de manifiesto la importancia de reconsiderar la estructura de los marcos regulatorios financieros que en la mayoría de los países se basan en ratings emitidos por calificadoras de riesgo, y por lo tanto, son inherentemente inestables. Considerando la importancia de las conclusiones de este trabajo, sería interesante extender esta investigación a otras metodologías de calificación de riesgo y a otros tipos de derivados de crédito.

Orientador: Antonio Fernando Crepaldi / Banca: Pedro Carlos Oprime / Banca: José de Souza Rodrigues / Resumo: As crises que ocorrem no mercado de ações são prejudiciais não só à parte monetária da economia de um país, mas ao desenvolvimento do país como um todo. A crise do subprime em 2008, que se iniciou nos Estados Unidos da América, atingiu o mundo todo, muitos países tiveram quedas significativas do PIB e vários entraram em recessão. Existe, então, o interesse em se compreender a dinâmica das séries temporais de variáveis como retorno e volatilidade das ações negociadas nesse mercado, a fim de compreender as diferenças de seu comportamento em momentos de crise econômica. Com o objetivo de analisar o espectro de correlação da volatilidade de ações no período da crise de 2008 e em suas vizinhanças, foram verificadas 31 ações de empresas pertencentes a diversos setores da economia brasileira, que compuseram entre 2007 e 2011 o Índice Bovespa. Para tal foram utilizados os métodos do Detrended Fluctuation Analisys - DFA e do Detrended Cross-Correlation Analisys - DCCA. Ambos métodos evidenciaram uma significativa mudança na função de probabilidade no período de crise comparativamente aos períodos de sua vizinhança. / Abstract: Crises occurring in the stock market are harmful not only to the monetary part of a country's economy, but to the development of the country as a whole. The subprime crisis in 2008, which began in the United States of America, hit the whole world, many countries had significant declines in GDP and several went into recession. There is, therefore, an interest in understanding the dynamics of time series of variables such as return and volatility of the shares traded in this market, in order to understand the differences in their behavior in times of economic crisis. With the objective of analyzing the correlation spectrum of stock volatility in the period of the 2008 crisis and its neighborhoods, 31 stocks of companies belonging to various sectors of the Brazilian economy were verified, which made up the Bovespa Index between 2007 and 2011. The methods of Detrended Fluctuation Analyzes - DFA and Detrended Cross-Correlation Analyzes - DCCA were used for this. Both methods evidenced a significant change in the probability function in the period of crisis compared to the periods of its neighborhood / Mestre

This diploma thesis provides complex analysis of the current development of the U.S. subprime mortgage and credit crisis. The thesis examines the major issues that have contributed to the crisis and it follows with identifying likely consequences. In the end of the paper are discussed some recommendations to help avoid future crises.