Accounting

Stefan Nagel photo
STANFORD GRADUATE SCHOOL OF BUSINESS — By now, nearly everyone knows that the financial meltdown of 2007, and the subsequent recession, began with the collapse of the housing market and the subprime securities market, the funder of millions of mortgages.Understanding exactly what happened, and why...
Anat Admati photo
Sir, Bankers say whatever serves their interests. William Isaac, Chair of Fifth Third Bankcorp, and Richard Kovacevich, former Wells Fargo chief executive, repeat standard and flawed arguments against what they call “breathtaking“ levels of equity such as 9 percent. Many others argue that...
Anat Admati photo
Admati, who is the George G.C. Parker Professor of Finance and Economics, wrote the paper with Martin Hellwig of the Max Planck Institute for Research; they share the runners-up prize of $1,500 with a team from the International Monetary Fund. The Admati-Hellwig essay, "Good Banking Regulation...
Sir, Mr. Isaac ("Banks should be allowed to pay out dividends", February 9) supports higher capital requirements, but argues that preventing profitable banks from paying "reasonable" dividends impedes bank lending and economic growth. We disagree. Paying dividends immediately reduces bank capital...
STANFORD GRADUATE SCHOOL OF BUSINESS—A plan by global financial regulators to fix the mess created by the misuse of credit default swaps is flawed, says Darrell Duffie, professor of finance at the Stanford Graduate School of Business. In a preliminary research paper, Duffie, and GSB doctoral...
STANFORD GRADUATE SCHOOL OF BUSINESS—In a business environment where heads of companies are increasingly held accountable for performance and boards are willing to use their muscle to push them out, CEOs are being handed pink slips more frequently than ever before. So what does that mean for the...
STANFORD GRADUATE SCHOOL OF BUSINESS—Entrepreneurial activities are prone to failure. Limited resources, lack of market history, and inability to widely communicate product quality make it difficult for most startups to survive. Prior research indicates that venture capital funding is the most...
STANFORD GRADUATE SCHOOL OF BUSINESS — There's good news for supporters of the Waxman-Markey climate bill from Professor Stefan Reichelstein. Although passed by the U.S. House of Representatives in June 2009, the bill is expected to spur a contentious debate in the Senate starting this fall....
STANFORD GRADUATE SCHOOL OF BUSINESS—In the late 1990s, market analysts anticipated that business-to-business (B2B) online transactions —commonly called "e-procurement"—would increase from $600 billion in 2000 to over $6.3 trillion by 2004. Growth has been much slower but researchers predict it...
STANFORD GRADUATE SCHOOL OF BUSINESS—A study by Stanford law and business faculty members casts strong doubt upon the value and validity of the ratings of governance advisory firms that compile indexes to evaluate the effectiveness of a publicly held company’s governance practices. Enron,...

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