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"The scholarly literature on executive compensation is vast. As such, this literature provides an unparalleled resource for studying the interaction between the setting of incentives (or the attempted setting of incentives) and the behavior that is actually adduced. From this literature, there are several reasons for believing that one can set incentives in executive compensation with a high rate of success in guiding CEO behavior, and one might expect CEO compensation to be a textbook example of the successful use of incentives. Also, as executive compensation has been studied intensively in the academic literature, we might also expect the success of incentive compensation to be well-documented. Historically, however, this has been very far from the case. In Too Much Is Not Enough, Robert W. Kolb studies the performance of incentives in executive compensation across many dimensions of CEO performance. The book begins with an overview of incentives and unintended consequences. Then it focuses on the theory of incentives as applied to compensation generally, and as applied to executive compensation particularly. Subsequent chapters explore different facets of executive compensation and assess the evidence on how well incentive compensation performs in each arena. The book concludes with a final chapter that provides an overall assessment of the value of incentives in guiding executive behavior. In it, Kolb argues that incentive compensation for executives is so problematic and so prone to error that the social value of giving huge incentive compensation packages is likely to be negative on balance. In focusing on incentives, the book provides a much sought-after resource, for while there are a number of books on executive compensation, none focuses specifically on incentives. Given the recent fervor over executive compensation, this unique but logical perspective will garner much interest. And while the literature being considered and evaluated is technical, the book is written in a non-mathematical way accessible to any college-educated reader."--Publisher's website

"The latest insights on financial contagion and how both nations and investors can effectively deal with it The domino-style structure in which the financial system exists is a perilous one. Although historically, the financial system has been able to deal with major shocks, the fact remains that our financial system is not as secure as it should be. Recent years have brought about too many examples of contagion and systemic risk. That is why Financial Contagion is such an important read. In it, the serious concerns that revolve around our fragile economic system are investigated, researched, and explained. Throughout the book, Kolb offers valuable insights on this dilemma as he compiles the history of financial contagion, highlights the latest research on systemic failure and interrelated markets, and analyzes the risks and consequences we face moving forward. Examines the importance of careful regulation and what must be done to stabilize the global financial system Includes contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Details how close we are to witnessing a financial contagion that could devastate the world economy We have been harshly reminded of how fragile our economic ecosystem is. With Financial Contagion, you'll hold a better understanding of what needs to be done to strengthen our system and safeguard our financial future."--

"An intelligent analysis of the dangers, opportunities, and consequences of global sovereign debt Sovereign debt is growing internationally at a terrifying rate, as nations seek to prop up their collapsing economies. One only needs to look at the sovereign risk pressures faced by Greece, Spain, and Ireland to get an idea of how big this problem has become. Understanding this dilemma is now more important than ever, that's why Robert Kolb has compiled Sovereign Debt. With this book as your guide, you'll gain a better perspective on the essential issues surrounding sovereign debt and default through discussions of national defaults, systemic risk, associated costs, and much more. Historical studies are also included to provide a realistic framework of reference. Contains up-to-date research and analysis on sovereign debt from today's leading practitioners and academics Details the dangers of defaults and their associated systemic risks Explores the past, present, and future of sovereign debt The repercussions of a national default are all-encompassing as global markets are intricately interwoven in the modern world. Sovereign Debt examines what it will take to overcome the challenges of this market and how you can deal with the uncertainty surrounding it."--

"An intelligent analysis of the dangers, opportunities, and consequences of global sovereign debt Sovereign debt is growing internationally at a terrifying rate, as nations seek to prop up their collapsing economies. One only needs to look at the sovereign risk pressures faced by Greece, Spain, and Ireland to get an idea of how big this problem has become. Understanding this dilemma is now more important than ever, that's why Robert Kolb has compiled Sovereign Debt. With this book as your guide, you'll gain a better perspective on the essential issues surrounding sovereign debt and default through discussions of national defaults, systemic risk, associated costs, and much more. Historical studies are also included to provide a realistic framework of reference. Contains up-to-date research and analysis on sovereign debt from today's leading practitioners and academics Details the dangers of defaults and their associated systemic risks Explores the past, present, and future of sovereign debt The repercussions of a national default are all-encompassing as global markets are intricately interwoven in the modern world. Sovereign Debt examines what it will take to overcome the challenges of this market and how you can deal with the uncertainty surrounding it."--

Corporate Boards: Managers of Risk, Sources of Risk deals with the highly timely topic of the Corporate Board and its relationship to risk, both in terms of its management and its creation.:.; Utilizes a multi-disciplinary perspective which draws on the fields of economics, law, business ethics, and corporate social responsibility.; Features a range of topics including the role of corporate boards in overseeing increasingly complex risk management techniques and the ethical dimensions of corporate board behavior in managing risk.; Of interest to students, scholars, and firm stakeholders.; Expl

Front Matter -- Overview of the Crisis. Leverage and Liberal Democracy / George Bragues -- A Property Economics Explanation of the Global Financial Crisis / Gunnar Heinsohn, Frank Decker -- Of Subprimes and Sundry Symptoms: The Political Economy of the Financial Crisis / Ashok Bardhan -- The Political Economy of the Financial Crisis of 2008 / Roger D Congleton -- The Global Financial Crisis of 2008: What Went Wrong? / Hershey H Friedman, Linda Weiser Friedman -- The Roots of the Crisis and How to Bring It to a Close / James K Galbraith -- Enron Rerun: The Credit Crisis in Three Easy Pieces / Jonathan C Lipson -- The Global Crisis and Its Origins / Peter L Swan -- Four Paradoxes of the 2008₆2009 Economic and Financial Crisis / John E Marthinsen -- Understanding the Subprime Financial Crisis / Steven L Schwarcz -- Causes and Consequences of the Financial Crisis. The Origins of the Financial Crisis / Martin N Baily, Robert E Litan, Matthew S Johnson -- Ten Myths About Subprime Mortgages / Yuliya Demyanyk -- The Financial Crisis: How Did We Get Here and Where Do We Go Next? New Evidence on How the Crisis Spread Among Financial Institutions / James R Barth, Tong Li, Lu Wenling, Glenn H Yago -- A Decade of Living Dangerously: The Causes and Consequences of the Mortgage, Financial, and Economic Crises / Jon A Garfinkel, Jarjisu Sa-Aadu -- Making Sense of the Subprime Crisis / Kristopher S Gerardi, Andreas Lehnert, Shane M Sherlund, Paul Willen -- Miraculous Financial Engineering Or Legacy Assets? / Ivo Pezzuto -- The Making and Ending of the Financial Crisis of 2007₆2009 / Austin Murphy -- The Subprime Mortgage Problem: Causes and Likely Cure / Ronald D Utt -- Sequence of Asset Bubbles and the Global Financial Crisis / Abol Jalilvand, A G (Tassos) Malliaris -- Borrowers. The Past, Present, and Future of Subprime Mortgages / Shane M Sherlund -- Fha Loans and Policy Responses to Credit Availability / Marsha Courchane, Rajeev Darolia, Peter Zorn -- The Single-Family Mortgage Industry in the Internet Era: Technology Developments and Market Structure / Forrest Pafenberg -- Speed Kills? Mortgage Credit Boom and the Crisis / Giovanni Dell'ariccia, Deniz Igan, Luc Laeven -- Subprime Mortgages: What We have Learned from a New Class of Homeowners / Todd J Zywicki, Satya Thallam -- Rating Agencies: Facilitators of Predatory Lending in the Subprime Market / David J Reiss -- the Process of Securitization. A Primer on the Role of Securitization in the Credit Market Crisis of 2007 / John D Martin -- Incentives in the Originate-to-Distribute Model of Mortgage Production / Robert W Kolb -- Did Securitization Lead to Lax Screening? Evidence from Subprime Loans / Benjamin J Keys, Tanmoy Mukherjee, Amit Seru, Vikrant Vig -- Tumbling Tower of Babel: Subprime Securitization and the Credit Crisis / Bruce I Jacobs -- The Incentives of Mortgage Servicers and Designing Loan Modifications to Address the Mortgage Crisis / Larry Cordell, Karen Dynan, Andreas Lehnert, Nellie Liang, Eileen Mauskopf -- The Contribution of Structured Finance to the Financial Crisis: An Introductory Overview / Adrian ARJM Van Rixtel, Sarai Criado -- Problematic Practices of Credit Rating Agencies: The Neglected Risks of Mortgage-Backed Securities / Phil Hosp -- Did Asset Complexity Trigger Ratings Bias? / Vasiliki Skreta, Laura Veldkamp -- The Pitfalls of Originate-to-Distribute in Bank Lending / Antje Berndt, Anurag Gupta -- Risk Management and Mismanagement. Behavioral Basis of the Financial Crisis / J V Rizzi -- Risk Management Failures During the Financial Crisis / Michel Crouhy -- The Outsourcing of Financial Regulation to Risk Models / Erik F Gerding -- The Future of Risk Modeling / Elizabeth Sheedy -- What Happened to Risk Management During the 2008₆2009 Financial Crisis? / Michael Mcaleer, Teodosio P̌rez-Amaral, Juan-Angel Jim̌nez-Martin -- Risk Management Lessons from the Global Financial Crisis for Derivative Exchanges / JAYANTH VARMA -- the Problem of Regulation. Regulation and Financial Stability in the Age of Turbulence / David S Bieri -- The Financial Crisis of 2007₆2009: Missing Financial Regulation Or Absentee Regulators? / George G Kaufman, A G Malliaris -- The Demise of the United Kingdom's Northern Rock and Large U.S. Financial Institutions: Public Policy Lessons / Robert A Eisenbeis, GEORGE G KAUFMAN -- Why Securities Regulation Failed to Prevent the Cdo Meltdown / Richard E Mendales -- Curbing Optimism in Managerial Estimates Through Transparent Accounting: The Case of Securitizations / Stephen Bryan, Steven Lilien, Bharat Sarath -- Basel II Put on Trial: What Role in the Financial Crisis? / Francesco Cannata, Mario Quagliariello -- Credit Rating Organizations, Their Role in the Current Calamity, and Future Prospects for Reform / Thomas J Fitzpatrick, Chris Sagers -- Global Regulation for Global Markets? / Michael W Taylor, Douglas W Arner -- Financial Regulation, Behavioral Finance, and the Global Financial Crisis: In Search of a New Regulatory Model / Emilios Avgouleas -- Institutional Failures. Why Financial Conglomerates Are at the Center of the Financial Crisis / Arthur E Wilmarth -- Corporate Governance and the Financial Crisis: A Case Study from the S & P 500 / Brian R Cheffins -- Secondary-Management Conflicts / Steven L Schwarcz -- The Financial Crisis and the Systemic Failure of Academic Economics / David Colander, Michael Goldberg, Armin Haas, Alan Kirman, Katarina Juselius, Brigitte Sloth, Thomas Lux -- Fannie Mae and Freddie Mac: Privatizing Profit and Socializing Loss / David Reiss -- Disclosure's Failure in the Subprime Mortgage Crisis / Steven L Schwarcz -- the Federal Reserve, Monetary Policy, and the Financial Crisis. Federal Reserve Policy and the Housing Bubble / Lawrence H White -- The Greenspan and Bernanke Federal Reserve Roles in the Financial Crisis / John Ryan -- The Risk Management Approach to Monetary Policy: Lessons from the Financial Crisis of 2007₆2009 / Marc D Hayford, A G Malliaris -- Reawakening the Inflationary Monster: U.S. Monetary Policy and the Federal Reserve / Kevin Dowd, Martin Hutchinson -- The Transformation of the Federal Reserve System Balance Sheet and Its Implications / Peter Stella -- Implications of the Crisis for Our Economic Systems. Systemic Risk and Markets / Steven L Schwarcz -- The Transmission of Liquidity Shocks During the Crisis: Ongoing Research into the Transmission of Liquidity Shock Suggests the Emergence of a Range of New Channels During the Credit Crisis / Nathaniel Frank, Brenda Gonz̀lez-Hermosillo, Heiko Hesse -- Credit Contagion from Counterparty Risk / Philippe Jorion, Gaiyan Zhang -- International Dimensions of the Financial Crisis. Only in America? When Housing Boom Turns to Bust / Luci Ellis -- The Equity Risk Premium Amid a Global Financial Crisis / John R Graham, Campbell R Harvey -- Australia's Experience in the Global Financial Crisis / Christine Brown, Kevin Davis -- Collapse of a Financial System: An Icelandic Saga / Tryggvi Thor Herbertsson -- Iceland's Banking Sector and the Political Economy of Crisis / James A H S Hine, Ian Ashman -- The Subprime Crisis: Implications for Emerging Markets / William B Gwinner, Anthony B Sanders -- Financial Solutions and Our Economic Future. The Long-Term Cost of the Financial Crisis / Murillo Campello, John R Graham, Campbell R Harvey -- Coping with the Financial Crisis: Illiquidity and the Role of Government Intervention / Bastian Breitenfellner, Niklas Wagner -- Fiscal Policy for the Crisis / Antonio Spilimbergo, Steven Symansky, Olivier Blanchard, Carlo Cottarelli -- The Future of Securitization / Steven L Schwarcz -- Modification of Mortgages in Bankruptcy / Adam J Levitin -- The Shadow Bankruptcy System / Jonathan C Lipson -- Reregulating Fannie Mae and Freddie Mac / Dwight M Jaffee -- Would Greater Regulation of Hedge Funds Reduce Systemic Risk? / Michael R King, Philipp Maier -- Regulating Credit Default Swaps / Houman B Shadab -- Index.

Derivative instruments : forwards, futures, options, swaps, and structured products / G.D. Koppenhaver -- The derivatives marketplace : exchanges and the over-the-counter market / Sharon Brown-Hruska -- Speculation and hedging / Greg Kuserk -- The social functions of financial derivatives / Christopher L. Culp -- Agricultural and metallurgical derivatives : pricing / Joan C. Junkus -- Agricultural and metallurgical derivatives : speculation and hedging / Joan C. Junkus -- Equity derivatives / Jeffrey H. Harris and L. Mick Swartz -- Foreign exchange derivatives / Robert W. Kolb -- Energy derivatives / Craig Pirrong -- Interest rate derivatives / Ian Lang -- Exotic options / Robert W. Kolb -- Event derivatives / Justin Wolfers and Eric Zitzewitz -- Credit default swaps / Steven Todd -- Structured credit products / Steven Todd -- Executive stock options / Robert W. Kolb -- Emerging derivative instruments / Steve Swidler -- The development and current state of derivatives markets / Michael A. Penick -- Derivatives markets intermediaries : brokers, dealers, pools, and funds / James L. Carley -- Clearing and settlement / James T. Moser and David Reiffen -- Counterparty credit risk / James Overdahl -- The regulation of U.S. commodity futures and options / Walter L. Lukken -- Accounting for financial derivatives / Ira G. Kawaller -- Derivative scandals and disasters / John E. Marthinsen -- No-arbitrage pricing / Robert A. Strong -- The pricing of forward and futures contracts / David Dubofsky -- The Black-Scholes option pricing model / A.G. Malliaris -- The Black-Scholes legacy : closed-form option pricing models / António Câmara -- The pricing and valuation of swaps / Gerald Gay and Anand Venkateswaran -- Monte Carlo techniques in pricing and using derivatives / Cara M. Marshall -- Valuing derivatives using finite difference methods / Craig Pirrong -- Stochastic processes and models / George Chalamandaris and A.G. Malliaris -- Measuring and hedging option price sensitivities / R. Brian Balyeat -- Option strategies / Stewart Mayhew -- The use of derivatives in financial engineering : hedge fund applications / John F. Marshall and Cara M. Marshall -- Hedge funds and financial derivatives / Tom Nohel -- Real options and applications in corporate finance / Betty Simkins and Kris Kemper -- Using derivatives to manage interest rate risk / Steven L. Byers

Insights of empirical research -- Executive preference for compensation structure and normative myopia : a business and society research project / Diane L. Swanson and Marc Orlitzky -- Does firm performance reduce managerial opportunism? : the impact of performance based compensation and firm performance on illegal accounting restatements / Jegoo Lee, Byung-Hee Lee, Sandra A. Waddock, & Samuel B. Graves -- A preliminary investigation into the association between Canadian corporate social responsibility and executive compensation / Lois S. Mahoney & Linda Thorne -- Justice-based analyses of executive compensation -- How much is too much? : a theoretical analysis of executive compensation from the standpoint of distributive justice / Jared Harris -- Justice, incentives, and executive compensation / William H. Shaw -- CEO compensation and virtue ethics / Michael Potts -- Chihuahuas in the gardens of corporate capitalism : a discussion / Lyla D. Hamilton -- Broadening the perspective -- The obligation of corporate boards to set and monitor compensation / Carmen M. Alston -- Executive pay in public academia : a non-justice-based argument for the reallocation of compensation / James Stacey Taylor -- How to (try to) justify CEO pay / Jeffrey Moriarty -- Executive compensation : just procedures and outcomes / Joseph DesJardins