The growth of financial intermediation research has yielded a host of questions that have pushed "design" issues to the fore even as the boundary between financial intermediation and corporate finance has blurred. This volume presents review articles on six major topics that are connected by information-theoretic tools and characterized by valuable perspectives and important questions for future research. Touching upon a wide range of issues pertaining to the designs of securities, institutions, trading mechanisms and markets, industry structure, and regulation, this volume will encourage bold new efforts to shape financial intermediaries in the future. * Original review articles offer valuable perspectives on research issues appearing in top journals * Twenty articles are grouped by six major topics, together defining the leading research edge of financial intermediation * Corporate finance researchers will find affinities in the tools, methods, and conclusions featured in these articles
The growth of financial intermediation research has yielded a host of questions that have pushed "design" issues to the fore even as the boundary between financial intermediation and corporate finance has blurred. This volume presents review articles on six major topics that are connected by information-theoretic tools and characterized by valuable perspectives and important questions for future research. Touching upon a wide range of issues pertaining to the designs of securities, institutions, trading mechanisms and markets, industry structure, and regulation, this volume will encourage bold new efforts to shape financial intermediaries in the future. * Original review articles offer valuable perspectives on research issues appearing in top journals * Twenty articles are grouped by six major topics, together defining the leading research edge of financial intermediation * Corporate finance researchers will find affinities in the tools, methods, and conclusions featured in these articles
Twenty outstanding chapters present research reviews and syntheses of important subjects in financial intermediation
OVERALL INTRODUCTION
Section 1: Design of Securities and Contracts
Section 2: Market Structure and Structure of Financial Markets
Section 3: Structure of Financial Institutions
Section 4: Mutual Funds
Section 5: Regulation
Section 6: Competition and Regulation
As the John E. Simon Professor of Finance and Senior Associate Dean
of Programs at the Olin School of Business, Washington University,
St. Louis, Anjan Thakor works in both academia and the business
world. Prior to joining the Olin School, he was Edward J. Frey
Professor of Banking and Finance at the Ross School of Business,
University of Michigan, where he also served as chairman of the
Finance area. He has worked with many companies, including
Whirlpool Corporation, Allision Engine Co., Citigroup, RR
Donnelley, Dana Corporation, Anheuser-Busch, Zenith Corporation,
Lincoln National Corporation, and J.P. Morgan. Arnoud Boot is
professor of Corporate Finance and Financial Markets at the
University of Amsterdam and chairman of the European Finance
Association (EFA). He is chairman of the Bank Council of the Dutch
Central Bank (DNB), member of the Scientific Council for Government
Policy (WRR) and member of the Royal Netherlands Academy of Arts
and Sciences (KNAW). He is also a research fellow at the Centre for
Economic Policy Research (CEPR) in London.
Prior to his current positions, he was a member of the Inaugural
Advisory Committee of the European Systemic Risk Board (ESRB),
partner in the Finance and Strategy Practice at McKinsey & Co. and
a faculty member at the J.L. Kellogg Graduate School of Management
at Northwestern University in Chicago. He was also Bertil
Danielsson Visiting Professor at the Stockholm School of Economics
and Olin Fellow at Cornell University. He is the past chairman of
the Royal Netherlands Economics Association.
In addition to his academic activities, Arnoud Boot advises
extensively on ownership structure issues, particularly related to
the public/private domain, and is consultant to several financial
institutions and corporations. He is a non-executive director of
several corporations and agencies. His research focuses on
corporate finance and financial institutions. His publications have
appeared in major academic journals, such as the Journal of
Finance, American Economic Review, Review of Financial Studies, and
the Journal of Financial Intermediation.
"Boot and Thakor have done a wonderful job in putting together a collection of recent papers on financial intermediation. I particularly like their emphasis on current topics such as structured finance, bank consolidation, and Basel II regulation. A must read for anyone who wants to be informed about the current thinking in this evolving field." Luc Laeven, International Monetary Fund "Literally a tour de force with broad and deep coverage of the banking literature from a Finance perspective. A must-read for serious scholars and professionals that offers a clear and direct path to the cutting edge of current research in the field." Peter Rousseau, Vanderbilt University "Arnoud Boot and Anjan Thakor have gathered leading researchers working at the intersection of corporate finance and financial intermediation to review and synthesize the latest work in their fields. In addition to providing a concise overview of the state of the art in these important areas, the authors provide a critical assessment of the most promising avenues for future research. This text will likely prove to be an invaluable resource both for current researchers as well as new students of these disciplines." Peter M. DeMarzo, Stanford University "This book is an excellent collection of survey papers in the field of financial intermediation, written by leading researchers in the field. Given its broad coverage of topics and accessible style, it is highly recommended reading for students, teachers and professionals who want to refresh their knowledge of the literature, bring themselves to the frontier of the field, and explore open research questions." Thorsten Beck, The World Bank
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