Acharya, Viral V.; Cooley, Thomas; Richardson, Matthew; … - In: Foundations and Trends(R) in Finance 4 (2010) 4, pp. 247-325
We argue that the fundamental cause of the financial crisis of 2007–2009 was that large, complex financial institutions … explanations for the financial crisis. We conclude that while moral hazard problems in the originate-and-distribute model of …