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Inside the CDO Market That Catalyzed the Financial Crisis

“Inside the CDO Machine,” a special project from the Yale Program on Financial Stability, explores the first-hand perspectives of market participants.

A home in foreclosure in Lithonia, Georgia, in 2007.
  • Should You Invest in Uncertain Environments?

    A focus on fundamentals can reveal opportunities in the Middle East, despite conflict, political upheaval, and economic uncertainty.

    Haboob in Dubai seen on the highway with cars
  • What Happens When the Same Investors Own Everything?

    Diversification means that in many industries, companies are owned by an overlapping set of investors, reducing their incentive to compete.

    Illustration of cow carved up for butchering but with Investment Bank names describing pieces
  • Did Finance Make Civilization Possible?

    Prof. William Goetzmann traces the millennia-long relationship between finance and the growth of civilization.

    Two ancient coins Demosthenes
  • Can Financial Markets Move Beyond Politics?

    Once you start pulling at the strands, the intertwined political and financial systems can prove very difficult to separate. A panel of financial veterans at Yale SOM’s Future of Finance conference considered recent government interventions in markets across a number of countries, and what they mean for investors.

  • Can Research Generate Returns?

    Andrea Frazzini, a principal at research-oriented hedge fund AQR Capital Management, discusses what it takes to put an academic idea to work creating investment advantage.

    Illustration of financial charts and reports
  • Big Box Retailers Squeeze Smaller Suppliers by Borrowing from Them

    Large, investment-grade companies such as Walmart and Home Depot that can easily borrow money in the capital markets often receive financing from their much smaller, credit-constrained suppliers. A new study examines the effects of this pattern of financing and finds that it squeezes small suppliers, creating a cash shortfall and causing them to cut back on capital investments.

  • What’s the State of the European Banking System?

    Europe is still struggling to emerge from the financial crisis. Though recent stress tests by the European Central Bank gave passing grades to 90% of the region’s banks, critics question the transparency and rigor of the tests. Professor Sascha Steffen of ESMT European School of Management and Technology, a member of the Global Network for Advanced Management, talked with Yale Insights about the state of the banking system and the challenges of designing and implementing a single system to oversee banks across the Eurozone.

  • How Do You Invest in a Changing China?

    Lei Zhang ’02 has been one of the most successful investors in China during a time of unprecedented change. In a conversation with Yale’s Stephen Roach, he talked about rapid shifts in China’s business and culture, the birth of a consumer class, the Chinese innovation model, and the outmoded views of the country that remain prevalent in the West.

    Lei Zhang and Stephen Roach
  • When a Stock Market Theory Is Contagious

    In a New York Times op-ed, Professor Robert J. Shiller explains that stock market movements are driven by popular narratives that spread like “thought viruses.” Secular stagnation—the idea that the global economy may languish for years to come—is the current story driving down the stock market. Whether true or false, the idea alone has the potential to erase five years of gains and create a bear market.

  • Have We Left the Financial Crisis Behind?

    In the introductory lecture of his course Global Financial Crisis, Andrew Metrick describes how the financial panic of 2008 and the ensuing recession have created a new economic reality.