How Psychological Pitfalls Generated the Global Financial Crisis (5 of 5)


Akerlof, George, and Robert Shiller. 2009. Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism. Princeton, NJ: Princeton University Press.

Berman, David. 2009. “In Defence of a ‘Sell’ Analyst.” Globe and Mail (10 April):

Bhardwaj, Geetesh, and Rajdeep Sengupta. 2008a. “Where’s the Smoking Gun? A Study of Underwriting Standards for US Subprime Mortgages.” Federal Reserve Bank of St. Louis, Working Paper 2008-036B.

Bhardwaj, Geetesh, and Rajdeep Sengupta. 2008b. “Did Prepayments Sustain the Subprime Market?” Federal Reserve Bank of St. Louis, Working Paper 2008-039B.

Brown, Ken, and David Enrich. 2008. “Rubin, under Fire, Defends His Role at Citi—‘Nobody Was Prepared’ for Crisis of ’08.” Wall Street Journal (29 November):

Chomsisengphet, Souphala, and Anthony Pennington-Cross. 2006. “The Evolution of the Subprime Mortgage Market.” Federal Reserve Bank of St. Louis Review, vol. 88, no. 1 (January/February):31–56.

Coffee, John C., Jr. 2008. “Analyzing the Credit Crisis: Was the SEC Missing in Action?” New York Law Journal (5 December):

Eggert, Kurt. 2009. “The Great Collapse: How Securitization Caused the Subprime Meltdown.” Connecticut Law Review, vol. 41, no. 4 (May):1257–1312.

El-Erian, Mohamed. 2008. When Markets Collide: Investment Strategies for the Age of Global Economic Change. New York: McGraw-Hill.

Felsenthal, Mark. “Moment of Crisis Could Test Fed’s Independence.” Reuters (23 October 2008):

Griffin, John and Dragon Yongjun Tang, 2009. “Did Subjectivity Play a Role in CDO Credit Ratings?” Working paper, The University of Texas at Austin

Heath, Chip, Richard P. Larrick, and Joshua Klayman. 1998. “Cognitive Repairs: How Organizational Practices Can Compensate for Individual Shortcomings.” Research in Organizational Behavior, vol. 20:1–37.

Kahneman, Daniel, and Amos Tversky. 1979. “Prospect Theory: An Analysis of Decision Making under Risk.” Econometrica, vol. 47, no. 2 (March):263–291.

Labaton, Stephen. 2008. “The Reckoning: Agency’s ‘04 Rule Let Banks Pile Up New Debt.” New York Times (2 October):

Lewis, Michael. 2009. “The Man Who Crashed the World.” Vanity Fair (August):98–103.

Lopes, Lola. 1987. “Between Hope and Fear: The Psychology of Risk.” Advances in Experimental Social Psychology, vol. 20:255–295.

Lucchetti, Aaron. 2008a, “McGraw Scion Grapples With S&P’s Woes—Chairman Helped Set Tone in Profit Push as Ratings Firms Feasted on New Products.” Wall Street Journal (2 August).

Lucchetti, Aaron. 2008b. “S&P Email: ‘We Should Not Be Rating It’.” Wall Street Journal (2 August):B1.

Nocera, Joe. 2009. “Chasing Small Fry, S.E.C. Let Madoff Get Away.” New York Times (26 June):

Piskorski, Tomasz, Amit Seru, and Vikrant Vig. 2009. “Securitization and Distressed Loan Renegotiation: Evidence from the Subprime Mortgage Crisis.” Working paper, Columbia University.

Posner, Richard A. 2009a. A Failure of Capitalism: The Crisis of ‘08 and the Descent into Depression. Cambridge, MA: Harvard University Press.

Posner, Richard A. 2009b. “Shorting Reason.” New Republic vol 240, no 6 (15 April):30-33.

President’s Working Group on Financial Markets. 2008. (March):

SEC. 2004. Audio Transcript of Meeting Minutes, Item 3. Securities and Exchange Commission (28 April):

SEC. 2009. Office of Investigations. “Investigation of Failure of the SEC to Uncover Bernard Madoff’s Ponzi Scheme: Public Version,” Report No. OIG-509, Securities and Exchange Commission (31 August).

Shefrin, Hersh. 2005. Behavioral Corporate Finance. Burr Ridge, IL: McGraw-Hill/Irwin.

Shefrin, Hersh. 2008a. A Behavioral Approach to Asset Pricing: Boston: Elsevier.

Shefrin, Hersh. 2008b. Ending the Management Illusion. New York: McGraw-Hill.

Shefrin, Hersh. 2009. “Ending the Management Illusion: Preventing Another Financial Crisis.” Ivey Business Journal, vol 73, no. 1 (January/February).

Shefrin, Hersh, and Meir Statman. 1985. “The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence.” Journal of Finance, vol. 40, no. 3 (July):777–790.

Sirri, Erik. 2009. “Securities Markets and Regulatory Reform.” Speech given at the National Economists Club, Washington, DC (9 April).

Smith, Elliot Blair. 2008. “‘Race to Bottom’ at Moody’s, S&P Secured Subprime’s Boom, Bust.” Bloomberg (25 September):

Sullivan, Rodney. 2009. “Governance: Travel and Destinations.” Financial Analysts Journal, vol. 65, no. 4 (July/August):6–10.

Tversky, Amos, and Daniel Kahneman. 1986. “Rational Choice and the Framing of Decisions.” Journal of Business, vol. 59, no. 4 (October):251–278.

UBS. 2008. “Shareholder Report on UBS Writedowns.” Accessed at on July 16, 2008.

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