Handbook of Financial Intermediation and Banking

Anjan Thakor is John E. Simon Professor of Finance, Director of Doctoral Programs, and Director of the WFA Center for Finance and Accounting Research, Olin Business School, Washington University in St. Louis. Prior to joining the Olin School, Thakor was The 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 served on the faculties of Indiana University, Northwestern University, and UCLA. He has consulted with many companies and organizations, including Whirlpool Corporation, Allision Engine Co., Bunge, Citigroup, RR Donnelley, Dana Corporation, AB-Inbev, Zenith Corporation, Lincoln National Corporation, J.P. Morgan, Landscape Structures, Inc., CIGNA, Borg-Warner Automative, Waxman Industries, Reuters, The Limited, Ryder Integrated Logistics, AT&T, CH2M Hill, Takata Corporation, Tyson Foods, Spartech, and the U.S. Department of Justice. Among many other honors, Dr. Thakor is the winner of the Reid MBA Teaching Excellence Award, Olin School of Business, 2005, and received the Outstanding Teacher in Doctoral Program award for the University of Michigan Business School, April 2003. He has published over 100 papers in leading academic journals in Finance and Economics, including The American Economic Review, Review of Economic Studies, Journal of Economic Theory, The Economic Journal, The RAND Journal of Economics, The Journal of Finance, The Review of Financial Studies, The Journal of Financial Intermediation, and The Journal of Financial Economics. Besides this book, he has publishednine other books. In a paper published in 2017, he was ranked as one of the five most prolific Finance authors during 2005–15.He is a founding editor of The Journal of Financial Intermediation and one of the founders of The Financial Intermediation Research Society. He is a fellow of The Financial Theory Group. He has served as an expert witness on numerous banking cases and testified in US federal courts on issues related to bank valuation and capital structure.Arnoud Boot is professor of Corporate Finance and Financial Markets at the University of Amsterdam and research fellow at the Center for Economic Policy Research (CEPR) in London. He is a member of the Financial Economists Roundtable and fellow of the Royal Netherlands Academy of Arts and Sciences (KNAW). Arnoud Boot served on the Inaugural Advisory Scientific Committee of the European Systemic Risk Board (ESRB) and was chairman the Bank Council of the Dutch Central Bank (DNB). Earlier he was on the faculty of the Kellogg School of Management at Northwestern University, and was a partner in the Finance and Strategy Practice at McKinsey & Co. He is the past chairman of the European Finance Association and the Royal Netherlands Economics Association. In addition to his academic activities, Arnoud Boot is advisor to the Dutch government, and 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

• OVERALL INTRODUCTIONSection 1: Design of Securities and ContractsSection 2: Market Structure and Structure of Financial MarketsSection 3: Structure of Financial InstitutionsSection 4: Mutual FundsSection 5: RegulationSection 6: Competition and Regulation