the 2008 financial crisis dissertation

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The 2007-2008 Financial Crisis: Causes, Impacts and the Need for New Regulations

By: David W. Conklin, Danielle Cadieux

The financial system is the heart of free market economies. The 2007-2008 financial crisis raised concerns that the global financial and economic system might experience a truly substantial collapse.…

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• Publication Date: Jun 9, 2008
• Discipline: Finance
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The financial system is the heart of free market economies. The 2007-2008 financial crisis raised concerns that the global financial and economic system might experience a truly substantial collapse. New financial instruments had proliferated to the degree that it had become impossible to calculate the market value of many of them, and so it had become impossible to know the market value of institutions that held them or that guaranteed them. The initial disaster occurred with the U.S. subprime residential mortgage market, but it quickly spread globally to institutions that held new financial instruments related to these mortgages. Firms that had guaranteed these financial instruments found that their net worth was disappearing, leading to concerns about the institutions that had relied on their guarantees. Meanwhile, new kinds of hedge funds introduced the risk of greater volatility, and they exposed investors to sudden shocks. Many banks were caught in this web and suddenly had to obtain additional equity capital in order to meet regulatory requirements and maintain the confidence of depositors. As a result of these developments, liquidity disappeared from the financial system. It seemed that recession in the United States was inevitable. Previous expectations that other economies had become "decoupled" for the United States were being replaced by fears that economies throughout the world would follow the United States into recession. Central banks reacted dramatically with attempts to reduce interest rates and to increase financial liquidity, and the U.S. government cut personal taxes through a tax refund program. It was not clear whether monetary and fiscal policies could prevent a long and deep recession. Debate arose concerning the advisability of a wide variety of new regulations that might be able to prevent future recurrence of such a financial crisis.

Jun 9, 2008 (Revised: Apr 29, 2010)

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The Financial Crisis Phenomenon and the 2008 Global Finance Crisis

• First Online: 05 October 2021

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• Hande Çan 3 &
• Meltem Okur Dinçsoy 4  

Part of the book series: Accounting, Finance, Sustainability, Governance & Fraud: Theory and Application ((AFSGFTA))

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One of the most important developments which adversely affect economies in the globalized world is the financial crises, such as money crisis, banking crises, external debt crises, and systemic financial crises, arising due to various reasons. The reasons of crises can be also listed as unsustainable macroeconomic structure, asymmetric information, moral hazard, financial liberalization, herd psychology, and pandemics. The financial crises emerging in the period in which financial integration formed after 1990, turned into a structure engulfing all economies in waves by coming to a state of structure whose violence and impact area expand rapidly. The 2008 crisis, an important example of financial crisis, which started in mortgage industry in the USA and spread rapidly to the global economy. Also, unlike the previously known classical banking crises, the inclusion of large-volume derivative products in this crisis and the problems related to derivative products spread very rapidly to other parts of the world during the 2008 Global Crisis. The credit rating agencies received criticism in the 2008 Crisis as received in the 1997 Asian Crisis. In particular, the financing of these institutions by banks and other financial institutions reduces the possibility of objective evaluation. They did not take into account the market risk and liquidity risk for the investors trading in the secondary market during the rating process. In addition, the rapid increase in notes and the high amount of payments to be made within the scope of CDO increased the liquidity crisis. As a result, financial liberalization, macroeconomic instability, and weak financial structure under the globalized world make the economies more vulnerable, sensitive and/or insecure to financial crises.

Title of the Thesis: Financial Crisis and the Effects on Fragile Economies.

The date of Graduation: 2016-01-25.

Graduated Program: The graduate program of the Department of Economics, Institute of Social Sciences, Trakya University.

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Çan, H., Okur Dinçsoy, M. (2021). The Financial Crisis Phenomenon and the 2008 Global Finance Crisis. In: Çalıyurt, K.T. (eds) Ethics and Sustainability in Accounting and Finance, Volume III. Accounting, Finance, Sustainability, Governance & Fraud: Theory and Application. Springer, Singapore. https://doi.org/10.1007/978-981-33-6636-7_9

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Sturk, Madeleine, and Evertsson Marina Valkonen. "Reclassifications of financial intstruments in the Nordic countries : The effects of the reclassification amendments on Nordic banks financial statements of 2008 and 2009." Thesis, Jönköping University, JIBS, Accounting and Finance, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-12995.

Due to the apparent global economic conditions, at the end of 2008, the International Accounting Standards Board (IASB) issued amendments to IAS 39 Financial instruments: recognition and measurement and IFRS 7 Financial instruments: disclosures in October and November, 2008. The amendments allow banks to reclassify their non-derivative financial instruments in rare circumstances. This thesis investigates whether banks in the Nordic countries (Denmark, Finland, Norway, and Sweden) reclassify financial instruments, in their financial statements of 2008 and 2009.

The result of the study shows that 47% of the sample Nordic banks reclassified financial instruments in 2008 and 12% in 2009. All banks increased their net profit as a result of reclassifying financial instruments in 2008. The return on equity (ROE) increased significantly compared to whether the banks would not had reclassified their financial instruments. Tendencies found among the sample Nordic banks are that larger and less profitable banks used the possibility to reclassify financial instruments to a greater extent. Because none of the banks made losses on their choice to reclassify in 2008, the conclusion is that the opportunity given due to the amendments are mostly used by the banks to enhance the net income and the key ratio ROE. This shows that management decisions are short-term. This also indicates that the amendments may be misused by management to enhance current profit for their own benefit. The thesis also concludes that the departure from fair-value as the valuation method for financial instruments, due to recent massive critic, is unlikely.

Vachalek, Lisa M. "The Making of a Crisis in Mexico| An Inductive Analysis of Media Sentiment and Information Cascades on the Value of the Mexican Peso during the 2008 Global Financial Crisis." Thesis, University of Kansas, 2014. http://pqdtopen.proquest.com/#viewpdf?dispub=1569692.

In the two decades prior to the 2008 financial crisis, the Mexican government pursued policies aimed at liberalizing markets, while simultaneously trying to ensure the stability of the peso. These policies consisted of monetary and fiscal controls to keep inflation low and free trade agreements to reduce Mexico's dependence on the United States. The policies significantly reduced the country's public deficit and were implemented in hopes that they would help reduce the country's exposure to currency crises.

Yet, despite all provisions the Mexican government put in place, the country's peso still lost two percent of its value in the first three days following the bankruptcy of Lehman Brothers, the US-based investment firm. The loss was significant given the average appreciation of the peso in the months leading up to the crisis was one percent per month, and given that not enough time had passed to fully understand the impact that bankruptcy would have had on Mexico. By the following Monday, the peso recovered all of its lost value, suggesting that investors were uncertain about the true impact the events unfolding in the United States would have on Mexico's economy. It also suggested that the uncertainty and negative sentiment within the market during the initial week of the global crisis played a stronger role in the rapid depreciation and recovery of the peso than changes in market fundamentals.

Using an inductive analysis of the historical events, this thesis suggests the circumstances in which sentiment engendered by mainstream media and distributed through digital channels during the financial crisis could have contributed to the dramatic short-term swings in the price of the peso. Specifically, this paper focuses on the new, digital information technologies, their use among investors as a means for financial research, and the role of high-frequency trading (HFT) algorithms in initiating information cascades. HFT algorithms account for nearly 70 percent of daily trading volume in financial markets and can magnify negative market sentiment among rational investors. Utilizing historical trading data for the peso and headlines and tweets published by the Thomson Reuters news group during the crisis, I seek to illustrate the correlations between market sentiment manifest in digital media and the price movements of the peso, indicating possible herd behavior tendencies in the form of information cascades.

Though it is not possible to empirically separate the market movements of informed decision-makers from the information cascades of investors and HFT algorithms reacting to media, the fact that information cascades can and do exist as demonstrated by specific examples in this paper has significant implications for the Mexican peso. The existence of information cascades implies that having strong macroeconomic fundamentals is no longer an adequate safe guard against the immediate impacts of external crises. As social media becomes the main source of breaking news and market sentiment for mainstream media and investors, it becomes vital for emerging countries such as Mexico to monitor social platforms for sentiment related to the domestic economy in order to proactively address investor pessimism. Finally, emerging country governments can utilize these platforms to push out relevant and truthful information about the economy in order to diminish investor uncertainty and minimize the impact of externally-induced information cascades.

• Contributors

Corporate Governance, Board Oversight & the 2023 Banking Crisis

Sarah Wenger is Senior Analyst, Maria Vu is Senior Director, and Dimitri Zagoroff is Senior Editor at Glass, Lewis & Co. This post is based on their Glass Lewis memorandum.

In the spring of 2023, the United States witnessed the country’s three largest bank failures since the 2008 financial crisis. Market-wide developments such as high interest rates and regulation rollbacks, along with company-specific factors including overly concentrated clientele and reliance on uninsured deposits, affected leadership’s ability to effectively manage interest rate and liquidity risks, leading to mass deposit flight and ultimately the collapse of Silicon Valley Bank (SVB), followed by Signature Bank (Signature) and First Republic Bank (First Republic).

The impact of macro-economic and strategic issues has been widely discussed. However, the banks’ inability to appropriately align strategy with the macro environment indicates that insufficient risk oversight was also a significant factor. This, in turn, suggests that stronger corporate governance structures could potentially have assuaged or prevented the outcomes of these events.

In this post we examine risk oversight and board composition gaps at SVB, and compensation practices at all three banks, in discussing how the prominent failures of these three mid-sized financial institutions emphasize the importance and impact of corporate governance practices and disclosures.

Risk Oversight

In its  review of SVB  following the bank’s collapse, the Federal Deposit Insurance Corporation (FDIC) found that “[the group’s] growth far outpaced the abilities of its board of directors and senior management. They failed to establish a risk-management and control infrastructure suitable for the size and complexity of [SVB] when it was a $50 billion firm, let alone when it grew to be a $200 billion firm.”

The lack of direction – and accountability – appears to have started at the top. After Laura Izurieta resigned as chief risk officer of SVB in April 2022, the position remained vacant for a critical eight-month period. The formal lack of executive-level risk oversight left the bank exposed during a crucial time in which its target venture capital- and tech industry-based clientele experienced capital decline.

The board of directors of public companies owe a fiduciary duty to their shareholders to appoint management and oversee decisions that best represent the interests of the shareholders and longevity of the institution. In this case, the lack of urgency in appointing a CRO during this period raises concerns about the board’s capability to recognize and mitigate the bank’s risk exposure.  Further, a governance and risk management  target exam  (PDF) conducted by the Federal Reserve and California Department of Financial Protection & Innovation in 2022 indicated “weaknesses in [SVB’s] ability to self-identify internal control weaknesses and manage risks proactively,” raising the question of whether the directors’ skills and experience was sufficient to best meet and perceive the needs of the institution.

Board Skills

A well-rounded and experienced board helps to effectively guide and hold management accountable. Among other core skills, it is of particular importance for boards within the banking industry to include directors with in-depth audit, risk, legal/public policy and senior executive experience.

In SVB’s case, assessments of whether the board was appropriately structured were complicated by its approach to reporting. SVB disclosed director skills in the aggregate, providing the number of directors with a specific skill or experience without identifying which directors the company views as possessing those skills. This approach makes it difficult for investors to evaluate individual directors’ skillsets or the board’s overall composition in comparison with peer companies. For example:

• In its 2023 preliminary proxy statement, SVB’s aggregate skills disclosure claimed that six directors had experience in “global commercial banking”. However, in reviewing the directors’ disclosed biographies, it is unclear which directors had this experience.
• SVB disclosed that eleven of its twelve directors had “relevant business experience relating to risk management and controls”. However, none of the directors had prior experience as a chief risk officer or in risk management related roles.
• SVB disclosed that eleven of its twelve directors had “relevant business experience relating to audit/financial reporting”. Yet it appears that only three of the twelve directors had experience as a chief financial officer or certified public accountant, a current or former partner of an audit firm, a current or former role in auditing or accounting, and/or an executive role at a bank or in the finance industry.

The skills disclosure provided by SVB didn’t just make it harder for investors to assess the board. It may also have indicated deficiencies in SVB’s internal processes for highlighting potential skills gaps and ensuring the board as a whole could effectively perform its oversight duty and advise management.

Rather than traditional banking, SVB directors’ backgrounds and experience leaned heavily toward technology and venture capital, which likely helped the bank attract clients and achieve massive growth. However, this left the bank vulnerable when it came to managing those clients’ assets.

Based on SVB’s biographical disclosure, just three directors had direct experience in executive-level positions overseeing bank operations, interest rate risk, lending or treasury management; moreover, this core banking industry expertise was not even captured under SVB’s skills disclosure. Instead, the most closely related attribute captured by SVB was “leader of [a] large complex organization”. The company stated that ten of the twelve directors had such experience; however, once again the broad category and aggregate approach to disclosure leaves plenty of room for interpretation and speculation as to which directors satisfy this classification – let alone whether such experience sufficiently qualified directors to actively identify and manage risk within banking operations.

By contrast, individual skills disclosure, often in the form of a board skills matrix, allows shareholders to discern the board’s criterion when evaluating director skills and to cross compare against the directors’ disclosed backgrounds. Over two-thirds of Russell 1000 companies disclosed a skills matrix or some other form of individual skills disclosure in 2023. Stricter criteria and a more in-depth analysis of individual directors’ skills may have assisted in SVB’s assessment of skills gaps and its ability to discern the potential talent needed to empower the board’s navigation of the challenges and prospects presented.

Narrow Incentives

The banks’ CEO pay programs, developed and administered by their compensation committees, may have further incentivized inappropriate risk-taking by failing to align executives’ interests with those of long-term investors.

SVB and First Republic’s 2022 executive compensation plans were largely tied to short-term awards and covered a narrow range of performance, with significant overlap between the metrics used under the short- and long-term incentive plans. Within that narrow scope, these plans mostly failed to account for risk and shareholder experience: they did not include risk-related metrics, and relegated total shareholder returns (TSR) to a minor role as a 20-25% modifier. Instead, payouts were primarily determined by various return and efficiency measures. Bespoke metrics such as “after-tax return on average tangible common equity” accounted for three of the four short-term incentive metrics at First Republic, whereas Signature and SVB opted for more generic variants. While SVB’s long-term incentive program placed TSR on par with ROE, the same ROE measure also served as the sole metric in a substantial short-term incentive opportunity.

A heavy reliance on return metrics (e.g., ROA, ROE, ROATE, ROATCE, ROAE, ROAA, and ROTCE) is quite common for regional banks, as is using the same return metric under multiple plans. In a group of 215 regional and diversified banks, return measures were the third most popular short- or long-term incentive metric (used 61 times in 2023), behind only earnings (80) and efficiency ratios (67). But given that executive pay programs are expected to incentivize management while keeping the company’s long-term health in mind, it’s nonetheless noteworthy that SVB and First Republic’s 2022 short-term incentive plans paid out above target and at maximum, respectively, just months before these banks collapsed. Reconciling these payouts with performance is all the more difficult for investors due to the banks’ incomplete disclosure of short-term incentive performance goals; in some cases, the use of non-public or adjusted return metrics further reduces transparency.

Toothless Safeguards

Beyond the incentives themselves, safeguards like clawback provisions and minimum ownership requirements are intended to mitigate risk and provide alignment with shareholders. In the case of the regional banks, perhaps more remarkable than the failure of these safeguards is how unremarkable they were in the context of common market practice.

Like most U.S. public companies, First Republic, SVB and Signature each had clawback in place, yet they were not able to recover any of the incentive payouts already delivered to their NEOs when things went sideways. Executives were required to hold shares equivalent to 5-6x salary (and in practice held far more), yet were still able to sell huge portions of the shares received via the incentive program in the months ahead of the collapse.

Those share disposals were understandable for founders and long-standing veterans who’d accumulated 8-9 figure shareholdings over multiple decades of employment – but the sellers also included executives like the newly appointed CEO of First Republic, Michael Roffler, who offloaded millions of dollars’ worth of shares just months after being promoted from the CFO role.

The pre-collapse sales have also raised questions regarding the boards’ oversight of  10b5-1 plans , which are intended to promote transparency and eliminate notions of insider trading activity by creating a more systematic approach for executives to buy or sell stock. For the most part, the patterns of equity disposals were in line with standard U.S. market practice. Despite this, Becker’s sale of approximately $3.6 million of SVB shares on February 27, 2023, just days before the bank’s collapse, has sparked outrage. Standard 10b5-1 plans allowed the sales to go through and, under the terms of clawback and share ownership provisions that are not uncommon for the U.S. market, the banks were subsequently unable to recover any paid executive incentives, including share awards that the executives were largely free to offload as soon as they vested.

Legislative relief appears to be forthcoming on the clawback front, at least for banks, though it may be of limited benefit to shareholders: Congress has since introduced two different bills, the Failed Bank Executives Clawback Act and the Recovering Executive Compensation from Unaccountable Practices (RECOUP) Act. Effectively, the bills would allow the FDIC to recoup compensation paid to responsible executives when an insured financial institution is placed into FDIC receivership.

Regulatory Guardrails

It’s worth noting that many of SVB’s strategic missteps would have been impossible just a few years before, under a different regulatory regime. Following the 2008 financial crisis, bank failures became increasingly rare due to stricter rules that required stress testing, cash reserves for times of crisis or to absorb losses, and diversification. Then, in 2018, the federal government rolled back many of these conditions, exempting small and mid-sized banks from these stipulations.

The regulatory landscape is of course an external factor, outside of the board and management’s direct control. However, it’s also worth noting that SVB CEO Greg Becker actively lobbied for the rollbacks, describing the prior regime as an “unnecessary burden on mid-sized banks” in a  written statement  (PDF, page 119) to the U.S. Senate Committee on Banking, Housing and Urban Affairs.

Moving Forward

Regardless of the regulatory or macro environment, the implementation of strong governance practices promotes transparency, mitigates investor concerns, and builds trust within the institution. While the collapses of Silicon Valley Bank, Signature Bank and First Republic did not spark a wider run on the banking industry, shareholders of publicly traded financial institutions should remain conscious of these companies’ corporate governance practices and the need for enhanced risk oversight disclosures. The lessons learned highlight the importance of seemingly simple best practices, as well as the potential weakness of certain widespread U.S. market practices relating to executive compensation.

Developing and disclosing thorough, individualized analysis of directors’ skills allows both issuers and investors the opportunity to efficiently assess the board’s balance of expertise and ensures it is well-equipped to enact sufficient oversight. In addition, boards and investors should review executive compensation programs to ensure that performance metrics used in the incentive structure support the company’s long-term strategy, and that safeguards such as clawback provisions and minimum ownership requirements are sufficiently robust to align interests and discourage inappropriate risk-taking.

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Out of the Centre

Savvino-storozhevsky monastery and museum.

Zvenigorod's most famous sight is the Savvino-Storozhevsky Monastery, which was founded in 1398 by the monk Savva from the Troitse-Sergieva Lavra, at the invitation and with the support of Prince Yury Dmitrievich of Zvenigorod. Savva was later canonised as St Sabbas (Savva) of Storozhev. The monastery late flourished under the reign of Tsar Alexis, who chose the monastery as his family church and often went on pilgrimage there and made lots of donations to it. Most of the monastery’s buildings date from this time. The monastery is heavily fortified with thick walls and six towers, the most impressive of which is the Krasny Tower which also serves as the eastern entrance. The monastery was closed in 1918 and only reopened in 1995. In 1998 Patriarch Alexius II took part in a service to return the relics of St Sabbas to the monastery. Today the monastery has the status of a stauropegic monastery, which is second in status to a lavra. In addition to being a working monastery, it also holds the Zvenigorod Historical, Architectural and Art Museum.

Belfry and Neighbouring Churches

Located near the main entrance is the monastery's belfry which is perhaps the calling card of the monastery due to its uniqueness. It was built in the 1650s and the St Sergius of Radonezh’s Church was opened on the middle tier in the mid-17th century, although it was originally dedicated to the Trinity. The belfry's 35-tonne Great Bladgovestny Bell fell in 1941 and was only restored and returned in 2003. Attached to the belfry is a large refectory and the Transfiguration Church, both of which were built on the orders of Tsar Alexis in the 1650s.  

To the left of the belfry is another, smaller, refectory which is attached to the Trinity Gate-Church, which was also constructed in the 1650s on the orders of Tsar Alexis who made it his own family church. The church is elaborately decorated with colourful trims and underneath the archway is a beautiful 19th century fresco.

Nativity of Virgin Mary Cathedral

The Nativity of Virgin Mary Cathedral is the oldest building in the monastery and among the oldest buildings in the Moscow Region. It was built between 1404 and 1405 during the lifetime of St Sabbas and using the funds of Prince Yury of Zvenigorod. The white-stone cathedral is a standard four-pillar design with a single golden dome. After the death of St Sabbas he was interred in the cathedral and a new altar dedicated to him was added.

Under the reign of Tsar Alexis the cathedral was decorated with frescoes by Stepan Ryazanets, some of which remain today. Tsar Alexis also presented the cathedral with a five-tier iconostasis, the top row of icons have been preserved.

Tsaritsa's Chambers

The Nativity of Virgin Mary Cathedral is located between the Tsaritsa's Chambers of the left and the Palace of Tsar Alexis on the right. The Tsaritsa's Chambers were built in the mid-17th century for the wife of Tsar Alexey - Tsaritsa Maria Ilinichna Miloskavskaya. The design of the building is influenced by the ancient Russian architectural style. Is prettier than the Tsar's chambers opposite, being red in colour with elaborately decorated window frames and entrance.

At present the Tsaritsa's Chambers houses the Zvenigorod Historical, Architectural and Art Museum. Among its displays is an accurate recreation of the interior of a noble lady's chambers including furniture, decorations and a decorated tiled oven, and an exhibition on the history of Zvenigorod and the monastery.

Palace of Tsar Alexis

The Palace of Tsar Alexis was built in the 1650s and is now one of the best surviving examples of non-religious architecture of that era. It was built especially for Tsar Alexis who often visited the monastery on religious pilgrimages. Its most striking feature is its pretty row of nine chimney spouts which resemble towers.

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