There have been several retrospective analyses of the financial crisis. An area
that continues to receive attention is the failure of risk management in financial firms
at the heart of the crisis. After the crisis, the United States Government convened
the Financial Crisis Inquiry Commission to explore causes of the crisis. Their
conclusions have gone largely unexplored, especially in academic research. In this
study, I first examine the commission’s report on the crisis identifying several reappearing
themes. An exploratory follow-up analysis looking at financial and nonfinancial
firms suggests non-financial firms have areas to improve upon compared to
their financial counterparts.
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