This paper examines two theories of the 'subprime crisis' or 'GFC'. The 'financial architecture' theory holds that the failure of the financial system was fundamentally driven by institutional faults, especially in private sector risk management and public sector regulation and underpins the...

This survey provides a synthetic and evaluative survey of issues in corporate financial distress and bankruptcy. This area has moved into a public domain as a result of the recent global financial crisis that witnessed failures of many venerable institutions that got rescued by the government....