Normal Accident Theory describes the phenomenon by which complex and tightly coupled systems lead inevitably to accidents as a consequence of a system’s design. Some scholars have applied this interpretive lens to describe the inevitability of crises in complex, tightly coupled financial...

This edited collection comprehensively addresses the widespread regulatory challenges uncovered and changes introduced in financial markets following the 2007-2008 crisis, suggesting strategies by which financial institutions can comply with stringent new regulations and adapt to the pressures...

This Columbia Law School Blue Sky Blog post advocates for the introduction of a Bayesian model that takes into account prior inputs in bank stress testing. Specifically, the priors would be the previous Federal Reserve adverse scenarios. Failure to consider these prior scenarios could...