Topical Commentary:
'Sophisticated' may mean a trap - Financial Times - July 30, 2007
'... sophisticated risk-management systems may well be a trap as they were in
1997-98. First, they may create undue complacency, lulling institutions into
thinking that they can "manage" the risk. Second, the sophisticated
risk-management techniques almost inevitably involve selling risky assets when
market risk increases...' I
Hedging Your Hedge-Fund Bet -
Barrons - July 31, 2006
Investor, Beware! People overvalue hedge funds because
of behavioral quirks.
What should they do? Short Them
No Need to Take Over Fannie and Freddie - Financial Times - Aug. 25, 2008
It is unconscionable that banks are now abusing their rescuers - Financial Times - May 23, 2008
What Winston might have said about mark-to-market - Financial Times - March 20, 2008
Pension corporation is making big bet and putting taxpayers’ money at risk
Financial Times - February 21, 2008
Articles and Working Papers:
What Can We Learn From Housing Futures - June 24th, 2008
Working Paper: The Impact of Expected Return Uncertainty on Long Horizon Risk and Allocation Decisions
Working Paper: Understanding and Fostering Important Financial Innovations
Presentations:
Risk and Time Horizon March 26, 2008
Wharton -
University of Pennsylvania: Lecture to graduate class on Financial Time Series
Causes of the Credit Crisis and Possible Solutions
Feb. 23, 2009
Wharton - University of Pennsylvania, Lecture to graduate class
Chicago Quantitative Alliance -"Real Estate Meets Modern Portfolio Theory" Las Vegas, April 2008
Real Estate Derivatives World Conference, April 25, 2007