Charles A. Stone
Professor
Business Management
Location: 208A Whitehead Hall
Phone: 718.951.5000 x2640
Fax: 718.951.4385
Email:
Charles Stone teaches courses in personal finance, banking real estate finance and venture capital. Stone has lectured on securitization at the ISMA Centre at Reading University, in England; HEC Paris; JP Morgan in New York; The NYU Tandon School of Engineering and The Fletcher School of Law and Diplomacy at Tufts University. Professor Stone helped design the CUNY SPS online business degrees. He currently doing research on the use of securitization as a means of drawing more capital into the clinical stage biopharmaceutical industry.
Education:
Ph.D., CUNY Graduate Center - 1989 (Economics)
Areas of Expertise:
Charles Stone is an expert on the process of securitizing financial assets. His current work with Anne Zissu from New York City College of Technology (CUNY) on the securitization of senior life settlement contracts is getting a lot of attention from the academic community, the insurance industry and hedge fund managers. Stone is analyzing the crash of the subprime mortgage market and the resulting contagion.
Books and Publications
Article Review for Finance Research Letters
FRL-D-23-00140 Profitable Timing of the Stock Market with the Senior Loan Officer Survey. (Books and Publications: Other) 2022
Ortiz C., Stone C.A., & Zissu A. "Pattern Risk of the Securitized Biopharmaceutical Mega-Fund", Summer 2020, The Journal of Structured Finance. (Books and Publications: Article (Peer-reviewed)) 2020
Ortiz C., Stone C. A., & Zissu A. "Securitization of a Drug Development Mega-Fund: The Time-Certain Research-Backed Obligation", Pharmaceutical Medicine, Vol.34 Issue 3, June 2020. (Books and Publications: Article (Peer-reviewed)) 2020
Life Settlement Value Profiles Across Different Death Rate Distributions by Carlos E. Ortiz, Charles A. Stone and Anne Zissu. The Journal of Structured Finance, Fall, 2018. (Books and Publications: Article (Peer-reviewed)) 2018
CARLOS E. ORTIZ, CHARLES A. STONE, AND ANNE ZISSU, "Beer Annuities: Hold the Interest and Principal", The Journal of Derivatives, Summer 2017 (Books and Publications: Article (Peer-reviewed)) 2017
Reverse Engineering of Prepayment Functions and the Potential Applications for MSR and IO Valuation by Carlos Ortiz, Charles A. Stone and Anne Zissu; Forthcoming in The Journal of Structured Finance (Books and Publications: Article (Peer-reviewed)) 2016
Gavrilov, Leonid A., Natalia S. Gavrilova, Charles A. Stone and Anne Zissu. "New Findings on Older People's Life Expectancies Confirm Gompertz Law: The Impact on the Value of Securitized Life Settlements." The Journal of Structured Finance 20.2, Summer. (Books and Publications: Article (Peer-reviewed)) 2014
Ortiz, C., C.A. Stone and A. Zissu. "When Do Securitized Reverse Mortgages Become Liabilities." Journal of Structured Finance 19.1, Spring. (Books and Publications: Article (Peer-reviewed)) 2013
Ortiz, Carlos, Charles Stone and Anne Zissu. "An Innovative Form of Credit Enhancement for Securitized Reverse Mortgages: Finding Paths of Cross-over Points Isolated From Changes in Interest and Inflation Rates." Journal of Risk Finance. (Books and Publications: Forthcoming Publications) 2013
Stone, C.A. and A. Zissu. "The Effect of Probabilistic vs. Deterministic Valuation of Securitized Senior Life Settlements on the Level of Liquidity Facility." The Journal of Structured Finance, Spring. (Books and Publications: Article (Peer-reviewed)) 2012
Stone, Charles Austin and Anne Zissu. The Securitization Markets Handbook: Structures and Dynamics of Mortgage- and Asset-backed Securities, 2nd ed. ISBN: 978-1-1180-0674-0. (Books and Publications: Book (Authored)) 2012
Stone, C.A. and A. Zissu. "The Asset and Liability Sides of Senior Life Settlements." The Journal of Structured Finance 16.4, Winter: 69-76. (Books and Publications: Article (Peer-reviewed)) 2011
Stone, C.A. and A. Zissu. "The Secondary Market in Home Equity Conversion Mortgages." Reverse Mortgages and Linked Securities: The Complete Guide to Risk, Pricing, and Regulation. Ed. Vishaal B. Bhuyan. Wiley Finance. (Books and Publications: Book Chapter) 2011
Ortiz, C., C.A. Stone and A. Zissu. "Can ARMs' Mortgage Servicing Portfolios Be Delta Hedged Under Gamma Constraints?" The Journal of Financial Transformation Spring. (Books and Publications: Article (Peer-reviewed)) 2010
Ortiz, C., C.A. Stone and A. Zissu. "Delta Hedging a Portfolio of Servicing Rights Under Gamma and Vega Constraints With Optimal Fixed Income Securities." Journal of Risk Insurance 11.4. (Books and Publications: Forthcoming Publications) 2010
Ortiz, C., C.A. Stone and A. Zissu. "Securitization of Financial Asset/Liability Products With Longevity Risk: The Example of Senior Life Settlements." Journal of Financial Transformation. (Books and Publications: Forthcoming Publications) 2010
Stone, C.A. and A. Zissu. "The Asset and Liability Sides of Senior Life Settlements." The Journal of Structured Finance Winter. (Books and Publications: Forthcoming Publications) 2010
"From Gas Guzzling Cars to Clean Buses." The Gotham Gazette Jan. 20. http://www.gothamgazette.com/article/issueoftheweek/20090120/200/2800 "'What is good for GM is good for the country!' -- once the battle cry of U.S. capitalism is now a mumbled query that sounds something like, 'What is good for the U.S.? What is good for GM?' As America's auto manufacturers deal with the largest financial crisis in their history, officials are focusing on how to keep the industry afloat regardless of brand. Hence, the catchphrase, for some, now goes: "What is good for the automotive industry is good for America -- with or without GM." (Books and Publications: Article (Other)) 2009
"Mortgage-backed Securities." Booms and Busts: An Economics Encyclopedia. New York: M.E. Sharpe. (Books and Publications: Book Chapter) 2009
"Securitization." Booms and Busts: An Economics Encyclopedia. New York: M.E. Sharpe. (Books and Publications: Book Chapter) 2009
"The Supply and Demand for Life Settlement Contracts." The Journal of Structured Finance 15.2, Summer. (Books and Publications: Article (Peer-reviewed)) 2009
Stone, Charles and Anne Zissu. "Delta Hedging IO Securities Backed by Senior Life Settlements." The Journal of Structured Finance 15.2, Summer. (Books and Publications: Article (Peer-reviewed)) 2009
Stone, Charles and Anne Zissu. "The Risks of a Securitized Portfolio of Senior Life Settlement Contracts." Life Markets. Ed. Vishaal B. Bhuyan. Wiley Finance. (Books and Publications: Book Chapter) 2009
Stone, Charles and Anne Zissu. "Using Life Extension-Duration and Life Extension-Convexity to Value Senior Life Settlement Contracts." Life Markets. Ed. Vishaal B. Bhuyan. Wiley Finance. (Books and Publications: Book Chapter) 2009
Stone, Charles, Carlos Ortiz and Anne Zissu. "Delta Hedging a Two-fixed-income-securities Portfolio Under Gamma and Vega Constraints: The Example of Mortgage Servicing Rights." The Journal of Financial Transformation 25: 8-11. (Books and Publications: Article (Peer-reviewed)) 2009
Letter to the Editor, Christian Science Monitor December 17, http://www.csmonitor.com/2008/1217/p08s03-cole.html. "Auto suppliers need a rescue, too. In regard to the Dec. 15 article, "Rescue US autoworkers first": Rescue the automotive supply chain first. The auto supply chain owns about $60 billion in trade receivables from the Big Three. The firms in the supply chain are key to the future of the automotive industry. The US Treasury should guarantee the current stock and future flow of trade receivables from the US auto companies for up to three years. This would secure the supply chain, assure good trade terms, and reduce the contagion risks associated with a Chapter 11 filing of GM, Ford, or Chrysler. With the guarantee of the government the suppliers could discount their receivables to US banks.
We know banks have the capital - we gave it to them." (Books and Publications: Article (Other)) 2008
Stone, C A. and A. Zissu. "The Risks of a Securitized Portfolio of Senior Life Settlement: Life Expectancy, Duration, Convexity and Their Metrics." Longevity Finance: Hedging Longevity Exposure Through Life Settlements. John Wiley & Sons. (Books and Publications: Book Chapter) 2008
Stone, Charles A. and Anne Zissu. "Securitization of Senior Life Settlements: Managing Interest Rate Risk With a Planned Duration Class." The Journal of Financial Transformation. (Books and Publications: Forthcoming Publications) 2008
Stone, Charles and Anne Zissu. "The Risk of a Securitized Portfolio of Senior Life Settlement: Life Expectancy, Duration and Convexity." Journal of Alternative Investments. (Books and Publications: Article (Peer-reviewed)) 2008
Stone, Charles and Anne Zissu. "Managing the Risks in Securitized Pools of Senior Life Settlements." The Journal of Structured Finance. (Books and Publications: Forthcoming Publications) 2007
Stone, Charles and Anne Zissu. "Managing Viagers Securitization and Life Extension Risk." Asia Pacific Journal of Risk and Insurance. (Books and Publications: Forthcoming Publications) 2007
Stone, Charles and Anne Zissu. "Registered Traveler Program: The Financial Value of Registering the Good Guys." Review of Policy Research 24.5: 443-67. (Books and Publications: Article (Peer-reviewed)) 2007
Stone, Charles, Carlos Ortiz and Anne Zissu. "Fixed Income Securities With a Zero Macaulay Duration: Senior Life Settlements." Applied Financial Economics Letters. (Books and Publications: Forthcoming Publications) 2007
Stone, Charles and Anne Zissu. "Defining the 3-D Securitization Space of Future Export Receivables From Emerging Markets." Journal of Global Business and Technology 2.2, Fall. (Books and Publications: Article (Peer-reviewed)) 2006
Stone, Charles and Anne Zissu. "Securitization of Senior Life Settlements: Managing Extension Risk." Journal of Derivatives Spring. (Books and Publications: Article (Peer-reviewed)) 2006
Stone, Charles Austin and Anne Zissu. The Securitization Markets Handbook: Structures and Dynamics of Mortgage- and Asset-Backed Securities. Bloomberg Press. (Books and Publications: Book (Authored)) 2005
Stone, C.A. and A. Zissu. "Fund of Funds Securitizations." The Journal of Derivatives 11.4: 62-68. (Books and Publications: Article (Peer-reviewed)) 2004
Stone, C.A. and A. Zissu. "Synthetic Collateralized Loan Obligations: Olan Enterprises, PLC." The Journal of Derivatives 9.3: 73-80. (Books and Publications: Article (Peer-reviewed)) 2002
Stone, C.A. and A. Zissu. "Securitization: The Transformation of Illiquid Assets into Liquid Capital Market Securities with Examples from the European Market." Financial Markets, Institutions and Instruments 9.3&4: 133-278. (Books and Publications: Article (Peer-reviewed)) 2000
Awards, Honors and Fellowships
Reviewer of grants submitted to the PSC-CUNY Research Award Program. (Grants and Fellowships) 2020
Research Activities
Refereed a paper for the Journal of Risk Finance. 2015
Refereed a paper for Journal of Risk Finance, published by Emerald Group Publishing. 2014
Refereed a paper for the International Review of Economics & Finance, published by Elsever, BV. 2014
Conferences, Seminars and Symposiums
Taught a delegation of Industrialists from China about the use of asset-backed commercial paper, future flow securitizations, and non-performing loan securitizations. Seminar was conducted at the WeWork 135 East 57th St. location with Anne Zissu in January of 2019. (Conferences, Seminars and Symposiums: Contributed Talk) 2019
Reverse Engineering Prepayment Curves and the Impact on the Value of Servicing with Anne Zissu at the Third Annual Residential Mortgage Servicing Rights Forum in New York, 4/5-4/6. (www.imn.org/msr16) (Conferences, Seminars and Symposiums: Invited Talk) 2016
The Business Matters! Symposium
Vision 2020: The Future of Management Education
Management Education as a Value in the Koppelman School of Business
(Conferences, Seminars and Symposiums: Invited Talk) 2016
"The Connection Between the REPO Market and Funding Mortgage Warehouses During the Period 2007-09." Asset-Backed Securities and Securitization class, NYU Polytechnic School of Financial Engineering. (Conferences, Seminars and Symposiums: Invited Talk) 2014
"Life in Our Post-crisis Economy." Brooklyn College Faculty Circle. April 30. (Conferences, Seminars and Symposiums: Invited Talk) 2013
"Elements of Retail Auto Loan Securitization." Presented to a delegation from the Chinese Automotive Industry at Pace University. New York, April. (Conferences, Seminars and Symposiums: Invited Talk) 2012
"Financial Planning in Times of Low Interest Rates." Brooklyn College Faculty Circle. April 26. (Conferences, Seminars and Symposiums: Invited Talk) 2012
"Securitization of Senior Life Settlements: Analyses and Strategies." 2010 Financial Management Association Meetings. New York, Oct. 22. (Conferences, Seminars and Symposiums: Conference Presentation) 2010
"Deleveraging and Decaffeination." Brooklyn College Faculty Circle. Talk about how the crash of the subprime mortgage market caused a banking crisis and how the subsequent contagion of the credit crisis to the real economy created a rapid contraction of gross domestic product. Feb. 19. (Conferences, Seminars and Symposiums: Contributed Talk) 2009
Professional Leadership
Chair of the Koppelman School of Business Promotion and Tenure Review Committee (Professional Leadership: Committee Service) 2019
Developed online courses in corporate finance, investments and real estate finance for the CUNY Online Business Degree. 2007
"Soda Tax." Intersect. Brooklyn Independent Television, April 5. Host Brian Vines is joined by Dr. Lisa Altshuler and Charles A. Stone for a discussion about the proposed one cent per ounce tax to the cost of soda, other sweetened juices, and sports drinks. Both doctors share their professional expertise and personal views on the tax designed to curb obesity and bolster funding for healthcare. 2010
Answered question for Wallethub on the mortgage market. This is a personal finance website.
Member of the Strategic Planning Committee of the Koppelman School of Business. We are writing the school Mission, Vision and Values Statement. (Professional Leadership: Committee Service) 2019
Faculty adviser, Brooklyn College Investment Club, http://www.BrooklynInvestment.
Pedagogical Achievements
Community Activities
In an episode of In Conversation With, the Progress Express spoke with Charles Stone, about the presidential election in light of the financial crisis. To see what Stone, an expert on the process of securitizing financial assets, had to say, visit http://www.ibrooklyn.com/site/newsevents/recentnews/current/270. Nov. 4. 2008
On Bric TV Network, The Home Front, host Paisley Demby of CAMBA talks about the recession's potential impact on Brooklyn with Charles Stone. Some advice for business owners is included, free. http://www.briconline.org/bcat/features/sectorb/archive2008.asp. 2008
Analyzed financial documents to help a reporter from the HeraldNews to complete an article on a proposed securitization of a stream of "payment in lieu of taxes" (PILOTs) . http://www.northjersey.com/page.php?qstr=eXJpcnk3ZjczN2Y3dnFlZUVFeXkzNT
Other Professional Activities
http://wallethub.com/edu/the-health-of-housing-market-in-25-big-cities/7664/#charles-a-stone 2015
Interviewed on "American Recovery" by Charlotte Notteghem, of I-TELE, France's only 24-hour all-news TV station, January. 2014
Referee, Managerial Finance. 2013
Referee, The Journal of Risk and Insurance. 2012
Member, Consortial Faculty for the CUNY School of Professional Studies Online Business Degree. 2008
