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California Wildfires Have Fat Tails Part One: The Statistics
The recent, devastating wildfires in Southern California highlight the importance of anticipating, and planning for, rare but extremely...
The Role of Excess Capital in the 2000's Housing Bubble in Ireland: Part Two
In my recent book, Credit Crises: The Role of Excess Capital (Stevenson, 2024), I demonstrate that credit crises are a major force...
The Role of Excess Capital in the 2000s Housing Bubble in Ireland: Part One
In my recent book, Credit Crises: The Role of Excess Capital (Stevenson, 2024), I demonstrate that credit crises are a major force...
Uncertainty, Knightian Uncertainty and the Coronavirus
“Beware the Ides of March” The emergence of SARS – CoV – 2, the new coronavirus infecting human beings, poses significant challenges to...
CECL and the Term Structure of Default Rates
One of the critical elements of the new Current Expected Credit Loss (CECL) accounting standard is the requirement that holders of...
The Re-Leveraging of America
We have passed the tenth anniversary of the collapse of the U.S. subprime mortgage market and the resulting Financial Crisis. Lehman...
CECL is Here, But Where is EC?
Current Expected Credit Loss (CECL) is here but it appears that Economic Capital (EC) has been left behind. CECL is the new mandate of...
No One Can Forecast Well – What Does That Mean For CECL?
Current Expected Credit Loss (CECL) is the new standard for assessing loss on credit instruments as mandated by the Financial Accounting...
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