Ph.D., CUNY Graduate Center (Economics), 1989
Our Faculty
Charles A. Stone
Profile
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
Selected Research, Scholarship, and Creative Activity
Books and Publications
Stone, C. A., & Zissu, A.. Distribution Strategies for Non-Eligible Beneficiaries of IRAs under the 2019 Secure Act, Journal of Retirement, Winter 2025.
"Valuation of Senior Life Settlements During the Covid-19 Pandemic and the Death Multiplier Factor", by Charles A. Stone and Anne Zissu, Forthcoming in Journal of Alternative Investments
Ortiz C., Stone C. A., & Zissu A; "The Shock of Rapid Vaccine Development on the Value of Senior Life Settlement Contracts", Risk Management and Insurance Review (accepted September, 2023)
Article Review for Finance Research Letters FRL-D-23-00140 Profitable Timing of the Stock Market with the Senior Loan Officer Survey.
Ortiz C., Stone C.A., & Zissu A. "Pattern Risk of the Securitized Biopharmaceutical Mega-Fund", Summer 2020, The Journal of Structured Finance.
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.
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.
CARLOS E. ORTIZ, CHARLES A. STONE, AND ANNE ZISSU, "Beer Annuities: Hold the Interest and Principal", The Journal of Derivatives, Summer 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
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.
Ortiz, C., C.A. Stone and A. Zissu. "When Do Securitized Reverse Mortgages Become Liabilities." Journal of Structured Finance 19.1, Spring.
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.
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.
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.
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.
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.
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.
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.
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.
Stone, C.A. and A. Zissu. "The Asset and Liability Sides of Senior Life Settlements." The Journal of Structured Finance Winter.
"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."
"The Supply and Demand for Life Settlement Contracts." The Journal of Structured Finance 15.2, Summer.
Stone, Charles and Anne Zissu. "Delta Hedging IO Securities Backed by Senior Life Settlements." The Journal of Structured Finance 15.2, Summer.
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.
"Mortgage-backed Securities." Booms and Busts: An Economics Encyclopedia. New York: M.E. Sharpe.
"Securitization." Booms and Busts: An Economics Encyclopedia. New York: M.E. Sharpe.
Stone, Charles and Anne Zissu. "The Risks of a Securitized Portfolio of Senior Life Settlement Contracts." Life Markets. Ed. Vishaal B. Bhuyan. Wiley Finance.
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.
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."
Stone, Charles and Anne Zissu. "The Risk of a Securitized Portfolio of Senior Life Settlement: Life Expectancy, Duration and Convexity." Journal of Alternative Investments.
Ortiz, C., Stone, C. A., & Zissu, A. (2008) Fixed Income Securities With A Zero Macaulay Duration: Senior Life Settlements. Applied Financial Economics Letters 4(1-3), 205-207. R
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.
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.
Stone, Charles and Anne Zissu. "Registered Traveler Program: The Financial Value of Registering the Good Guys." Review of Policy Research 24.5: 443-67.
Stone, Charles and Anne Zissu. "Managing the Risks in Securitized Pools of Senior Life Settlements." The Journal of Structured Finance.
Stone, Charles and Anne Zissu. "Managing Viagers Securitization and Life Extension Risk." Asia Pacific Journal of Risk and Insurance.
Stone, Charles, Carlos Ortiz and Anne Zissu. "Fixed Income Securities With a Zero Macaulay Duration: Senior Life Settlements." Applied Financial Economics Letters.
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.
Stone, Charles and Anne Zissu. "Securitization of Senior Life Settlements: Managing Extension Risk." Journal of Derivatives Spring.
Stone, Charles Austin and Anne Zissu. The Securitization Markets Handbook: Structures and Dynamics of Mortgage- and Asset-Backed Securities. Bloomberg Press.
Stone, C.A. and A. Zissu. "Fund of Funds Securitizations." The Journal of Derivatives 11.4: 62-68.
Stone, C.A. and A. Zissu. "Synthetic Collateralized Loan Obligations: Olan Enterprises, PLC." The Journal of Derivatives 9.3: 73-80.
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.
Awards, Honors and Fellowships
Reviewer of grants submitted to the PSC-CUNY Research Award Program.
Research Activities
Refereed a paper for the Journal of Risk Finance.
Refereed a paper for Journal of Risk Finance, published by Emerald Group Publishing.
Refereed a paper for the International Review of Economics & Finance, published by Elsever, BV.
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.
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)
The Business Matters! Symposium Vision 2020: The Future of Management Education Management Education as a Value in the Koppelman School of Business
"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.
"Life in Our Post-crisis Economy." Brooklyn College Faculty Circle. April 30.
"Elements of Retail Auto Loan Securitization." Presented to a delegation from the Chinese Automotive Industry at Pace University. New York, April.
"Financial Planning in Times of Low Interest Rates." Brooklyn College Faculty Circle. April 26.
"Securitization of Senior Life Settlements: Analyses and Strategies." 2010 Financial Management Association Meetings. New York, Oct. 22.
"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.
Professional Leadership
Chair of the Koppelman School of Business Promotion and Tenure Review Committee
Member of the Strategic Planning Committee of the Koppelman School of Business. We are writing the school Mission, Vision and Values Statement.
Faculty adviser, Brooklyn College Investment Club, http://www.BrooklynInvestment.
Pedagogical Achievements
Designed three classes for the Risk and Insurance Concentration.
Developed online courses in corporate finance, investments and real estate finance for the CUNY Online Business Degree.
Community Activities
"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.
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.
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.
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
Answered question for Wallethub on the mortgage market. This is a personal finance website. http://wallethub.com/edu/the-health-of-housing-market-in-25-big-cities/7664/#charles-a-stone
Interviewed on "American Recovery" by Charlotte Notteghem, of I-TELE, France's only 24-hour all-news TV station, January.
Referee, Managerial Finance.
Referee, The Journal of Risk and Insurance.
Member, Consortial Faculty for the CUNY School of Professional Studies Online Business Degree.