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RESEARCH INTERESTS
Securitization (transformation of private contracts into securities using non-public information) and structured finance. Capital formation. Bond market development. Economic justice as a market design problem. Information. Change.
TEACHING INTERESTS
Securitization and structured finance. Comparative economics of alternative off-balance sheet structures: ABS, RMBS, CDOs, ABCP, SIVs and Exchanges. Credit analysis of banks and financial institutions.
PUBLICATIONS
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The Analysis of
Structured Securities: Precise Risk Measurement and Capital
Allocation.
Oxford University Press, 2003.
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Elements of Structured
Finance, forthcoming textbook on structured finance with
problem sets, Oxford University Press, 2009.
WORKING PAPERS
The global capital markets became glutted with toxic structured finance debt due to a technical flaw in the rating process. If structured ratings were designed to be updated, misrepresentations about credit quality could be identified within an actionable time frame for traders and the market would once again be able to price appropriately for risk.
EXPERT APPEARANCES
Ms. Ann Rutledge is a frequent contributor to Bloomberg, the Wall Street Journal, Newsweek and CNN Money, as well as being prominently featured in National Journal’s
Why It Collapsed (April 2009) and House of Cards (February 2009), CNBC’s acclaimed documentary on the subprime crisis.
WORK EXPERIENCE AND EDUCATIONAL BACKGROUND
Ms. Rutledge is a cofounder of
R&R Consulting, a structured finance boutique. Select examples of corporate mandates since 2006 led or executed by Ms. Rutledge include
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Custom training for the Mexican mortgage lending and pension industry (2009)
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Expert services in litigations related to securitization (ongoing)
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Custom transaction consultancy to the microfinance industry (2008)
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Third-party validation and summary credit statistics of government guarantor’s portfolio history in Africa (2008)
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Design of an off-balance-sheet financing of Jazz Masters performances for a US jazz platform (ongoing)
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Development of a script score towards a warehouse financing for independent film-makers (2007)
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Co-design and implementation of a securitization platform for medium-sized Russian lending banks (2007)
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Custom advisory services for investors in cash/synthetic RMBS transactions (2006)
Prior R&R Consulting, Ms. Rutledge headed the non-Japan Asian structured ratings group for Moody’s Investors Service. She was head of futures and options exchange traded products for JP Morgan Securities, based in Hong Kong and, before that, headed research and communications for the Hong Kong Futures Exchange, now a part of HKEX.
Ms. Ann Rutledge has an MBA from the University of Chicago and a B.A. from Wellesley College. She is a member of Phi Beta Kappa honors society.
TEACHING EXPERIENCE
Ms. Ann Rutledge has enabled over 3200 finance students or practitioners in analyzing and structuring receivables-backed financings for the capital market.
Besides teaching at Hong Kong University of Science and Technology since 2003, she has also delivered instruction in her field through
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