Book Review for MIT Press:
"Securitization: A Primer on Securitization" edited by Leon Kendall and Michael J. Fishman, 1996, M.I.T. Press . This was a series of 15 chapters. An extract of my review appears on the back of the book.
Served as referee for:

• The Journal of Business and Economics
• Financial Management
• AREUEA
• Journal of Financial Services Research
• The Journal of Real Estate Finance and Economics
• Belgium Actuarial Bulletin
• Journal of Applied Economics
  

CONSULTING IN SECURITIZATION FOR:
Anne Zissu has consulted for numerous institutions that are involved in the market of mortgage and asset-backed securities.  Her consulting experience includes:

• Research for a European bond insurance company;
• Reverse engineering asset-backed deals for an international investment bank that is active in structuring, underwriting and trading securitized issues;
• Financial engineering regulatory arbitrage for Bear Stearns;
• Worked with several hedge funds to structure investments in pools of senior life settlements. 
• Expert adviser in the MBNA securitization of credit card litigation.
• Expert adviser in securitization of health care receivable law suit.

ANNE ZISSU MEMBER OF SOCIETY OF INDUSTRY LEADERS MEMBER
Anne Zissu, Associate Professor of Finance, has been approved in 2006 as a Society of Industry Leaders ("SIL") member, a subsidiary of Standard and Poor's. Standard & Poor's Vista Research Clients, traditionally hedge fund and mutual fund analysts, submit consultation requests based on their industry research or investment to the Society of Industry Leaders.

PATENT

• Inventors: Anne Zissu and Charles Stone have filed February 28th, 2007 a patent application titled "Method and apparatus for comparison of variable term financial instruments using life extension duration computation". The patent has been published on the Patent Office website August 28, 2008: US 2008/0208765 A1, (http://aiw2.uspto.gov/.aiw?Docid=20080208765&idkey=NONE)

SEMINAR PRESENTATIONS FOR PRACTITIONERS:

• Longevity and Mortality Risk, Life & Pension, 18-19 September 2008 New York: “Securitization of senior life settlements: risks and solutions”, with Charles Stone.

•  4TH ANNUAL GLOBAL SECURITIZATION SYMPOSIUM, Paris, May 15-18, 2001: Evaluating the Available Market Options for New and Infrequent Issuers (with Charles A. Stone)
• FINANCIAL MANAGEMENT ASSOCIATION (FMA), Financial Planning and Analysis Corporate Round Table, Chicago, October 1998: Corporate Constraints and Socially Responsible Investing (with Charles A. Stone).
• FINANCIAL MANAGEMENT ASSOCIATION (FMA), Financial Planning and Analysis Corporate Round Table, New Orleans, October 1997:   Asset-Backed Commercial Papers (with Charles A. Stone).
• Financial Management Association International, 25th Anniversary, New York October 18-21 1995:   Financial Planning and Analysis Corporate Roundtable:   "Strategies and Tactics used in Treasury Management within a Corporation".
• The Financier's Paris Seminar, June 1995: Structuring Access to the Capital and Money Markets via Securitization:  "The Secondary Market in European Mortgage Backed Securities".
• Bear, Stearns & Co. New York, March, 1995:  "Risk Based Capital Regulations: An Opportunity for Regulatory Arbitrage in Securitization".
• Securities and Exchange Commission (SEC), Washington D.C. April 1995: "How Securitization Complements the German Pfandbrief".
• AMERICAN CONFERENCE INSTITUTE: Cross Border Securitization and Finance, November 2, 1994, New York: The Benefits of Securitization-The Potential Impediments, and how they can be overcome-Funding Cross-Border Deals in the U.S. Capital Markets.
• The Financier's Paris Seminar, June 1994: The Architecture of Capital and Money Market Transactions:  "Recourse and Regulatory Arbitrage".

DESIGN AND ORGANIZATION OF PROFESSIONAL SEMINARS

• EUROMONEY CONFERENCES, June 26-27, 1991 Paris, France:  "Asset Backed Financing in the European Market" - Directors: Charles Austin Stone and Anne Zissu.
• EUROMONEY Conference: June 1992 Brussels, Belgium:  "Structured Finance: Design, Engineering, and Production" - Directors: Charles Austin Stone and Anne Zissu.
• INTERNATIONAL FINANCING REVIEW Seminar, November 17 & 18, 1992, London U.K.: "Risk Based Capital Regulations: Banking within the Constraints" - Directors: Charles Austin Stone and Anne Zissu.
• THE FINANCIER's Paris Seminar, Ecole Superieure de Commerce de Paris, June 1994:  "The Architecture of Capital and Money Market Transactions" - Directors: Charles Austin Stone and Anne Zissu.
• FINANCIER'S 1995 PARIS SEMINAR, Paris June 1995:  "Structuring Access to the Capital and Money Markets via Securitization"- Directors: Charles Austin Stone and Anne Zissu.
• INTER-AMERICAN DEVELOPMENT BANK and The Financier: "Innovative Financing for Infrastructure", October 23-24, 1995 - IDB Headquarters, Washington, DC - Directors: Charles A. Stone & Anne Zissu.

GRANTS:
Summer 1999, A. Zissu Received a UCCP Grant (University-Community Collaborative of Philadelphia) to support her research "Financing Mixed-Use Real Estate on Point Breeze Avenue", presented at several workshops in Philadelphia.
“Financing Mixed Use Development on Point Breeze Avenue”, with Charles Austin Stone, UCCP Publication, 1999.
RESEARCH CONTRIBUTIONS:
Written Book
The Securitization Markets Handbook: Structures and Dynamics of Mortgage- and Asset-Backed Securities
by Charles Austin Stone and Anne Zissu, Bloomberg Press, 2005.

The Securitization Markets Handbook: Structures and Dynamics of Mortgage- and Asset-Backed Securities by Charles Austin Stone, Anne Zissu (Hardcover)

Edited Books

• "Asset Securitisation: Theory and Practice in Europe," edited by Charles Austin Stone, Anne Zissu, and Jess Lederman, Published by Euromoney PLC, December 1991.
• "The Global Asset Backed Securities Market: Structuring, Managing, and Allocating Risk," edited by Charles Austin Stone, Anne Zissu, and Jess Lederman. Published by Probus Publishing, 1993.
• "Global Risk Based Capital Regulations: Capital Adequacy" Volume 1, edited by Charles Austin Stone and Anne Zissu. Published by Business One Irwin, 1993.
• "Global Risk Based Capital Regulations: Management and Funding Strategies" Volume 2, edited by Charles Stone and Anne Zissu. Published by Business One Irwin, 1993.

Global risk-based capital regulations : Stone, C.A., Zissu, A., eds., (Richard Irwin, Homewood, IL, 1994) 446 pp.  • BOOK REVIEW
Journal of Banking & Finance, Volume 20, Issue 4, May 1996, Pages 777-778

Articles and review-articles in regularly-appearing, refereed academic journals or professional publications:

• "The Information Content of Post Tender Offer Movement in The Price of Target Shares," Economics Letters, Vol. 29, No. 3, 1989.
• "A Causality-Effect Between Bid Premium and Outcome of Tender Offers," with Charles Austin Stone, Economics Letters, Vol. 29, No. 4, 1989.
• "Choosing A Discount Point/Contract Rate Combination," with Charles Austin Stone, The Journal of Real Estate Finance and Economics, Vol. 3, No. 3, 1990.
• "Does the Quality of Investment Banks Foretell the Outcome of Hostile Tender Offers?", Charles Austin Stone, The International Journal of Finance, Vol. 2, No. 2, 1990.
• "Predicting the Outcome of Tender Offers: An Endogeneity Problem," with Charles Austin Stone, Managerial Finance, Vol. 17, No. 6, 1991.
• "Originators, Wholesalers, and Investors: The Marginal Rate of Substitution Between Points and Rates," with Charles Austin Stone, The Journal of Real Estate Finance and Economics, Vol. 5, No. 3, 1992.
• "Le Pret Immobilier Cautionne: An Innovative Substitute for the French Mortgage", with Charles Austin Stone, FNMA Journal of Housing Research, December 1992.
• "Statistical Evidence of the Endogeneity Problem: Predicting the Outcome of Tender Offers," with Charles Austin Stone, Managerial Finance, Vol. 19, No. 1, 1993.
• "Do Advisory Fees Contain Evidence of a Principal Agent Conflict?", with Charles Austin Stones, Managerial Finance, Vol. 19, No.1, 1993.
• "The French Secondary Mortgage Market", with Charles A. Stone, Housing Finance International, 1994.
• "The Risks of Mortgage Backed Securities and Their Derivatives", with Charles A. Stone, Journal of Applied Corporate Finance, Fall 1994 .
• "The Co-Existence of Mortgage Bonds and MBS in Germany and France", International Securitisation Report, IFR Publishing, August 1995.
• "Choosing Credit Enhancement for ABS", Capital Market Strategies (formerly The Journal of International Securities Markets), November 1995.
• "More Depth and Scope in the Market for German Pfandbriefe" with Witold E. Sames and Charles A. Stone, Capital Market Strategies (formerly The Journal of International Securities Markets), June 1996.
• "Asset-Backed Commercial Paper: Get with the Program" with Charles A. Stone, Journal of Applied Corporate Finance, Spring 1997, Vol. 10 No.1.
• "Securitization: The Transformation of Illiquid Assets into Liquid Capital Market Securities with Examples from the European Market", with Charles A. Stone, Financial Markets, Institutions and Instruments, Vol. 9, No. 3&4, 2000 (Monograph).
• "Synthetic Collateralized Loan Obligations: Olan Enterprises, PLC.", with Charles A. Stone, Journal of Derivatives, Spring2002.
• "Fund of Funds Securitizations:  A Case Study of the Diversified Strategies CFO", with Charles A. Stone, Journal of Derivatives, Vol.11, Summer 2004.
• “Securitization of Senior Life Settlements: Managing Extension Risk”, with Charles A. Stone, Journal of Derivatives, Volume 13, Number 3:66-72, Spring 2006.
• “Defining The 3-D Securitization Space Of Future Export Receivables From Emerging Markets”, with Charles A. Stone, Journal of Global Business and Technology, Vol.2, Number 2 – Fall 2006.
• “Managing Viagers Securitization and Life Extension Risk”, with Charles Stone, Asia Pacific Journal of Risk and Insurance, Vol.2, issue 1:51-62, 2007.
• “The Return on a Pool of Senior Life Settlements”, with Charles A. Stone, The Journal of Structured Finance, Vol.8, issue 3, Summer 2007.
• “Registered Traveler Program: The Financial Value of Registering the Good Guys” co-authored with Charles Stone in Review of Policy Research, Vol. 24, issue 5:443-467, 2007.
• “Fixed Income Securities With A Zero Macaulay Duration: Senior Life Settlements” co-authored with Carlos Ortiz and Charles A. Stone in Applied Financial Economics Letters, Vol. 4, issues 1-3, Jan-May 2008.
• “Securitization of Senior Life Settlements: Managing Interest Rate Risk with a Planned Duration Class” co-authored with Carlos Ortiz and Charles A. Stone in The Journal of Financial Transformation, August 2008.
• “Delta Hedging of Mortgage Servicing Portfolios under Gamma Constraints” with Carlos Ortiz and Charles A. Stone in Journal of Risk Finance, (9) 4, 2008.
• “Using Life Extension-Duration and Life Extension-Convexity to Value Senior Life Settlement Contracts”, with Charles A. Stone in the Journal of Alternative Investments, forthcoming Fall 2008.

Contributions to edited books

• “Using Life Extension-Duration and Life Extension-Convexity to Value Senior Life Settlement Contracts”, co-authored with Charles A. Stone in Longevity Finance: Trading Life Settlements & Linked Securities edited by V.B. Bhuyan (John Wiley & Sons) forthcoming April 2009.
• “The Risks of a Securitized Portfolio of Senior Life Settlement: Life Expectancy, Duration, Convexity and their metrics” , co-authored with Charles A. Stone in Longevity Finance: Trading Life Settlements & Linked Securities edited by V.B. Bhuyan (John Wiley & Sons) forthcoming April 2009.

• "Engineering A way Around The Sovereign Ceiling: Securities Backed By Future Flow Export Receivables", with Charles A. Stone, Financial Innovations and the Welfare of Nations: How Cross-Border Transfers of Financial Innovations Nurture Emerging Capital Markets, edited by Laurent Jacque, Kluwer Academic Publishers, Spring 2001.
• "Capital Requirements for Subordinated Tranches of Asset-Backed Securities: An Opportunity for Regulatory Arbitrage", with Charles A. Stone, Recent Developments in the Fixed Income Market, edited by John D. Finnerty, and Martin S. Fridson. Sponsored by Fixed Income Analysts Society (FIASI), 1996.
• "The French Secondary Mortgage Market", with Charles A. Stone, Secondary Mortgage Markets: International Perspectives, edited by Michael Lea, Housing Finance, 1995 (reprinted from Housing Finance International, 1994).
• "AAA Senior Mortgage Backed Securities versus AAA Insured Mortgage Backed Securities", with Charles Austin Stone and Jess Lederman, The Global Asset Backed Securities Market: Structuring, Managing and Allocating Risk, edited by Charles A. Stone, Anne Zissu, and Jess Lederman, Probus Publishing, 1993.

Publication in proceedings of conferences:

• International Conference: Corporate Finance and European Financial Integration: June 28-30, 1989 Paris, France: "The Impact of Investment Banks on the Outcome of Hostile Tender Offers," with Charles Austin Stone. (This was also published in a refereed journal).
• The Third International Conference in Finance of the Centre HEC-ISA: June 27-30, 1990 Paris, France: "Predicting the Outcome of Tender Offers: An Endogeneity Problem," with Charles Austin Stone. (This was also published in a refereed journal).
• International Conference in Finance, AFFI Meetings: 1-3 July, 1991, Louvain-La-Neuve Belgium:  "La Caution: An Innovative Substitute for the French Mortgage", with Charles Austin Stone. (This was also published in a refereed journal).
• International Conference of Finance-AFFI, June 1993, La Baule, France: "National Capital Adequacy Rules for Senior/Subordinate MBS", with Charles A. Stone.
• The Financial Services Industry Post Gramm-Leach-Bliley Act Conference in New York , September 8, 2006 “Defining the 3-D 'Securitization Space' of Future Oil Export Receivables from Emerging Markets”, with Charles A. Stone (This was also published in a refereed journal).
• The Financial Services Industry Post Gramm-Leach-Bliley Act Conference in New York,  September 8, 2006 “Managing Viagers Securitization and Life Extension Risk”, with Charles A. Stone. (This was also published in a refereed journal).
• The Financial Services Industry Post Gramm-Leach-Bliley Act Conference in New York,  September 2007 “Securitization of Senior Life Settlements: Managing Interest Rate Risk with a Planned Duration Class”, with Carlos Ortiz and Charles A. Stone.
• The Financial Services Industry Post Gramm-Leach-Bliley Act Conference in New York,  September 2008 “Delta Hedging a Portfolio of Servicing Rights under Gamma and Vega Constraints with Optimal Fixed Income Securities”, with Carlos Ortiz and Charles A. Stone.

Papers or speeches delivered:

• The Financial Services Industry Post Gramm-Leach-Bliley Act Conference in New York,  September 2008 “Delta Hedging a Portfolio of Servicing Rights under Gamma and Vega Constraints with Optimal Fixed Income Securities”, with Carlos Ortiz and Charles A. Stone.
• The Financial Services Industry Post Gramm-Leach-Bliley Act Conference in New York, “Securitization of Senior Life Settlements: Managing Interest Rate Risk with a Planned Duration Class”, with Carlos Ortiz and Charles A. Stone, September 2007.
• Annual Meeting of the Financial Management Association International to be held at the Grand America Hotel in Salt Lake City, Utah, “Securitization of Senior Life Settlements: Capturing Value from Early Death”, October 11-14, 2006 co-authored with Charles Stone.
• Life Insurance Settlement Association's 12th Annual Fall Conference in New York, "Securitization of Senior Life Settlements: Managing Extension Risk", co-authored with Charles Stone, November 29-December 1, 2006.
• Life Insurance Settlement Association's 12th Annual Fall Conference in New York, "Securitized Senior Life Settlements Macauley Duration and Longevity Risk" co-authored with Carlos Ortiz and Charles Stone, November 29-December 1, 2006.
• The Financial Services Industry Post Gramm-Leach-Bliley Act Conference in New York, “Defining the 3-D 'Securitization Space' of Future Oil Export Receivables from Emerging Markets”, September 8, 2006 co-authored with Charles Stone.
• The Financial Services Industry Post Gramm-Leach-Bliley Act Conference in New York, “Managing Viagers Securitization and Life Extension Risk”, September 8, 2006 co-authored with Charles Stone.
• International Symposium on Insurance and Finance organized in Bergen at the Norwegian School of Economics and Business Administration (NHH), Bergen, Norway.  “Securitization of Senior Life Settlements: Capturing Value from Early Death”, May 10-11, 2006 co-authored with Charles Stone.
• Hofstra University, The Merrill Lynch Center For The Study Of International Financial Services And Markets, “Can Insurance Companies Hedge Mortality Risk With Life Extension Risk Using Securitized Viagers?”, April 2006, co-authored with Charles Stone.
• Reading University, ICMA Centre, “Can Insurance Companies Hedge Mortality Risk With Life Extension Risk Using Securitized Viagers?", January 18th, 2006 co-authored with Charles Stone.
• TUFTS UNIVERSITY The Fletcher School of Law and Diplomacy (Administered with the cooperation of Harvard University): Financial Innovations and the Welfare of Nations: How Cross Border Transfers of Financial Innovations Nurture Emerging Capital markets, "The Value of Securitizing Export Receivables", with Charles A. Stone; September 16 & 17, 1999.
• Discussant at the 1994 FMA Annual Meeting for the paper :"An Empirical Investigation of Alternative Contingent Claims Models for Pricing Residential Mortgages" by E. Chatterjie and R.O. Edmister.
• University of Connecticut/AREUEA/Fannie Mae, 1993 International Real Estate Conference:  "Cost Benefit Analysis of Mortgage Securitization in France", with Charles A. Stone.
• 1992 AREUEA/USC International Conference on Real Estate and Urban Economics, "Housing Markets in an International Setting: Emerging Issues in Research and Applications": October 22-25, 1992 Los Angeles: "Reallocating Credit Risk in The French Mortgage Market", with Charles A. Stone.
• A.S.S.A. Meeting, A.R.E.U.E.A Section: January 3-5, 1992 New Orleans, Louisiana:  "The Efficiency of Mortgages Relative to Unsecured Loans: The French Example," with Charles Austin Stone.
• Innovative Financial Instruments and Developments in Financial Services: March 15-16, 1991 New York, Hofstra University: "The Economics of Securitizing French Mortgages," with Charles Austin Stone.
• Eastern Finance Association: April 5-7, 1990 Charleston, SC: "The Effective Cost of Mortgage Capital Across Time and Space," with Charles Austin Stone.
• American Real Estate Society: March 29-31, 1990 Lake Tahoe, Nevada:  "Does The Array of Fixed-Rate Contracts Complete the Market," with Charles Austin Stone.
• A.S.S.A. Meeting, A.R.E.U.E.A. Section: December 28-30, 1989 Atlanta, GA:  "Choosing A Discount Point/Contract Rate Combination," with Charles Austin Stone.
• Eastern Finance Association: April 12-15, 1989 Philadelphia, PA:  "The Impact of Investment Banks on the Outcome of Hostile Tender Offers," with Charles Austin Stone.
• Eastern Finance Association: April 12-15, 1989 Philadelphia, PA: "Do Advisory Fees Contain Evidence of A Principal Agent Conflict," with Charles A. Stone.
• American Real Estate Society: April 12-15, 1989 Washington D.C.: "The Value of the Mortgagor's Prepayment Option Across Different Tax Brackets and Amortization Schedules," with Charles Austin Stone.
• Eastern Economic Association:March 1988, Boston:  "The Impact of Investment Banks on the Outcome of Hostile Tender Offers," with Charles A. Stone.




Anne Zissu (zissu@sprynet.com) is the co-founding editor of The Financier (www.the-financier.com), and The Securitization Conduit (www.asset-backed.com), publications providing analysis on corporate finance, risk management, securitization, and related topics. She is a leading expert in Asset-backed Securities, has edited several books on the subject, and recently completed “The Securitization Markets Handbook: Issuing and Investing in Mortgage- and Asset-Backed Securities”, Bloomberg Press, 2005. Her research has appeared in leading academic journals including The Journal of Real Estate, Finance and Economics, the FNMA Journal of Housing Research the Journal of Derivatives, the Journal of Applied Corporate Finance, and Financial Markets, Institutions and Instruments. Professor Zissu, a research fellow in the Financial Engineering program at Polytechnic University, has been invited to lecture on Securitization at several institutions such as the ISMA Centre, Reading University, in England; Paris-Dauphine University, in Paris; Ecole Superieure de Commerce de Paris; the Inter-American Development Bank, in Washington, DC; the Securities and Exchange Commission, in Washington DC; JP Morgan in New York; Bear Stearns in New York; ESSEC in Paris; The Fletcher School of Law and Diplomacy at Tufts University; Euromoney, in New York; Euromoney in Paris; and Euromoney in London.