NATIONAL BUREAU OF ECONOMIC RESEARCH
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Risk and Risk Management in the Credit Card Industry

Florentin Butaru, QingQing Chen, Brian Clark, Sanmay Das, Andrew W. Lo, Akhtar Siddique

NBER Working Paper No. 21305
Issued in June 2015

---- Acknowledgments ----

We thank Michael Carhill, Jayna Cummings, Misha Dobrolioubov , Dennis Glennon, Amir Khandani, Adlar Kim, Mark Levonian, David Nebhut, Til Schuerman, Michael Sullivan and seminar participants at the Consortium for Systemic Risk Analysis, the Consumer Finance Protection Bureau, the MIT Computer Science and Artificial Intelligence Laboratory (CSAIL), the Office of the Comptroller of the Currency, and the Philadelphia Fed’s Risk Quantification Forum for useful comments and discussion. The views and opinions expressed in this article are those of the authors only, and do not necessarily represent the views and opinions of any institution or agency, any of their affiliates or employees, or any of the individuals acknowledged above. Research support from the MIT CSAIL Big Data program, the MIT Laboratory for Financial Engineering, and the Office of the Comptroller of the Currency is gratefully acknowledged. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Andrew W. Lo ----

Research support from the MIT Laboratory for Financial Engineering and its sponsors is gratefully acknowledged. Sponsors include: The Clearing House, Natixis Global Asset Management, and the Alfred P. Sloan Foundation.

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