David K.A. Mordecai

David K.A. Mordecai


David K.A. Mordecai
President
 
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David K.A. Mordecai is President and co-founder of Risk Economics, Inc., a New York City based advisory firm. Risk Economics® specializes in the application of computational economics to the proprietary development and scalable implementation of robust modeling and data analytic frameworks for valuation, strategic and systemic risk analysis, and dynamic asset-liability management.

As lead for the RiskEcon® litigation, regulation and arbitration expert advisory practice, David Mordecai serves as an expert on loss causation and economic damages related to market structure, financial institutions governance, and complex issues related to finance, economics and market standards and practices within securities, derivatives, reinsurance, and commodities markets, as well as market structure within a broad range of non-financial industry sectors. His expertise includes financial engineering, the valuation of fixed income securities and structured products, including over-the-counter derivatives (in particular fixed income and credit derivatives), complex insurance and reinsurance liabilities, as well as asset liability and risk management models and practices. He has advised and provided technical oversight for internal regulatory investigations, as well as stress-testing for global financial institutions. Having testified extensively at deposition, trial, arbitration and international arbitration, he has been admitted as an expert in federal, state and county courts, and cited favorably in court decisions.

Dr. Mordecai’s litigation advisory experience also includes advising the Uniform Credit Committee in the bankruptcy resolution of Lehman Brothers, and providing technical oversight for the valuation team assigned to validate the fair market value of the exotic structured notes portfolio with a notional value in excess of 15 billion dollars. As the expert for the U.S. Government in the C.V. Starr case, he testified regarding market evidence of economic damages and the commercial reasonability surrounding the Government rescue of AIG. His damages testimony was cited in the Federal Claims Court decision issued by Judge Wheeler. In addition, he has advised on a merger-related intellectual property dispute involving Samsung and Microsoft. He has also provided analysis and testimony for a number of complex municipal finance, environmental, structured property-casualty reinsurance and life insurance matters. Most recently, he served as the plaintiff’s causation expert in the MF Global cases against Corzine et al, and against PricewaterhouseCoopers (PwC), respectively. In the MF Global case against PwC, which settled mid-trial, Dr. Mordecai’s testimony was cited extensively in the pre-trial Summary Judgment Decision issued by Judge Marrero.

During his thirty year tenure in the financial services industry, David has served as a Managing Director at Swiss Re, where he led Relative-Value Market Strategies, a quantitative economics and financial engineering function with the global mandate to develop firm-wide and industry standards, benchmarks and frameworks for the valuation and trading of exposures underlying long-dated life, health, medical and pension liabilities as well as geopolitical risk. Prior to this, he served as Senior Advisor to the Head of Swiss Re Financial Services. Previously, at a multi-strategy hedge fund with $10 Billion of assets under management, he was Managing Director of Structured Products, responsible for $5 billion of CDO assets. Prior to his role as a hedge fund manager, he was Vice President of Financial Engineering/Principal Finance at AIG, and a Director at the rating agency Fitch. During the first decade of his career, he specialized in credit analysis and the origination, structuring, and trading of leveraged loans for non-recourse project finance and highly leveraged transactions involving corporations and financial institutions.

He holds a Ph.D. with concentrations in Econometrics/Statistics and Economics/ Industrial Organization from the University of Chicago and an M.B.A. in Finance from the NYU Stern School of Business. His doctoral research focused on the limits of arbitrage, and how market shocks trigger contagion via the financing of highly leveraged financial institutions during periods of extreme market volatility.

Dr. Mordecai is principal scientist and lead investigator at the RiskEcon® Lab for Decision Metrics established in 2011, and a Visiting Scholar at the Courant Institute of Mathematical Sciences at New York University (NYU). He has served as an adjunct instructor of applied mathematics at Courant Institute, as well as an Adjunct Professor and an active member of the working group for the NYU Center for Data Science (NYUCDS) at its inception. In this capacity, he mentors students across various NYU divisions, including Stern, Tisch ITP (Interactive Technology Masters Program) and NYU Tandon School of Engineering. In 2010, he was invited to become a Fellow, as well as a member of the Advisory Board of the Mathematical Finance Program at Courant, having served as a guest lecturer for the program since 2006. In 2014, he was appointed the Course Director leading the NYUCDS Capstone graduate applied research program in its inaugural year. He is also associated with the NYU Social Media and Political Participation Lab (SMaPP), an interdisciplinary collaboration that researches the relationships between social media and political behavior. From 2012 to 2015, he held a joint appointment as Senior Research Scholar for Computational Economics of Commerce, Law and Geo-Politics at NYU Stern Graduate School of Business.

Since 2013, he has served as the first Scientist-in-Residence of FinTech Innovation Lab, an accelerator platform for early and growth stage technology firms, organized by The Partnership Fund for New York City in conjunction with Accenture and a consortium of venture capital firms and global financial institutions.

David has served as an advisor on systemic risk issues to the Federal Reserve, the International Monetary Fund (IMF), the US Treasury, and the Commodities and Futures Trading Commission (CFTC), and as an advisor on hedge fund valuation issues to the International Organization of Securities Commissions (IOSCO). He has also been a member of the Investment Advisory Committee of the New York Mercantile Exchange (NYMEX). He is the founding Co-Chair of the International Association of Financial Engineers’ (IAFE) Liquidity Risk Committee, and has actively served on the Steering Committee of the IAFE’s Investor Risk Working Group on hedge fund and CTA disclosure issues, as well as the Advisory Board.

David K.A. Mordecai was the founding Editor-in-Chief of the Journal of Risk Finance (JRF ca.1999), a quarterly peer-reviewed research periodical, which addresses topics in financial risk intermediation. He remains a senior member of JRF’s Advisory Board subsequent to its sale by the original publishers Euromoney Institutional Investor to Emerald Publications. He has published numerous articles on topics including hedge fund strategies, structured credit, and weather and insurance derivatives. He has also served on the advisory committee for Chartered Alternative Investment Analysts (CAIA) Association, and on the editorial board of the Journal of Alternative Investments. In addition, he has been a guest lecturer at Columbia University, at the Graduate Business School, the Engineering/Operations Research Division, as well as the School for International and Public Affairs.

In 2016, David was elected to the board of governors of New York Academy of Sciences, a membership organization founded in 1817 with over 20,000 members, including research scientists at universities and industry, as well as representatives of business, government, and policy organizations, in 100 countries. He is also a member of the leadership council of Black Rock Forest Consortium, a 4,000-acre natural living laboratory for field-based scientific research and education, operated by a consortium of twenty-three colleges and universities, public and independent schools, and scientific and cultural institutions. From 2009 to 2015, he served as a member of the board of directors of Scenic Hudson, one of the nation’s three largest conservation organizations, and during his second term, co-chaired their Science Committee. In addition, he served on the board of directors of Hudson Highlands Land Trust from 2007 to 2016.

His biography has been published in the Marquis publications Who’s Who in the World, Who’s Who in America, and Who’s Who in Finance and Business.

 

Litigation and Regulatory Expert Advisory (LREA) Practice Areas: Alternative Investments, Private Equity and Hedge Funds; Corporate Risk Governance (e.g. Directors and Officers Liability); Cyber Risk Liability; Derivatives Securitization & Structured Finance; Economic Damages, Solvency, Restructuring and Receivership; Environmental Remediation and Mass Tort; Financial Institutions; High Technology; Intellectual Property; International Arbitration; Internal Investigations; International Trade; Life, Health, Longevity and Mortality; Market Conventions, Industry Customs and Practices; Mergers and Acquisitions (e.g. Warranty and Indemnity); Regulatory Investigations; Reinsurance (e.g. Specialty, Surplus Lines, Casualty, Fidelity, Surety, Finite Risk and Financial Guaranty); Shareholder Class Actions, Securities & Financial Markets; Supply-Chain, Operational and Political Risk, Contingent Business Interruption and Trade Credit Disputes; Valuation & Financial Analysis; Workouts, Bankruptcy and Financial Distress Litigation. Litigation advisory, expert witness, litigation consulting

News and Events

David Mordecai participated in FinTech Innovation Lab 2017 Demo Day

David Mordecai, participated in Demo Day 2017 for FinTech Innovation Lab (FTIL) on June 22nd 2017, as Scientist-in-Resident for FTIL. […]

Bankruptcy Court Approves Settlement of MF Global Litigation Trust Claims against Corzine et al.

David K.A. Mordecai, President of Risk Economics, filed two expert reports on behalf of the Litigation Trustee of the MF […]

Samantha Kappagoda was invited to speak on a panel for the Council for Economic Education

Samantha Kappagoda, Chief Economist of Risk Economics, was invited to speak on a panel sponsored by the Council for Economic […]

David Mordecai was invited to speak at the American Association of State Compensation Insurance Funds (AASCIF) Mid-Year CEO Conference

David Mordecai, President of Risk Economics Inc. was invited to speak at the American Association of State Compensation Insurance Funds […]

Samantha Kappagoda was a speaker on the Economics of Financial Decision Making

Samantha Kappagoda, Chief Economist and co-founder of Risk Economics was invited to speak on a panel jointly sponsored by 100 […]

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