This issue of A&M Readings in Quantitative Risk Management examines the Excess Capital Hypothesis (ECH), an explanation of the cyclical pattern of loan losses experienced by U.S. commercial banks and the related credit expansion and contraction. The paper tests five predictions of the ECH against the dynamics of Spanish loan markets in the 2000s.

In his second article on future technology trends in the retail supply chain, Managing Director Tim Waters explains how he has turned from a robotics cynic into a robotics advocate.

On August 30, 2016, the European Commission announced a final decision on one of its key state aid investigations — Apple’s potentially favorable treatment by Ireland.

Alvarez & Marsal (A&M) has expanded its Transaction Advisory Group capabilities in Brazil with the addition of M&A tax and labor professionals Adriano José Ponciano and Emerson Santana, who join as a Managing Director and Senior Director, respectively.

On August 24, 2016, the U.S. Court of Appeals affirmed the Tax Court decision in Shea Homes Inc. v. Commissioner, 142 T.C. No. 3 (Feb. 12, 2014). This opinion is one of the few recent significant taxpayer-favorable decisions, and its impact could be significant not just for homebuilders in similar situations.

In this article, we highlight the need for behavioral health integration into care delivery and, more specifically, the patient-centered medical home. Details, inclusive of recommendations, are provided in an appendix on the interplay between behavioral health, chronic disease, substance abuse and palliative care.

A theme of recent years has been a marked increase in the scrutiny of the tax affairs of large businesses whether from ethical consumers, campaigners for social justice or politicians.

A&M has bolstered our North American Commercial Restructuring practice with the addition of seasoned restructuring expert David S. Miller who joins the group as a Managing Director in its Atlanta office.

While most American consumers welcome the declines in gasoline prices that have accompanied falling crude oil prices, the impacts are not uniformly beneficial. Part two of this two-part series emphasizes the increased likelihood of default by these companies and individuals as well as the consequences for their lenders.

Managing Director Tim Waters’ most recent column for Essential Retail addresses the topic of automation in the supply chain as it pertains to driverless lorries and automated delivery.

Back in March, Robert Stack, the U.S. Department of the Treasury’s deputy assistant secretary for international tax affairs, shocked the transfer pricing community by stating that U.S. country-by-country (CbC) reporting regulations (at that time in draft) were expected to be finalized by June 30, 2016. =

It’s no secret that the popular estate planning mechanism of valuation discounts has been a targeted area of estate planning for many years.

The latest report cites a large fall in high yield bond issuance and increased distress from weaker U.S. markets. The report also shows that European year-on-year issuance is significantly down for both bonds and leveraged loans.

On Monday, July 25, the IRS posted a revised version of a previously issued Chief Counsel Notice making it clear that any case in exam or litigation raising an issue under Internal Revenue Code Section 385 must be coordinated with the Associate Chief Counsel (ACC) offices.

Volume-wise, Q2 2016 proved to be a fairly busy quarter. Recovery was on the back of particular activity in France and Italy, with other markets still showing subdued activity. Deal value (excluding the top five transactions) showed an even stronger performance with the quarter ending near the peak of Q2 2014.