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Professor Richard D MacMinn Curriculum Vitae

Professor Richard D MacMinn

vitam impendere vero

Education

University of Illinois, 1978, PhD in Economics

University of Illinois, 1973, MA in Public Administration

UCLA, 1967, BA in Political Science

Experience

2015-Present, Senior Research Fellow, The University of Texas

2015-Present, Senior Research Fellow, National Chengchi University

2000-2002, Swiss Re Chair, The University of Nottingham

1998-2000, Associate Professor of Finance, The University of Texas

1997-1998, Visiting Shepard Professor, Ohio State University

Courses: Risk Management and Insurance

1988-1997, Associate Professor of Finance, The University of Texas

Courses: Business Finance is the first undergraduate course in corporate finance. The course stresses the time value of money, risk and return, capital budgeting, the cost of capital, leverage, and capital structure. Students can access their scores on the class roster, access a formula sheet that is linked to lectures and problems, submit assignments directly into a relational database that is linked to the class roster, and more.

Corporate Finance is the second undergraduate course in corporate finance. The course stresses the theoretical foundations of corporate finance. In addition to the standard fare of capital budgeting and capital structure this course includes topics such as the market for corporate control and the use of derivatives in managing corporate risk.

Uncertainty in Economics and Finance is one of the core courses in the finance Ph.D. program. The course develops the notions of risk, risk aversion, arbitrage, and equilibria in economies that include financial markets. Adverse selection and moral hazard problems are also stressed.

1987-1988, Visiting Associate Professor, University of Missouri

1986-1987, Associate Professor of Finance and Graduate Advisor, The University of Texas

1981-1986, Assistant Professor of Finance, The University of Texas.

Courses: Uncertainty in Economics and Finance, Managerial Economics, Corporate Finance

1977-1981, Assistant Professor of Economics, State University of New York at Binghamton

Courses: Microeconomic Theory, Uncertainty in Economics, Labor Economics, Managerial Economics, Microeconomic Principles, Statistics

1972-1973, Administrative Officer, Atomic Energy Commission, National Accelerator Laboratory

1967-1971, Administrative Officer and Squadron Commander, USAF, Chanute Air Force Base

Honors

2006 ARIA Outstanding Achievement Award: This award was for furthering the science of risk management through the promotion of education, research and communication during my nine year tenure as editor of the Journal of Risk and Insurance.

2004 APRIA Outstanding Paper Award: This was the award for the best paper presented at the eight annual conference of the Asia-Pacific Risk and Insurance Association in Seoul

2003 Robert I. Mehr Award: The American Risk and Insurance Association presents the Mehr Award each year for that paper published ten years ago that has best stood the test of time.

2002 ARIA President's Award: The prize is awarded for Outstanding contributions to the Field and to the Association.

2001 Casualty Actuarial Society Prize: This prize is presented by the Casualty Actuarial Society for the paper published by the American Risk and Insurance Association during the year that makes the most valuable contribution to casualty actuarial science.

2000 Robert I. Mehr Award

2000 Brian Hey Prize (second): Awarded for the explanation of insurance cycles and crises in "Great (and not so Great) Expectations: An Endogenous Economic Explication of Insurance Cycles and Liability Crises"

1998 COS Award: The previous version of " Great (and not so Great) Expectations: An Endogenous Economic Explication of Insurance Cycles and Liability Crises" was the winner of the 1998 Casualty Actuarial Society Committee on Online Services Prize Program

1997 Robert I. Mehr Award

1994 Robert C. Witt Award

1991 Robert C. Witt Award

1988, 1987, 1986, 1985, 1984, 1983 Graduate School of Business Summer Research Award, University of Texas

1988 College of Business Administration Foundation Award for Research Excellence

1985 L + EC Law Institute for Economists, Dartmouth

Beta Gamma Sigma National Honorary Scholarship Society

Phi Kappa Phi Honor Society

1971 Air Force Commendation Medal

Publications

Search and Market Equilibrium, Journal of Political Economy, 308-327, April 1980

Job Search and the Labor Dropout Problem Reconsidered, Quarterly Journal of Economics, August 1980

Technological Uncertainty and the Theory of the Firm, with A. Holtmann, Southern Economic Journal, July 1983

A General Diversification Theorem, Journal of Finance, June 1984

Forward Market Equilibrium, with George Morgan and Stephen Smith, Southern Economic Journal, July 1984

Search and the Market for Lemons, Information Economics and Policy, June 1986

A Financial Theory of the Insurance Firm Under Uncertainty and Regulatory Constraints, with Robert Witt, Geneva Papers on Risk and Insurance, January 1987. Presented at the Risk Theory Seminar in Los Angeles, 1984

Insurance and Corporate Risk Management, Journal of Risk and Insurance, December 1987. Presented at the American Risk and Insurance Association Meeting in Vancouver, British Columbia, 1985, and the American Economic Association Meetings in New York, 1985; Mehr Award 1997

Forward Markets, Stock Markets and the Theory of the Firm, Journal of Finance, December 1987

Uncertainty, the Fisher Model, and Corporate Financial Theory, with John Martin, Research in Finance, volume 7, 1988, JAI Press Inc., Greenwich, Connecticut. Presented at the American Finance Association Meetings in San Francisco, 1983

Liability Insurance and Corporate Risk Management, with Li Ming Han, Proceedings of the International Insurance Society, Inc., 1989

Forward and Spot Market Equilibria for Storable Commodities, with George Morgan and Stephen Smith, Quarterly Review of Economics and Business, Autumn 1990

Limited Liability and the Corporate Demand for Liability Insurance, with Li-Ming Han, Journal of Risk and Insurance, December 1990. Presented at the Seminar of the European Group of Risk and Insurance Economists in Vienna, Austria, 1990; Witt Award from the American Risk and Insurance Association, 1991; Mehr Award 2000

Imperfect Information and the Inter-temporal Misallocation of Resources with Callable versus Non-Callable Debt, with Ricardo Rodriguez, Quarterly Review of Economics and Business, 1991

An Anatomy of the Poison Pill, with Douglas Cook, Managerial and Decision Economics, 1991

The Under-investment Problem, Bond Covenants and Insurance, with James Garven, Journal of Risk and Insurance, 1993. Witt Award from the American Risk and Insurance Association, 1994; Mehr Award 2003

The Risk-Shifting Problem and Convertible Bonds, Advances in Quantitative Analysis of Finance and Accounting, 1993

Corporate Spin-offs as a Value Enhancing Technique When Faced With Legal Liability, with Patrick Brockett, Journal of Insurance: Mathematics, and Economics, April 1995

Stock Options, Managerial Incentives, and Capital Structure, with Frank Page, Journal of Financial Studies, December 1995. Presented at the Econometric Society Meetings in Washington D. C., 1995, the Southwest Finance Association Meetings in Houston, 1995, and the Korean Financial Management Association Meetings in Seoul, 1995

Genetic Testing, Insurance Economics, and Societal Responsibility, with Patrick Brockett, North American Actuarial Journal, January 1999

Great (and not so Great) Expectations: An Endogenous Economic Explication of Insurance Cycles and Liability Crises, with Gene C. Lai, Robert C. Witt, Hung-Gay Fung and Patrick L. Brockett, Journal of Risk and Insurance, December 2000. This was previously called On Liability Insurance Crises and was presented at the American Risk and Insurance Association Meetings in Seattle, 1995, and at the Risk Theory Seminar in Tuscaloosa, 1997

Risk and Choice: A Perspective on the Integration of Finance and Insurance, Risk Management and Insurance Review, Spring 2000

Value and Risk, Journal of Banking and Finance, 2001

On the Judgment Proof Problem, Geneva Papers on Risk and Insurance Theory, 27: 143-152, 2002

A Perspective on some Economic Issues in the U.S. Insurance Market, with Patrick Brockett, Risques, 60: 63-69, 2004

On Corporate Risk Management and Insurance, Asia-Pacific Journal of Risk and Insurance, 1(1): 97-119, 2005. Presented at the Seminar of the European Group of Risk and Insurance Economists in Hannover, Germany, 1996, at the American Risk and Insurance Association Meeting in San Diego, 1997, at the Inaugural Meeting of the Asia and Pacific Risk and Insurance Association in Singapore, 1997, and at the Western Risk and Insurance Association Meeting in Kaanapali, 1998

Stock Options and Capital Structure, with F. H. Page, Annals of Finance, 2(1): 39-50, 2006. Presented at the NSF/NBER Decentralization Conference in Tuscaloosa, 1996

Stock Options and the Corporate Demand for Insurance with Li-Ming Han, Journal of Risk and Insurance, 73(2): 231-260, 2006. Presented at the Asia-Pacific Risk and Insurance Association Meetings in Seoul, 2004 and the Southern Risk and Insurance Association Meetings in Charleston, 2004.

Longevity Risk and Capital Markets with Patrick Brockett and David Blake, Journal of Risk and Insurance, 73(4): 551-557, 2006

Longevity Bonds: Financial Engineering, Value and Use with David Blake, Andrew Cairns and Kevin Dowd, Journal of Risk and Insurance, 73(4): 2006. Presented at the 8th Bowles Symposium and 2nd International Longevity Risk and Capital Market Solutions Symposium in Chicago, 2006.

Genetic Testing and Adverse Selection with Patrick Brockett and J. A. Raeburn, Annals of Actuarial Science, 2(2): 2007. Presented at the European Group of Risk and Insurance Economists Meetings in Zurich, 2004, the Southern Risk and Insurance Association Meetings in Clearwater, 2003, the Asia-Pacific Risk and Insurance Association Meetings in Bangkok, 2003, and the American Risk and Insurance Association Meetings in Montreal, 2002

Longevity Risk and Capital Markets: the 2007-2008 update, with David Blake and Jennifer Wang, Asia-Pacific Journal of Risk and Insurance, 3(1): 1-5. 2008

Securitization of Catastrophe Risk: New Developments in Insurance-Linked Securities and Derivatives with Sylvie Bouriaux, Journal of Insurance Issues, Spring 2009

Longevity Risk and Capital Markets: the 2008-2009 update, with David Blake, Anja De Waegenaere and Theo Nijman, Insurance: Mathematics and Economics, 46(1): 135-138. 2010

Select Birth Cohorts with J. Frederik Weber, European Actuarial Journal, 1 (Suppl 2): S395–S409. 2011

Mossin's Theorem Given Random Initial Wealth with SoonKoo Hong, Keun Ock Lew and Patrick L. Brockett, Journal of Risk and Insurance, 78 (2), 309-324. 2011

Longevity Risk and Capital Markets: the 2009-2010 update with D. Blake, D., P. Brockett, P. and S. Cox. North American Actuarial Journal, 15 (2), 141-149. 2011

Longevity Risk and Capital Markets: The 2010-2011 Update with D. Blake, C. Courbage, and M. Sherris, M. (2011). Geneva Papers on Risk and Insurance: Issues and Practice, 36 (4), 489-500. 2011

Directors, Directors and Officers Insurance and Corporate Governance. with Y. Ren, Journal of Insurance Issues. 2011

Catastrophe-Linked Securities and Capital Markets with Sylvie Bouriaux in OECD (2011), Risk Awareness, Capital Markets and Catastrophic Risks, Policy Issues in Insurance, No. 14, OECD Publishing.

Mutual versus Stock Insurers: A Synthesis of Theory and Empirical Work with Yayuan Ren. Journal of Insurance Issues, 2011, Vol. 34, No. 2, 101-111.

Longevity/Mortality Risk Modeling and Securities Pricing. with Y. Deng and P. Brockett. Journal of Risk and Insurance, 79 (3), 697-721. 2012

Incorporating Longevity Risk and Medical Information into Life Settlement Pricing with Patrick Brockett, Shuo-Li Chuang and Yinglu Deng, Journal of Risk and Insurance, 80(3): 799-826. 2013

The New Life Markets with David Blake, Andrew Cairns, Guy Coughlan and Kevin Dowd, Journal of Risk and Insurance, 80(3): 501-557. 2013

Longevity Risk and Capital Markets: The 2012-2013 Update with David Blake, Johnny Siu-Hang Li and Mary Hardy, North American Actuarial Journal, 18(1): 1-13. 2014

Longevity Risk and Capital Markets: The 2013-2014 Update with David Blake and Ken Seng Tan, Insurance: Mathematics and Economics, 63: 1-11. 2015

De-risking defined benefit plans with Yijia Lin and Ruilin Tian, Insurance: Mathematics and Economics, 63, 2015

Multi-population mortality models: a factor copula approach with Hua Chen and Tao Sun, Insurance: Mathematics and Economics, 63, 2015

Best Bounds on Measures of Risk and Probability of Ruin for Alpha Unimodal Random Variables When There is Limited Moment Information with Patrick Brockett, Samuel H. Cox and Bo Shi, Applied Mathematics, 7(8):765-783. 2016

Le nouveau marché du risque de longévité, with David Blake, Andrew Cairns and Guy Coughlan, Revue D’Économie Financière, 2016

Mortality Dependence and Longevity Bond Pricing: A Dynamic Factor Copula Mortality Model With the GAS Structure: Mortality Dependence and Longevity Bond Pricing with Hua Chen and Tao Sun, Journal of Risk and Insurance, 84(S1):393-415. 2017

On the failure (success) of the markets for longevity risk transfer with Patrick Brockett, Journal of Risk and Insurance. 84(S1): 299-317. 2017

Hedging Longevity Risk in Life Settlements Using Biomedical Research-Backed Obligations with Nan Zhu, Journal of Risk and Insurance. 84(S1): 439-458. 2017

Pension Risk Management in the Enterprise Risk Management Framework: Pension Risk Management in the ERM Framework with Yijia Lin, Ruilin Tian and Jifeng Yu, Journal of Risk and Insurance. 84(S1): 345-365. 2017

Books

The Fisher Model and Financial Markets (Singapore: World Scientific Publishing, 2005)

The Theory of Finance: Evidence and Applications, with John Martin and Samuel Cox, (Chicago: Dryden, 1988)

Chapters

The Securitization of Longevity Risk and Its Implications for Retirement Security, with Patrick Brockett, Jennifer Wang, Yijia Lin and Ruilin Tan in Recreating Sustainable Retirement: Resilience, Solvency and Tail Risk, (Oxford: Oxford University Press. 2014)

On Corporate Insurance, with James Garven, in the Handbook of Insurance, (Boston: Kluwer, November 2000)

On the demand for corporate insurance: creating value, with James Garven, in The Handbook of Insurance. (Boston: Kluwer Academic Publishers. 2011)

On longevity risk and the new life markets with D. Blake, G. Coughlan, in The Handbook of Insurance. (Boston: Kluwer Academic Publishers. 2011)

Speeches

Securitization of Longevity Risk and Its Implications for Retirement Security, Pension Research Council Symposium, Wharton, 2013, YouTube link

Longevity Risk and Capital Markets: the New Life Markets. Insurance Seminar at Qingdao University, Qingdao, China. 2012

Risk, Insurance and Society: Insurance and the Creation of Value. China International Conference on Insurance and Risk Management, Qingdao, China. 2012

The Creation of Value. Korean Insurance Academic Society Annual Meeting, Seoul, Korea. 2011

Longevity Risk and Capital Markets: the New Life Markets. International Symposium on Longevity Risk and the Role of Insurance Companies, Seoul, Korea. 2011

The Annuity Puzzle. Longevity Risk and Capital Market Solutions Symposium, New York, New York. 2009

The Fisher Model and Financial Markets: the building blocks. This presentation was made during a stay at Ludwig-Maximilians-University in Munich as a visiting scholar in November 2008. Also see the video of this presentation.

The Fisher Model and Financial Markets: an Economist's Perspective on Financial Markets, Risk Management and Value Creation. This presentation was also made during a stay at Ludwig-Maximilians-University in Munich as a visiting scholar in November 2008.

Managing Catastrophic Risk. This presentation was made at the Katie School Symposium: Catastrophe Management for Insurance Companies: Identifying Risk and CAT Models, April 17th, 2007, Normal, Illinois; it was also made at the Third Annual Illinois State University Actuarial Research Event, April 19th, 2007, Bloomington, Illinois and at the Insurance Institute for Asia and the Pacific, Manila

Longevity Risk, Capital Markets and Financial Engineering, Ulm University, Ulm, Germany, June 21st, 2006 and Ludwig-Maximilian-University, Munich, Germany, June 28th, 2006

Genetic Testing and Life Insurance. Ludwig-Maximilian-University, Munich, Germany, June 25th, 2006

Hedging Brevity Risk with Mortality-based Securities. Asia-Pacific Risk and Insurance Association Conference, Tokyo, Japan, July 2006

Genetic Testing and Adverse Selection. Western Risk and Insurance Association, Maui, January 2003; Asia-Pacific Risk and Insurance Association, Bangkok, July 2003; American Risk and Insurance Association, Denver, 2003; Geneva Group of Risk and Insurance Economists, 2003

International Mortality Comparisons. Society of Actuaries, Vancouver, June 2003

The Creation of Value. Presented at the Asia Pacific Risk and Insurance Association Conference, Shanghai, July 2002

Risk and Choice. Presented at the International Conference on Risk Management and Insurance, Taipei, July 1999

Working Papers

On the Demand for Deductible Insurance with Soon Koo Hong.

The Annuity Puzzle

Presented at the Asia-Pacific Risk and Insurance Association meetings in Beijing, 2009, and at the Longevity Risk and Capital Market Solutions Symposium in New York, 2009

Hedging Brevity and Longevity Risk with Mortality-based Securities with Andreas Richter

Presented at the European Group of Risk and Insurance Economists Meetings in Marseille, 2004 and the Asia-Pacific Risk and Insurance Association Meetings in Tokyo, 2006

Measuring Economic Capital: Value at Risk, Expected Tail Loss and the Copula Approach with Jeungbo Shim and Seung-Hwan Lee

Consumption, Population and the Cross-Section of Stock Returns with TzuLing Lin and Larry Tzeng

Directors and Officers Insurance and Corporate Governance with Li Ming Han

The Demand for Insurance with Investment Opportunities with Soon Koo Hong, Robert Witt and Patrick Brocket

On the Origins of the Demand for Life Insurance

On Privacy and Insurance with Li-Ming Han

Forward Market Equilibria

Financial Engineering and Variable Risk Premiums in Eurodollar Futures with William Scott

Competition and Compensation. Presented at Seoul National University, Seoul, Korea, 1995 and the NSF/NBER Decentralization Conference in Tuscaloosa, 1996

Liability Rules and Corporate Risk Management. Presented at the American Risk and Insurance Association Meetings in Toronto, 1994, the Western Risk and Insurance Association Meeting in Las Vegas, 1999, the Asia and Pacific Risk and Insurance Association in Hong Kong, 1999, the International Conference on Risk Management and Insurance in Taipei, 1999, and the American Risk and Insurance Association Meetings in Vancouver, 1999

Hidden Information and Financial Certification, with Anthony B. Sanders

Hidden Knowledge, Hidden Action, and Optimal Financial Contracts

Industrial Structure, Negligence, and Corporate Risk Management with Robert C. Witt. Presented at the Seminar of the European Group of Risk and Insurance Economists in London, 1992, the Risk Theory Seminar in College Station, Penn State, 1992, and the American Risk and Insurance Association Meeting in San Francisco, 1993

Service

1998-2006 Editor of the Journal of Risk and Insurance

2007-Present Associate Editor Journal of Risk and Insurance

2004-Present Associate Editor of the Asia-Pacific Journal of Risk and Insurance

2000-2014 Associate Editor of the Journal of Insurance Issues

1988-Present Associate Editor of the Quarterly Review of Economics and Finance

2000-2003 Member of the Board of Governors, Asia-Pacific Risk and Insurance Association

2003-2006 Member of the Board, American Risk and Insurance Association

2004-2006 External Examiner for the Chinese University of Hong Kong

2007 External Examiner for Heriot Watt University, Edinburgh

2008 External Examiner for Georgia State University, Atlanta

2008 External Examiner for the University of Texas, Austin

2008 Guest Editor, September 2008 Issue of the Asia-Pacific Journal of Risk and Insurance on Longevity Risk

2011 External Examiner for the University of Texas, Austin

2011 Guest Editor, April 2011 Issue of the North American Actuarial Journal on Longevity Risk

2011 Guest Editor, October 2011 Issue of the Geneva Papers on Longevity Risk

2013 External Examiner for the University of Texas, Austin

Reviewer

American Economist

Asia-Pacific Journal of Risk and Insurance

Economic Journal

Energy Journal

Engineering Economist

Financial Review

Geneva Papers on Risk and Insurance

Information Economics and Policy

International Economic Review

Journal of Banking and Finance

Journal of Finance

Journal of Financial and Quantitative Analysis

Journal of Institutional and Theoretical Economics

Journal of Insurance Issues

Journal of Political Economy

Journal of Risk and Insurance

National Science Foundation

Quarterly Journal of Economics

Quarterly Review of Economics and Business

Review of Quantitative Finance and Accounting

Southern Economic Journal

Created By
Richard MacMinn
Appreciate

Credits:

Created with images by ilovebutter - "University of Illinois, Urbana-Champaign" • VSmithUK - "Foellinger Auditorium, University of Illinois" • Rictor Norton & David Allen - "UCLA Campus" • ejmc - "UT Tower at Night" • kenner116 - "IMG_5825" • b0jangles - "Illinois State University Homecoming 2012" • Arran Bee - "Trent Building, University of Nottingham" • rutlo - "University of Texas Main Tower" • VasenkaPhotography - "Ohio State Univerity Stadium ~ Columbus" • vxla - "The Tower at University of Texas" • ChrisYunker - "University of Missouri" • alamosbasement - "University of Texas" • dhilung - "Robert Rathbun Wilson Hall (Fermilab)" • army.arch - "342-FH box 1057 3B-16556 Chanute Field, IL aerial 11 October 1939"