Vita:
Richard
MacMinn
vitam
impendere vero
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Office: |
Home: 1913 Gailey Lane Bloomington, Illinois 61704 |
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Phone: +1 309 438 7993 Fax: +1 309 438 5510 Email: richard.macminn@ilstu.edu |
Phone: +1 309 662 7593 Fax: +1 309 662 7593 Email: richard@macminn.org |
Education
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University
of Illinois
University of California at
Los AngelesExperience
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2002-Present |
Edmondson-Miller Chair in Insurance and Financial Services, Illinois State University |
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| Courses | Risk Management and Insurance | |
| Life Insurance | ||
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2000-2002 |
Swiss Re Chair in the Management of Risk, The University of Nottingham |
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1998-2000 |
Associate Professor of Finance and Management Science and Information
Systems, The |
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1997-1998 |
Visiting Shepard Professor, The Ohio State University |
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Courses: |
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1988-1997 |
Associate Professor of Finance, The |
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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. |
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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. |
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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. |
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1987-1988 |
Visiting Associate Professor, The University of Missouri |
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1986-1987 |
Associate Professor and Graduate Advisor, The |
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Courses: |
Corporate Finance, Uncertainty in Economics and Finance, Information Economics, Managerial Economics |
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1981-1985 |
Assistant Professor of Finance, The |
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Courses: |
Uncertainty in Economics and Finance, Managerial Economics, Corporate Finance |
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1977-1981 |
Assistant Professor of Economics, The State University of New York at Binghamton |
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Courses: |
Microeconomic Theory, Uncertainty in Economics, Labor Economics, Managerial Economics, Microeconomic Principles, Statistics |
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1972-1973 |
Administrative Officer, |
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1967-1971 |
Administrative Officer and Squadron Commander, United States Air Force |
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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 | |
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2003 |
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The Mehr Award is presented by the American Risk
and Insurance Association each year for that paper published ten years ago
that has best stood the test of time. |
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2002 |
ARIA President's Award |
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The prize is awarded
for Outstanding contributions to the Field and to the Association. |
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2001 |
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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. |
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2000 |
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2000 |
Brian Hey Prize (second) |
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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" |
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1998 |
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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 |
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1997 |
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1994 |
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1991 |
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1988 |
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1988 |
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1987 |
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1986 |
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1985 |
L + EC Law Institute for Economists, |
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1985 |
University Research Institute Summer Research Award, |
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1984 |
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1983 |
University Research Institute Summer Research Award, |
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Beta Gamma Sigma National Honorary Scholarship Society |
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Phi Kappa Phi Honor Society |
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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, with Robert Witt,
Presented at the Risk Theory Seminar in
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
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
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
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
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
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,
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
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
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, forthcoming
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
Monograph
The Fisher Model and Financial Markets (Singapore: World Scientific Publishing, 2005)
Books
The Theory of Finance: Evidence and Applications, with John Martin and Samuel Cox, (Chicago: Dryden, 1988)
Chapters
On Corporate Insurance, with James Garven, in the Handbook of Insurance,
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Speeches
Risk and Choice, July 1999
Presented at the
International Conference on Risk Management and Insurance,
The Creation of Value, July 2002
Presented at the Asia
Pacific Risk and Insurance Association Conference,
International Mortality Comparisons, June 2003
Presented to the
Society of Actuaries, Vancouver, BC
Longevity
Risk, Capital Markets and Financial Engineering,
June 2006
Presented at Ulm University,
Ulm, Germany, and Ludwig-Maximilians-University, Munich, Germany
Genetic
Testing and Life Insurance, June 2006
Presented at Ludwig-Maximilians-University, Munich,
Germany
Managing Catastrophic Risk,
Presented at the Katie School Symposium, April
17th, 2007, Normal,
Illinois
Third
Annual Illinois State University Actuarial Research Event, April 19th,
2007, Bloomington, Illinois
Insurance Institute for Asia and the
Pacific, July 16th, 2007, Manila.
Partial List of Working Papers
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
The Demand for Insurance with Investment Opportunities with Soon Koo Hong, Robert Witt and Patrick Brocket
Mossin's Theorem Given Random Initial Wealth with Soon Koo Hong, Keun Ock Lew and Patrick L. Brockett
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
Presented at
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
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1998-2006 |
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| 2007-Present | Associate Editor Journal of Risk and Insurance | |
| 2004-Present | Associate Editor of the Asia-Pacific Journal of Risk and Insurance | |
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2000-Present |
Associate Editor of the Journal of Insurance Issues |
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1988-Present |
Associate Editor of the Quarterly Review of Economics and Finance |
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2000-2003 |
Member of the Board of Governors, Asia-Pacific Risk and Insurance Association |
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2003-2006 |
Member of the Board, American Risk and Insurance Association |
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2004-2006 |
External Examiner for the Chinese University of Hong Kong |
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2007 |
External Examiner for Heriot Watt University, Edinburgh |
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| 2008 | External Examiner for Georgia State University, Atlanta | |
| 2008 | External Examiner for the University of Texas, Austin | |
| 2008 | Editor, Special Issue of the Asia-Pacific Journal of Risk and Insurance on Longevity Risk |
Referee:
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
Copyright 2005, MacMinn.org
Thursday June 19, 2008 12:29:17 PM -0700
Comments to:
Richard MacMinn