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1998 Annual Meeting

Meeting Location: Boston, MA

MONDAY, AUGUST 17

7:30-8:30 AM Breakfast
8:00 AM – 5: PM Registration

8:45-10:15 AM PLENARY SESSION I

Development of the Bermuda Market

Moderator: Nicos Scordis, The College of Insurance

1. Dan Anderson, University of Wisconsin
2. Alan Levin, Standard & Poor’s
3. Robert Cooney, X.L. Insurance Company Ltd.

10:15-10:30 AM break

10:30-12:00 Noon CONCURRENT SESSIONS I

Session A: Life & Annuities

1. "Insurance Company-Level Determinants of Life Insurance Policy Performance"

James M. Carson, Illinois State University
Randy E. Dumm, Florida State University
2. "The Interaction Between Social Security and Optimal Pension Contracts"

Jack VanDerhei, Temple University
Larry Tzeng
Jennifer Wang
3. "Analysis and Review of Viatical Settlements"

Mark Cross, Miami University
Robert Hershbarger, Mississippi State University
4. "The Effect of Risk Aversion and Prudence Myopia on the Optimal Level of Social Security Taxation"
Henry Wurts, University of Texas

Session B: Insurance Markets

1. "Insurance Market Equilibrium – A Multi-Period Dynamic Solution"

Michael R. Powers, Temple University
Wen-chang Lin, National Chung Cheng University, Taiwan
2. "Intra-Strategic Group Profiles and Performance: Evidence from the Insurance Industry"

Tamela D. Ferguson, Louisiana State University
William Ferguson, University of Southwestern Louisiana
3. "A Longitudinal Study of Competitive Positioning in the Property and Liability Insurance Industry"

Beverly J. Frickel, University of Central Oklahoma
M. Kabir Hassan, University of New Orleans
4. "The Persistence of Profits in the Property and Liability Insurance Industry"
Beverly J. Frickel, University of Central Oklahoma
William Ferguson, University of Southwestern Louisiana

Session C: Liability Risk and Insurance

1. "The Impact on Firm Value of Employment Practices Claims"
Andrew Kuchar, University of Georgia
Robert Hoyt, University of Georgia

2. "The Effect of Legal Rules on the Value of Economic and Non-Economic Damages and the Decision to File"

Mark J. Browne, University of Wisconsin-Madison
Robert Puelz, Southern Methodist University
3. "Doctors out of School with Workers out of Work: Permanent Partial Disability Awards and Wage Loss"

Yong-Seung Park, University of Minnesota
Kate Kimpan, State of Minnesota
Richard J. Butler, University of Minnesota
4. "Inability to Insure and Some Problems of Self-Insurance: The Case of Punitive Damages"
Joseph J. Launie, California State University
William P. Jennings, California State University

Session D: Demand for Insurance

1. "Corporate Demand for Insurance and Executive Compensation"

Byeong Dae Cheong, Kyungnam University
2. "Mean-Preserving Changes in Risk and the Demand for Insurance"

Michael R. Powers, Temple University
Larry Y. Tzeng, National Taiwan University
3. "The Demand for Life Insurance in the Japanese Marketplace"

Nat Pope, University of Wisconsin-Madison
4. "Underwriting Cycles in the U.S. Reinsurance Market: A Global Perspective"
Joon-Hai Chung, Temple University
Mary A. Weiss, Temple University

12:00-1:30 PM Hot Topics Luncheon

Forty Years of Modern Financial Theory

Moderator: Richard Derrig

1. Edmund Kelly, President and Chief Operating Officer, Liberty Mutual Insurance Company
2. Steve Ross, MIT and Yale

1:45-3:15 PM PLENARY SESSION II

Insurance Derivatives and Catastrophe Bonds

Moderator: Lisa Posey, Pennsylvania State University

1. James Olivo, Swiss Re
2. Mike Normile, Merrill Lynch
3. Neil Doherty, University of Pennsylvania

3:15-3:30 PM break

3:30-5:00 PM CONCURRENT SESSIONS II

Session A: Property Risk and Insurance

1. "The "Big One" in Sun Country: The Capacity of the Insurance Industry to Cover a Florida Catastrophe"

J. David Cummins, University of Pennsylvania
Neil Doherty, University of Pennsylvania
Christopher Warren, University of Pennsylvania
2. "Regional Recessions and Arson Claims"

J. Allen Seward, Baylor University
Charles Delaney
3. "Demand for Homeowners’ Insurance in Hazard Prone Areas"

Charles Nyce, University of Pennsylvania
4. "The Cost and Availability of Homeowners Insurance in Urban Areas: An Empirical Analysis"
Robert Klein, Georgia State University
Martin Grace, Georgia State University

Session B: Life Insurance Markets

1. "The Development of Life Insurance and a Mature of Capital Market: A Dilemma for China’s Insurance Regulators"

Sun Qixiang, Peking University
2. "What Factors Determine Demand for Universal Life Insurance? An Analysis of Data from Actual Purchase by Individuals"

Tapen Sinha, Instituto Tecnologico Autonomo de Mexico
3. "Vertical Integration, Business Practices, and Efficiency in the U.S. Life Insurance Industry"

Roderick M. Carr, The Reserve Bank of New Zealand
J. David Cummins, Wharton School
Laureen Regan, Temple University
4. "Demand for Reinsurance by Life Insurers"
Raja Bouzouita, Central Missouri State University
Arthur J. Young, Central Missouri State University

Session C: Information and Insurance

1. "The Information Content of Household Decisions with Applications to Insurance Under Adverse Selection"

Georges Dionne, Universite de Montreal
Christian Gourieroux, CREST and CEPREMAP, France
Charles Vanasse, Universite de Montreal
2. "The Two Way Street: Bilateral Information Asymmetry in Insurance Markets"

Mary Kelly, University of Calgary
3. "Ownership Structure, Agency Costs and Efficiency: Analysis of Keiretsu and Independent Insurers in Japanese Non-Life Insurance Industry"

Vivian S.C. Jeng, University of Rhode Island
Gene C. Lai, University of Rhode Island
4. "Insurance Taxation and Insurance Fraud"
M. Martin Boyer, Universite de Montreal

Session D: Derivatives Seminar

1. Neil Doherty, University of Pennsylvania
2. Steve D’Arcy, University of Illinois
3. Richard Gorvett, University of Illinois

5:00-5:45 PM Annual Business Meeting

6:00-7:00 PM Reception
------------------------------------------------------------------------

TUESDAY, AUGUST 18

7:30-8:30 AM Breakfast

Les Strickler Innovation in Instruction Award

8:00 – 12:00 NOON Registration

8:45-10:15 AM PLENARY SESSION III

Workers’ Compensation and Managed Care

Moderator: Helen Doerpinghaus, University of South Carolina

1. Richard Bolmen, AON Group
2. David Dubin, M.D., AON Medical Consulting
3. Richard Victor, Workers’ Compensation Research Institute

10:15-10:30 AM break

10:30-12:00 Noon CONCURRENT SESSIONS III

Session A: Health Care and Insurance

1. "Premium Cross-Subsidization and Choice in the Group Health Insurance Market"
Yu-Luen Ma, University of Wisconsin-Madison

2. "Risk Transfers Between Health Maintenance Organizations and Health Care Providers"
Patricia Born, University of Connecticut

3. "Community Rating and Small Group Reform in Health Insurance Markets"
Allison Percy, University of Pennsylvania

4. "The Effect of State Regulation of Health Maintenance Organizations (HMOs) on Market Structure and Performance"
R.B. Drennan, Temple University
Alan D. Eastman, Indiana University of Pennsylvania
Kevin L. Eastman, Florida State University

Session B: Insurer Operations

1. "A Case Study Application of a Property-Liability Insurance Dynamic Financial Analysis Model"

Stephen P. D’Arcy, University of Illinois
Richard W. Gorvett, University of Illinois
Joseph A. Herbers, Miller, Rapp, Herbers & Terry, Inc.
Thomas E. Hettinger, Miller, Rapp, Herbers & Terry, Inc.
2. "Optimal Surplus Requirements: An Option Theoretic Model"

Arthur Hogan, OTS, Department of the Treasury
David Nickerson, OTS, Department of the Treasury
3. "An Examination of Optimal Employee Ownership"

Weili Lu, California State University, Fullerton
Joseph Reising, California State University, Fullerton
Mark Hoven Stohs, California State University, Fullerton
4. "Using Changes in Property and Liability Stock Values to Measure Market Valuation Effects Resulting from the Creation of California Earthquake Authority"
David C. Marlett, Illinois Wesleyan University
Carl Pacini, Georgia Southern University

Session C: Regulation

1. "Making IRIS More Efficient"

Mike Barth, National Association of Insurance Commissioners
2. "The Allocation of Government Regulatory Authority within a Federal System of Government: Fiscal Federalism and the Case of Insurance Regulation"

Martin F. Grace, Georgia State University
Richard D. Phillips, Georgia State University
3. "No Fault Versus Tort Automobile Insurance in Canada"

Anne E. Kleffner, University of Calgary
4. "California Workers’ Compensation Claims Frequency Forecast"
William J. Kahley, California Workers’ Compensation Inst.

Session D: Insurance Distribution Systems

1. "The Profit Efficiency of Information Technology Investments – A Comparison of Alternative Distribution Mechanisms in the US Property-Liability Insurance Industry"

James R. Garven, Louisiana State University
Martin F. Grace, Georgia State University
2. "Agents as Monitors of Default Risk"

David A. Cather, University of Pennsylvania
3. "A Multitask Principal-Agent Model of Insurance Distribution: Sales Effort, Risk Classification and Optimal Compensation"

Lisa Posey, Penn State University
Sharon Tennyson, University of Pennsylvania
4. "The Nature & Characteristics of Insurance Agent Fraud"
Jerry D. Todd, St. Mary’s University
Orion J. Welch, St. Mary’s University
Sandra T. Welch, University of Texas at San Antonio
Sarah A. Holmes, Texas A&M University

12:15-2:00 PM Past Presidents’ Luncheon

2:15-3:45 PM CONCURRENT SESSIONS IV

Session A: Liability Risk and Insurance

1. "Developments in Environmental Risk Management Systems"

Dan R. Anderson, University of Wisconsin-Madison
2. "Public Income Transfers and the Market for Private Insurance Against Environmental Disasters"

David Nickerson, American University
Lanny Arvan, University of Illinois
3. "Equity Risk, Conversion Risk, and the Demand for Insurance"

John M. Marshall, University of California, Santa Barbara
Rodd Garratt, University of California, Santa Barbara
4. "Factors Affecting the Percentage of Uninsured Motorists"
Yu-Luen Ma, University of Wisconsin-Madison
Joan T. Schmit, University of Wisconsin-Madison

Session B: Risk

1. "Inflation Risk, Hedging and Exports"

Harald L. Battermann, University of Chemnitz
Vdo Broll, University of Munchen
2. "Evaluation of Property Loss Exposures: A Capital Budgeting Approach"

Tom Aiuppa, University of Wisconsin-La Crosse
Lisa Graham, University of Wisconsin-La Crosse
3. "Reinsurance in Developing Countries – Market Structure and Comparative Advantage"

J. Francois Outreville, Office of the United Nations in Geneva
4. "A Study of the Management of Satellite Launch Risks"
Ann Butler, University of Illinois at Urbana-Champaign

Session C: Finance

1. "Stock Returns and Past Performance: Evidence from the Insurance Markets"

Hung-Gay Fung, University of Baltimore
Gene C. Lai, University of Rhode Island
Wai K. Leung, University of Hong Kong
2. "Underwriting Cycle in Asia"

Renbao Chen, National University of Singapore
Kie Ann Wong, National University of Singapore
Hong Chew Lee, National University of Singapore
3. "Holistic Risk Management and Firm Structure"

L. Lee Colquitt, Auburn University
Robert E. Hoyt, University of Georgia
Ryan B. Lee, University of Georgia
4. "Estimating the Cost of Equity for a Mutual Insurance Company"
Saul W. Adelman, Miami University (Ohio)
Mark Cross, Miami University (Ohio)

Session D: Life Insurance

1. "Life Insurers, GICs, and Asset Portfolio Risk"

Larry A. Cox, University of Mississippi
Kenneth M. Gaver, University of Mississippi
Brenda P. Wells, University of North Texas
2. "Semi Parametric Regression – An Alternative to Classical Linear Models in Life Insurance"

Etti Baranoff, Virginia Commonwealth University
Thomas Sager, University of Texas at Austin
Thomas Shively, University of Texas at Austin
3. "On the Agreement of Life Insurance Rating Agencies"

Michel Gendron, Universite Laval
Sonio Chatigny, Universite Laval
4. "Agency Theory and Dividend Policy of Life Insurance Companies"
Tae-Yeong Choi, University of Alabama

3:45-4:00 PM break

4:00-5:15 PM RESEARCH POSTER PRESENTATIONS AND DISCUSSION

Session A: Life and Health I

1. "Consolidation of Retirement Planning Vehicles in Canada"

Norma L. Nielson, University of Calgary
2. "The Demand for Long Term Care Insurance"

Helen Doerpinghaus, University of South Carolina
Sandra Gustavson, University of Georgia
3. "Performance of Publicly Mandated Private Pension Funds in Mexico: Simulations with Transactions Cost"

Tapen Sinha, Instituto Tecnologico Autonomo de Mexico
Felipe Martinez, Instituto Tecnologico Autonomo de Mexico
Constanza Barrios-Munoz, Instituto Tecnologico Autonomo de Mexico
4. "Rational Financing of Health Care in Retirement: An Oxymoron?"

Ann Costello, University of Hartford
Deborah Chollet, University of Hartford
5. "A Financial Method for the Life Insurance Policy Replacement Decision"

James M. Carson, Illinois State University
Mark D. Forster, MDF Insurances
6. "Managed Mental Health Care: Stakeholder Effects and Policy Implications"
Jan M. Ambrose, LaSalle University
Helen Doerpinghaus, University of South Carolina

Session B: Life and Health II

1. "Risk and Return Expectations of Institutional Investors"

Emily Norman Zietz, Middle Tennessee State University
Elaine Worzala, Colorado State University
G. Stacy Sirmans, Florida State University
Karen L. Hamilton, American Institute for CPCU
2. "The Potential Effects of "Pre-Tax" Benefits on Retirement Income"

Richard B. Corbett, Florida State University
3. "Should an Insurer be Allowed to Incorporate Genetic Information in Individual Medical Expense, Disability, and Life Insurance Risk Classification Systems?"

William J. Warfel, Indiana State University
Peter Mikolaj, Indiana State University
Alex Hamwi, University of Southern Mississippi
4. "Leaving an Unethical Managed Care Plan: An Exploratory Look at Doctor’s Intentions"

Jacqueline K. Eastman, Valdosta State University
Kevin L. Eastman, Florida State University
5. "Social Security as a Component of the Optimal Portfolio: Is it More Important for Women?"

Vickie L. Bajtelsmit, Colorado State University
John A. Turner, International Labor Office, Geneva, Switzerland
6. "Are Life Insurers Better Hedged Against Systematic Risk Than Banks? Evidence from the Market"
Roberta L. Schini, University of Nebraska-Lincoln

Session C: Property and Liability I

1. "Screening Automobile Injury Claims for Fraud and Buildup"

Richard A. Derrig, Automobile Insurers Bureau of Massachusetts
Herbert I. Weisberg, Correlation Research, Inc.
2. "Optimum Crop Insurance with Random Output Price"

Olivier Mahul, INRA-ESR, France
3. "An Analysis of the Differences in Medical Malpractice Verdicts: Jury and Judge Verdicts Versus Judge-Only Verdicts"

Brenda P. Wells, University of North Texas
John H. Thornton, University of North Texas
4. "An Integrated Study of Price, Quality, and Regulatory Differences in the Property-Casualty Industry"

Tim Query, University of Georgia
5. "The Underwriting Cycle in Property and Liability Insurance: The Case of Taiwan"

Chwen-Chi Liu, Feng Chia University, Taiwan
6. "The Stock Price Effect of Captive Insurer Formation: An Empirical Test From the United Kingdom Corporate Sector"
Mike Adams, University of Glasgow
David Hillier, University of Glasgow

Session D: Property and Liability II

1. "Lloyds Financial Distress and Contagion within the US Property and Liability Insurance Industry"

Joseph A. Fields, University of Connecticut
Linda S. Klein, University of Connecticut
Edward G. Myskowski, University of Connecticut
2. "Determinants of Settlement Amounts in Securities Class Actions"

Greg Niehaus, University of South Carolina
Greg Roth, St. Mary’s University
3. "Price Fixing, Loss Control and Regulation: Fire Insurance Rating Bureaus During 1915-1944"

Stephen A. Kane, The Chase Manhattan Bank
Michael L. Smith, Ohio State University
4. "Split Ratings and Selection Bias in Property-Liability Insurer Ratings"

Steven W. Pottier, University of Georgia
David W. Sommer, University of Georgia
5. "Property-Liability Fleets and the Agency Cost of Insurance Liabilities"

James A. Ligon, University of Alabama
Paul D. Thistle, Western Michigan University
6. "Deer-Car Crashes Costly to Insurers"
Kevin McAleese, Sand County Foundation
Joan Schmit, University of Wisconsin-Madison

Session E: Finance and Economics I

1. "The Individual’s Behavior Toward Risk Reduction and the Requirement to Purchase Insurance"

Chu-Shiu Li, Feng Chia University, Taiwan
Chwen-Chi Liu, Feng Chia University, Taiwan
2. "Risk Management, the Insurance Industry and Sustainable Development"

Douglas J. Kube, QEP, RESA, Mississauga, Ontario
3. "An Econometric Forecasting for the Social Security"

H. Shawn Lin, University of Wisconsin-Madison
4. "Retirement and Optimal Asset Allocation: An Empirical Study"

Gilles Bernier, Laval University
Guy Bellemare, Laval University
5. "The Socialization of Insurance Costs in Voluntary Insurance Markets – The Historical Record"

David T. Russell, Illinois State University
Dwight K. Bartlett, Bartlett Consulting Services, Inc.
6. "Efficiency Analysis of the Korean Insurance Industry: Needs for Utilizing Direct Distribution Channels"

Jaewook Chung, Korea Insurance Development Institute
Young-Cheol Chung, Korea Insurance Development Institute
7. "A Hitchhikers Guide to Nonlinear Techniques"
Arnold F. Shapiro, Penn State University

Session F: Finance and Economics II

1. "On Backward-Bending Supply Curves in Insurance"

David Jou, National Taiwan University
Larry Tzeng, National Taiwan University
Emilio Venezian, Rutgers University
2. "The Sensitivity of Insurance Stock Returns and Volatility to Interest Rate Changes: Evidence from NASDAQ"

John Bratton, Old Dominion University
Mohammad Najand, Old Dominion University
3. "The Coming of Private Insurance to Former Communist Countries: The Case of Slovenia"

Mark S. Dorfman, University of Arkansas at Little Rock
Karl C. Ennsfellner, Institut fur Versicherungswirtschaft Wirtschaftsuniversitat Wien
4. "Optimum, Target, and Minimum Premium Volumes for a Stock Insurer: An Implication for Capital Regulation"

Dongsae Cho, Quinnipiac College
5. "Cash Flow Analysis for Risk Managers: A Neglected but Important Skill"

Ron Christner, Loyola University
6. "The Valuation and Cost of Public Export Credit Insurance Schemes in the OECD Countries"
David Camino, Universidad Carlos III de Madrid

------------------------------------------------------------------------

WEDNESDAY, AUGUST 19

7:30-8:30 AM Breakfast

8:45-10:15 AM PLENARY SESSION IV

Professional Development of Faculty

Moderator: Victor Puleo, The College of Charleston

1. Phil Stichter, Griffith Foundation
2. Barbie Keiser, The College of Insurance
3. Michael Murray, Drake University

10:15-10:30 AM break

10:30-11:15 AM CONCURRENT SESSIONS V

Session A: Expert Witness & Consulting

* Michael Murray, Drake University

Session B: Faculty Internships

* Phil Stichter, Griffith Foundation
* Victor Puleo, The College of Charleston

Session C: Electronic Research Techniques

* Barbie Keiser, The College of Insurance

Session D: Education

1. "An Analysis of Academic and Non-Academic Activities at Colleges and Universities with Programs in Risk Management and Insurance"
Phyllis S. Myers, Virginia Commonwealth University
Lisa A. Gardner, Bradley University

2. "An Illustration of World Wide Web Based Education"
Kevin C. Ahlgrim, University of Illinois at Urbana-Champaign
Stephen P. D’Arcy, University of Illinois at Urbana-Champaign

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