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2002 Annual Meeting

Meeting Location: Montreal, CA
Conference Theme:
Evolution in Risk and Insurance: Challenges and Opportunities for the Future

SUNDAY, AUGUST 11

8:00 am - 3:30 pm Opening Board Meeting
1:00 - 5:00 pm Registration and Check In
3:45 - 4:30 pm Reception for first time attendees

4:45 - 5:45 pm 2nd John D. Long Symposium on Insurance Ethics
"A Postmodern Perspective on Why Ethics Matters"
Moderator: Joan Schmit, University of Wisconsin-Madison
1. Jack Balkin, Knight Professor of Constitutional Law and the First Amendment, and Director of the Information Society Project at Yale Law School
2. Larry Berger, Swiss Reinsurance Company

6:00 - 7:00 pm Welcome Reception

MONDAY, AUGUST 12

7:30 - 8:30 am Breakfast
8:00 am - 5:00 pm Registration

8:45 - 10:15 am Plenary Session I: "Convergence of Finance and Insurance"
Moderator: Larry Berger, Swiss Reinsurance Company
1. Matthew Coline, Chubb Financial Solutions
2. Prakash Shimpi, Swiss Reinsurance Company
3. David Cummins, Wharton School, University of Pennsylvania

10:15 - 10:30 am Break

10:30 am - 12:00 Concurrent Session I

Session A: Catastrophic Events
Moderator: Greg Nini, Federal Reserve Board
1. "Reinsurance, Crises and Contagion Effects in Regional Property-Liability Insurance Markets"
David Nickerson, Colorado State University and FreddieMac, david.nickerson@colostate.edu 
Robert Van Order, Chief Economist, FreddieMac, van_order@freddiemac.com 
2. "Terrorism Reinsurance Coverage and the Market Impact on Insurers and Related Industries"
Robert E. Hoyt, University of Georgia, rhoyt@terry.uga.edu
David C. Marlett, Old Dominion University, dmarlett@odu.edu
Carl Pacini, Florida Gulf Coast University
3. "Capital Market's Response to Catastrophic Events:A "Peso" Effect"
Mulong Wang, The University of Rhode Island, wang@uri.edu
Tong Yu, University of Rhode Island, tongyu@uri.edu

Session B: Regulation
Moderator: Yu-Luen Ma, Illinois State University
1. "Court Motivated Regulatory Changes - The Case of State Insurance Taxation"
Boaz Yam, Georgia State University, boazyam@hotmail.com 
Martin F. Grace, Georgia State University, mgrace@gsu.edu 
Bruce A. Seaman, Georgia State University, ecobas@langate.gsu.edu 
2. "Deregulation in the Japanese Non-Life Insurance Market: Impact on Underwriting Efficiency"
Nat Pope, Bradley University, npope@bradley.edu 
3. "State Regulation and the Structure, Conduct, Efficiency and Performance of U.S. Property-Liability Insurers"
Paul B. Choi, Temple University, bchoi001@temple.edu 
Mary A. Weiss, Temple University, mweiss@temple.edu 
4. "The Effect of the Gramm-Leach-Bliley Act on the Insurance Industry"
Faith R. Neale, Florida State University, frn9605@garnet.acns.fsu.edu 
Pamela P. Peterson, Florida State University
Wendy D. Habegger

Session C: Insurance Economics
Moderator: James A. Ligon, University of Alabama
1. "Asymmetric Information, Pricing, and Profitability in the Long-Term Care Insurance Market"
Yanling Ge, The University of Mississippi, yge@olemiss.edu 
Larry A. Cox, The University of Mississippi, lcox@bus.olemiss.edu 
2. "Multiplicative Background Risk"
Gunter Franke, University of Konstanz
Harris Schlesinger, University of Alabama, hschlesi@cba.ua.edu 
Richard C. Stapleton, University of Strathclyde
3. "The Introduction of Background Risk in an Insurance Market with Adverse Selection"
Varun Agarwal, Country Risk Management Bank One Corporation, Varun_Agarwal@em.fcnbd.com 
James A. Ligon, University of Alabama, jligon@cba.ua.edu 
4. "Information Asymmetry in Life Insurer Demutualization"
Bum J. Kim, University of Alabama, bkim@cba.ua.edu 

Session D: Health Insurance
Moderator: Krupa Subramanian, Temple University
1. "The Economic Impact of Health Insurance Mandates on the Number of Uninsured"
James W. Henderson, Baylor University
J. Allen Seward, Baylor University, Allen_Seward@baylor.edu 
Beck A. Taylor, Baylor University
2. "Cross-Subsidization in Health Insurance:The Case of Switzerland"
J. Francois Outreville, Palais des Nations, Joutreville@unog.ch 
3. "Labor Market Effects on Employer Health Plan Characteristics"
William S. Custer, Georgia State University, Wcuster@GSU.edu 
Patricia Ketsche, Georgia State University, Pketsche@GSU.edu 
4. "The Effect of the Quality of Health Care on the Demand for Health Insurance"
Yu Lei, University of Wisconsin-Madison, ylei@bus.wisc.edu 

Session E: Social Security
Moderator: Jeff Brown, Harvard University and NBER
1. "Should the Poor Really Own Stocks? Optimal Portfolio Analysis with Wage-Indexed Social Security"
Pierre Lemaire, University of Pennsylvania, lemair93@wharton.upenn.edu 
Kent Smetters, University of Pennsylvania, smetters@wharton.upenn.edu 
2. "Pension Integration and Investment Risk Under Privatized Social Security System"
Kyoosik Kim, Temple University, aceone00@hotmail.com 
3. "Funding Social Security:An Age-Weighted Approach"
Martin Halek, University of North Carolina at Charlotte, mhalek@email.unc.edu 
Pierre Lemaire, University of Pennsylvania, lemair93@wharton.upenn.edu 
4. "The Impact of Social Security Privatization on Women"
Vickie L. Bajtelsmit, Colorado State University, vickieba@lamar.colostate.edu 
Alexandra Bernasek, Colorado State University
Nancy Jianakoplos, Colorado State University

Session F: Life Insurance
Moderator: Conrad Ciccotello, Georgia State University
1. "A Grading System for Evaluating Internet Life Insurance Needs Calculators"
Saul W. Adelman, Miami University of Ohio, adelmasw@muohio.edu 
Mark S. Dorfman, University of North Carolina at Charlotte, mdorfman@email.uncc.edu 
Brenda Wells, University of North Texas, brendawells@unt.edu
2. "An Examination of the Determinants of the Demand for Life Insurance in China, Hong Kong and Taiwan"
Tienya Hwang, University of Limerick
Brian Greenford, University of Limerick, Brian.Greenford@ul.ie  
3. "Optimal Life Insurance Decisions and the Demand for Life Insurance:Case Study of Japan"
Ghadir Mahdavi, Kobe University, gmahdavi@yahoo.com 
4. "How Much Life Insurance is Needed to Hedge an Immediate Annuity?"
M. A. Milevsky, York University, milevsky@yorku.ca 
S. D. Promislow, York University, promis@york.ca 

12:00 - 1:30 pm President's Seminar and Luncheon: "Fraud in Insurance"
Facilitator: Richard Derrig, Insurance Fraud Bureau of Massachusetts

1:45 - 3:15 pm Plenary Session II: "Career Opportunities and Educational Challenges"
Moderator: Robert E. Hoyt, University of Georgia
1. Chris Lubrano, College Graduate Program, Marsh
2. Deborah Brown, Director of the Insurance & Underwriting Leadership Development Program, Travelers
3. Ann Nowak, College Graduate Program, Liberty Mutual

3:15 - 3:30 pm Break

3:30 - 5:00 pm Concurrent Session II

Session A: Pensions
Moderator: Norma Nielson, University of Calgary
1. "The Role of Company Stock in 401(k) Plans"
Jack L. VanDerhei, Temple University, jack@vanderhei.com 
2. "A Comparative Economic Welfare Analysis of Pension System Selection"
Qixiang Sun, Peking University,
Wei Zheng, Peking University, weizhengpku@yeah.net 

Session B: Risk Management
Moderator: Laureen Regan, Temple University
1. "Risk Management Determinants Affecting Firms' Values"
Georges Dionne, georges.dionne@hec.ca 
Martin Garand
2. "The Corporate Cost of Risk"
Simon Ashby, Nottingham University Business School
Stephen Diacon, Nottingham University Business School, stephen.diacon@nottingham.ac.uk 
3. "The Use of Enterprise Risk Management: Evidence from the U.S."
Anne E. Kleffner, University of Calgary, Anne.Kleffner@haskayne.ucalgary.ca 
Ryan B. Lee, University of Calgary, Ryan.Lee@haskayne.ucalgary.ca 
Bill McGannon, mcgannonbh@shaw.ca 
4. "Determinants of Enterprise Risk Management: Evidence from the Appointment of Chief Risk Officers"
Andre Liebenberg, University of Georgia, alieben@terry.uga.edu 
Robert E. Hoyt, University of Georgia, rhoyt@terry.uga.edu 

Session C: Economic Risks
Moderator: Jim Ligon, University of Alabama
1. "Hedging Decisions under Price and Exchange Rate Uncertainty"
Olivier Mahul, INRA Dept. of Economics, mahul@roazhorn.inra.fr 
2. "Coherent Risk Measures in a Dynamic Framework"
Alejandro Balbas, University Carlos III
Jose Garrido, Concordia University, garrido@vax2.concordia.ca 
Silvia Mayoral, University Carlos III
3. "Inflation as a Strategic Response"
M. Martin Boyer, University of Montreal, martin.boyer@hec.ca 
Pierre Thomas Leger, University of Montreal, thomas.leger@hec.ca 

Session D: Efficiency
Moderator: Etti Baranoff, Virginia Commonwealth University
1. "IT Productivity and Efficiency in the U.S. P&L Insurance Industry"
James R. Garven, Baylor University, JamesGarven@baylor.edu 
Martin F. Grace, Georgia State University, mgrace@gsu.edu 
2. "Organizational Choices and Efficiency: Evidence from the Spanish Insurance Industry"
J. David Cummins, Univ. of Pennsylvania, Cummins@wharton.upenn.edu 
Maria Rubio-Misas
3. "A Data Envelopment Analysis Methodology for Setting Promulgated Insurance Rates as Applied to Texas Title Insurance Ratemaking and Efficiency Analysis"
Patrick L. Brockett, Univ. of Texas at Austin, brockett@mail.utexas.edu 
William W. Cooper, Univ. of Texas at Austin
Utai Pitaktong, Univ. of Texas at Austin
4. "Efficiency in the Canadian Life Insurance Industry: Some Preliminary Results Using DEA"
Gilles Bernier, Laval University, gilles.bernier@fsa.ca 
Komlan Sedzro, University of Quebec at Montreal (UQAM)

Session E: Life Insurance
Moderator: Randy Dumm, Florida State University
1. "The Effect of Taxation on Life Insurance and Annuity Purchases"
Minglai Zhu, Georgia State University, insmmzx@langate.gsu.edu 
2. "The Economics and Actuarial Value of Life Insurance Backdating"
James M. Carson, Florida State University, jcarson@cob.fsu.edu 
Krzysztof Ostaszewski, Illinois State University, krzysio@ilstu.edu 
3. "Mortality Risk in Iran"
Morteza Aalabaf-Sabaghi, Allameh Tabatabai University, Morteza_aalabaf@yahoo.com 
4. "Redistribution and Insurance: Mandatory Annuitization with Mortality Heterogeneity"
Jeffrey R. Brown, Harvard University and NBER, brown@nber.org 

Session F: Pricing Issues
Moderator: J. Tim Query, Illinois Wesleyan University
1. "What is a Fair Price to Transfer the Risk of Unauthorized Trading?"
Christopher M. Lewis, University of Connecticut, Clewis@sba.uconn.edu 
Yakov Lantsman, NetRisk Inc., Lantsman@NetRisk.com 
2. "Pricing Life Insurance under a Stochastic Interest Process"
Larry Y. Tzeng, National Taiwan University, tzeng@ms.cc.ntu.edu.tw 
Jennifer L. Wang, National Cheng-Chi University, jenwang@nccu.edu.tw 
3. "The Pricing of Implicit Options in Life Insurance Contracts: From Option Pricing to the Price of the Option"
Tobias Dillmann, Institut fuer Finanz- und Aktuarwissenschaften, t.dillmann@ifa-ulm.de 
Jochen Russ, Institut fuer Finanz- und Aktuarwissenschaften, j.russ@ifa-ulm.de 
4. "Functional Insurance Company Risk Classification and Transfer Pricing Systems"
Stanley Mutenga, City University Business School, London, S.Mutenga@city.ac.uk 
Elias Dinenis

5:00 - 5:45 pm Annual Business Meeting
6:00 - 7:00 pm Reception

TUESDAY, AUGUST 13

7:30 - 8:30 am Breakfast: Les B. Strickler Innovation in Instruction Award Presentation

8:45 - 10:15 am Plenary Session III: "The Changing Environment Regarding Insurance and Financial Services Regulation"

Moderator: Philip W. Stichter, Griffith Foundation for Insurance Education
1. Terri Vaughan, Iowa Commissioner of Insurance and President of the National Association of Insurance Commissioners
2. Kevin Cronin, President of the International Insurance Council
3. Robert Pike, Executive Vice President and Secretary, Allstate Insurance Company
 
10:15 - 10:30 am Break

10:30 - 12:00 Concurrent Session III

Session A: Efficiency
Moderator: Mark Dorfman, University of North Carolina - Charlotte
1. "Cost Efficiency in the European Life Insurance Industry: A Comparison Between the UK and German Market"
Stephanie Hussels, Univ. of Bradford, West Yorkshire, UK, S.Hussels@bradford.ac.uk 
Damian Ward, Univ. of Bradford, West Yorkshire, UK, D.R.Ward@bradford.ac.uk 
2. "EU and Production Efficiency - The Case of the Austrian Insurance Market"
Randy I. Anderson, Prudential Investments, randy.Anderson@prudential.com 
Karl C. Ennsfellner, Univ. of Economics & Business Admin., Vienna, Austria, EU, Karl.Ennsfellner@wu-wien.ac.at 
Danielle Lewis, Southeastern Louisiana Univ., Dlewis2@selu.edu 
3. "The Missing Link: Is Book Value Efficiency Recognized by the Market?"
J. David Cummins, Univ. of Pennsylvania, Cummins@wharton.upenn.edu 
Martin F. Grace, Georgia State Univ., mgrace@gsu.edu 
Richard D. Phillips, Georgia State Univ., rphillips@gsu.edu 
4. "Agency Costs and Risk Taking in Public and Private Firms: Evidence From the Property-Liability Insurance Industry"
Steven W. Pottier, University of Georgia, spottier@terry.uga.edu 

Session B:ART
Moderator:Charles Nyce, University of Georgia
1. "Financial Versus Actuarial Pricing of Integrated Risk Reinsurance Contracts"
Helmut Grundl, Universitat zu Berlin, gruendl@wiwi.hu-berlin.de 
Hato Schmeiser, Universitat zu Berlin, schmeiser@wiwi.hu-berlin.de 
2. "Credit Risk Transfer: Structured Finance and Traditional Insurance"
Raymond E. Spudeck, National Association of Insurance Commissioners,
Rspudeck@naic.org 
3. "Company-Specific Loss Ratio Securities: A New Step in Insurance Securitization"
Sylvie Bouriaux, Illinois State University
David T. Russell, Illinois State University, dtrusse@ilstu.edu
4. "Alternative Insurance Mechanisms in an Insurance Industry with a Guarantee Fund"
J. Gandar, University of North Carolina at Charlotte, jmgandar@email.uncc.edu 
C. W. Sealey, University of North Carolina at Charlotte, cwsealey@email.uncc.edu 
C. C. Lilly, University of North Carolina at Charlotte, cclilly@email.uncc.edu 

Session C: Insurance Demand
Moderator: David Sommer, University of Georgia
1. "The Demand for Reinsurance: Theory and Empirical Tests"
James R. Garven, Baylor University, James_Garven@baylor.edu 
Joan Lamm-Tennant, General Reinsurance Corporation, jlammten@gcre.com 
2. "The Demand for Directors' and Officers' Insurance"
M. Martin Boyer, University of Montreal, martin.boyer@hec.ca 
Mathieu Delvaux-Derome, National Bank of Canada, Mathieu.Derome@bnc.ca 
3. "Agency Theory and the Corporate Purchase of Property Insurance: Chinese Evidence"
Zou Hong, University of Wales Swansea, msphong@swansea.ac.uk 
Mike B. Adams, University of Wales Swansea
4. "Impact of the Supply of Insurance on the Corporate Demand for Insurance"
Cassandra R. Cole, Florida State University, ccole@cob.fsu.edu 
Kathleen A. McCullough, Florida State University, kmccullo@cob.fsu.edu 

Session D: Insurer Operations
Moderator: Nat Pope, Bradley University
1. "Distribution Systems and Operating Leverage"
S. Hun Seog, University of Seoul, seogsh@uos.ac.kr 
2. "The Financial Determinants of Merger and Acquisition Premiums Paid for U.S. Life Insurance Companies"
Shannon Donovan, Bridgewater State College, S1donovan@bridgew.edu 
Alan Gart, Indiana University of Pennsylvania, alangart@grove.iup.edu 
3. "Analysis of Multi-National Underwriting Cycles in Property-Liability Insurance"
Chao-Chun Leng, Temple University, chaochln@temple.edu 
Ursina Meier, University of Bern, ursina.meier@bluewin.ch 
4. "Firm-Level Data Analysis of the Effects of Net Investment Income on Underwriting Cycles: An Application of Simultaneous Equations"
Patricia Born, California State University, Northridge, patricia.born@csun.edu 
Min-Ming Wen, University of Connecticut, Wen@sba.uconn.edu 

Session E: Capital
Moderator: Anne Kleffner, University of Calgary
1. "Insurers Are Not Banks: Assessing Systemic Risk Exposure Under Alternative Approaches for Capital Adequacy"
Paul Kupiec,
David Nickerson, Colorado State University and FreddieMac, david.nickerson@colostate.edu
2. "Too Much Capital? An Examination of Capital Requirements for Canadian Property/Liability Insurers"
Peter Carayannopoulos, Wilifried Laurier University, pcarayan@wlu.ca 
Mary Kelly, Wilifried Laurier University, mkelly@wlu.ca 
3. "The Interrelationship Among Organizational and Distribution Forms and Capital and Asset Risk Structures in the Life Insurance Industry"
Etti G. Baranoff, Virginia Commonwealth University, ebaranof@vcu.edu 
Thomas W. Sager, University of Texas at Austin
4. "Improving Returns in Acquisitions: Solutions from Risk Management and Insurance"
Ryan B. Lee, University of Calgary, Ryan.Lee@haskayne.ucalgary.ca
Norma L. Nielson, University of Calgary, norma.nielson@haskayne.ucalgary.ca

Session F: Risk Aversion
Moderator: Larry Cox, University of Mississippi
1. "Survey Measures of Risk Aversion and Prudence"
Luigi Ventura, University of Rome
Joseph G. Eisenhauer, Canisius College, eisenhauer@canisius.edu
2. "A Behavioral Study of Risk Aversion"
Uri Benzion, Ben-Gurion University
Joseph Yagil, Columbia University, jy60@columbia.edu 
3. "Gambling and Insurance"
Lisa L. Posey, Pennsylvania State University, LLP3@psu.edu 

12:15 - 2:00 pm Past Presidents' Luncheon

2:15 - 3:45 pm Plenary Session IV: "Canadian Perspectives"
Moderator: Gilles Bernier, Laval University
1. Claude Montmarquette, University of Montreal and CIRANO
Title: Quebec's drug insurance: Is ONE program THE solution?
2. Gilles Dufresne, Mercer HR Consulting (Montreal)
Title: Financing the Canadian Health Care System: Observations and Analysis of Potential Remedies

3:45 - 4:00 pm Break

4:00 - 5:15 pm Concurrent Session IV

Session A: Heath Insurance
Moderator:Martin Halek, University of North Carolina - Charlotte
1. "Population-Based Risk Management: An Innovative Approach to Identifying and Managing High-Risk Health Plan Enrollees"
Henry G. Dove, Casemix Consulting, LLC, dove@att.net 
Ian Duncan, Landacorp, Inc., ianduncan@landacorp.com 
2. "The Effect of Managed Care Regulation on HMO Performance"
Jan Ambrose, LaSalle University, ambrose@lasalle.edu 
Anne Carroll, Rider University
3. "Estimating Rural Households' Willingness to Pay for Health Insurance"
Ali Asgary, Institute Tarbiat Modares University, aasgary@yahoo.com 

Session B: Risk Management Education
Moderator: Kathleen McCullough, Florida State University

1. RMI Program Best Practices
a. "RMI Career Fairs: Successful Internship and Career Connections for Risk Management and Insurance Students"
Mary Ann Boose, Indiana State University, isboose@befac.indstate.edu 
Randy Dumm, Florida State University
Karen Epermanis, University of Mississippi
Charles Nyce, University of Georgia
b. "RMI Symposia: Successful Connections to Risk Management and Insurance Professionals"
Mary Ann Boose, Indiana State University, isboose@befac.indstate.edu 
Ann Costello, University of Hartford
Larry Cox, University of Mississippi
c. "Practical Experience Opportunities for Risk Management and Insurance Professionals"
Mary Ann Boose, Indiana State University, isboose@befac.indstate.edu 
David W. Sommer, University of Georgia, dsommer@terry.uga.edu 
Kenneth W. Hollman, Middle Tennessee State University

2. "How Much Influence Does Insurance Literature Have on Other Business Disciplines?"
Tapen Sinha, Instituto Tecnologico Autonomo de Mexico, tapen@itam.mx 

3. "Rankings Across Risk Management and Insurance Related Journals"
Tamela D. Ferguson, University of Louisiana at Lafayette, tferguson@louisiana.edu 
Mark S. Dorfman, University of North Carolina at Charlotte, mdorfman@email.uncc.edu 
William L. Ferguson, University of Louisiana at Lafayette, ferguson@louisiana.edu 

Session C: Legal Issues
Moderator: Lisa Posey, Pennsylvania State University
1. "An International Study of Deterrence and Legal Systems"
Michael L. Smith, Ohio State University, smith.142@osu.edu 
2. "Tort Reform Revisited: Liability Insurer Performance in the Nineties"
Patricia Born, California State University, Northridge, patricia.born@csun.edu 
3. "Empirical Investigation of Punitive Damage Awards and the Demand for Insurance"
Neil Doherty, University of Pennsylvania, doherty@wharton.upenn.edu 
David Eckles, University of Pennsylvania, deckles@wharton.upenn.edu 
4. "Do Insurance Defrauders Want to Be Punished?"
D. Alary, University de Toulouse
M. Besfamille, University de Liege, M.Besfamille@ulg.ac.be 

Session D: Solvency
Moderator: Steven Pottier, University of Georgia
1. "Insurer Solvency with Parameter Uncertainty: Re-Thinking the Asymptotics"
Iana B. Juca, Temple University, ianajuca@temple.edu 
Michael R. Powers, Temple University, michael.powers@temple.edu 
Emilio C. Venezian, Rutgers University, venezian@andromeda.rutgers.edu 
2. "The Efficiency of Insurer Receiverships"
Martin Grace, Georgia State University, mgrace@gsu.edu 
Robert Klein, Georgia State University, rwklein@gsu.edu 
Richard Phillips, Georgia State University, rphillips@gsu.edu 
3. "Predicting Insolvency in the Life Insurance Industry: An International Comparison"
Soon-Jae Lee, Sejong University, sjlee@sejong.ac.kr 
Jaehyun Kim, Korea Insurance Development Institute
4. "Valuation of Risk-Based Surplus Requirements for Insurance Firms as a Barrier Option"
Arthur Hogan, Economic Analysis Division, Office of Thrift Supervision, arthur.hogan@ots.treas.gov 
David Nickerson, Colorado State University and Freddie Mac, david.nickerson@colostate.edu 
 
Session E: Claims Issues
Moderator: Ryan Lee, University of Calgary
1. "Salvage Recovery in the Canadian Auto Insurance Market"
Randy E. Dumm, Florida State University,
Anne E. Kleffner, University of Calgary
2. "Personal Bias in Claims Settlement: An Example from Automobile Insurance"
Helen Doerpinghaus, University of South Carolina
Joan Schmit, University of Wisconsin - Madison, jschmit@bus.wisc.edu 
Jason Jia-Hsing Yeh, Chinese University of Hong Kong, jasonyeh@baf.msmail.cuhk.edu.hk 
3. "Workers' Compensation 'Reforms' and Benefit Claiming"
John Ruser, U.S. Bureau of Labor Statistics, Ruser_J@BLS.GOV 
Michael Pergamit, National Opinion Research Center/University of Chicago
Parvati Krishnamurty, National Opinion Research Center/University of Chicago
4. "Complaints Ratios: What (or Where) is the Beef?"
Emilio Venezian, Rutgers University, venezian@androm.eda.rutgers.edu 

WEDNESDAY, AUGUST 14

7:30 - 8:30 am Breakfast

8:45 - 10:15 am Concurrent Session V

Session A: Pensions
Moderator: Cassandra Cole, Florida State University
1. "Trends and Correlates in Early Retirement Incentives"
Norma L. Nielson, University of Calgary, norma.nielson@haskayne.ucalgary.ca 
2. "Can Stocks Provide Retirement Security for 50,000,000 (or more) Americans?"
Gary W. Eldred, gary@stoprentingnow.com 
3. "Understanding Pension Guarantees"
Marie-Eve Lachance, University of Pennsylvania, malachan@wharton.upenn.edu 
Olivia S. Mitchell, University of Pennsylvania, mitchelo@wharton.upenn.edu 
4. "Can Individual Variable Annuity Reduce Inefficiency in Fixed Annuity?"
Aoba Nobuko, University of TSUKUBA, naoba@social.tsukuba.ac.jp 

Session B: Capital
Moderator: Bill Ferguson, University of Louisiana - Lafayette
1. "An Intra-Industry Examination of Insurance IPOS"
Edwin H. Duett, Mississippi State University, eduett@cobilan.msstate.edu 
Bilal Ertuck, Mississippi State University
2. "Analysts' Earning Forecasts of Stock Insurance Companies"
Dennis K. K. Fan, Chinese University of Hong Kong
Raymond W. So, Chinese University of Hong Kong
Jason Jia-Hsing Yeh, Chinese University of Hong Kong, jasonyeh@baf.msmail.cuhk.edu.hk 
3. "An Analysis of Stockholder Dividend Payout Policies of Publicly Traded Insurers"
Charles Nyce, University of Georgia, cnyce@terry.uga.edu
David W. Sommer, University of Georgia, dsommer@terry.uga.edu

Session C: Insurance Economics
Moderator: Jim Barrese, St. John's University
1. "The Dynamics of Self Insurance, Self Protection and Insurance Demand"
Winfried Koeniger, IZA-Bonn, koeniger@iza.org 
2. "The Comparative Statics of Changes in Risk-Reduction Technologies"
Arthur Hau, Lingnan University, ahau@ln.edu.hk 
3. "Walrasian Equilibrium in Insurance Markets: A Critical Examination"
Michael R. Powers, Temple University, michael.powers@temple.edu 
Emilio C. Venezian, Rutgers University, venezian@andromeda.rutgers.edu 
4. "Reduced Representations of Insurance Decisions"
Michael Theil, University of Economics and Business Administration Vienna, theil@wu-wien.ac.at 

Session D: Risk Management
Moderator: Karen Epermanis, University of Mississippi
1. "The Multinational's Tax Strategy Game: Implications for Cost of Risk Allocation"
Lorilee A. Schneider, Georgia State University, schneider@gsu.edu 
William R. Feldhaus, Georgia State University, feldhaus@gsu.edu 
2. "Electronic Risk Management: Tools for the New Millenium"
Tapen Sinha, Instituto Tecnologico Autonomo de Mexico, tapen@itam.mx 
Bradley Condon, Instituto Tecnologico Autonomo de Mexico
3. "Risk Management Issues in General Aviation"
Sherry Burlingame, University of Nebraska at Kearney
Beverly Frickel, University of Nebraska at Kearney, frickelbj@unk.edu 
4. "Aviation Insurance and Risk Management"
Philippe Fortin, Université du Québec à Montréal
Louis Haeck, IATA, HAECKL@iata.org 

Session E: Methods
Moderator: Dave Marlett, Old Dominion University
1. "From Neural Networks, Fuzzy Logic, and Genetic Algorithms to ANFIS and Beyond"
Arnold F. Shapiro, Pennsylvania State University, afs1@psu.edu 
2. "Data Mining Technology and Risk-Based Motor Insurance Premiums"
Yehuda Kahane, Tel Aviv University, kahaney@netvision.net.il 
Nissan Levin
Ronen Meiri
Jacob Zahavi
3. "Model Joint Defaults with Copula"
Caijiao (C.J.) Zhao, University of Wisconsin - Madison, Caijiao@yahoo.com 

10:15 - 10:30 am Break

10:30 - 12:00 Concurrent Session VI

Session A: Incentives
Moderator: Mike Adams, University of Wales
1. "Risk Framing and Preference Reversal - An Application to Auto Insurance"
Michael M. Barth, Georgia Southern University, mbarth@gasou.edu 
John Hatem, Georgia Southern University
2. "Bargaining and the Penalty for Conversion"
John M. Marshall, University of California-Santa Barbara, marshall@econ.ucsb.edu 

Session B: International Issues
Moderator: Tapen Sinha, ITAM
1. "Determinants of International Life Insurer's Involvement in Foreign Markets"
Yu-Luen Ma, Illinois State University, yma@ilstu.edu 
2. "Macro-Level Risk and the Choice of Entry Mode into Eastern Bloc Countries"
Meredith Downes, Illinois State University, mdowne@ilstu.edu 
David T. Russell, California State University, Northridge
3. "Political Risk Insurance: Purposes, Developments and Current Issues"
Gary M. Mescher, NAIC, Gmescher@naic.org 
Dimitris Karapiperis, NAIC, Dkarapip@naic.org 
4. "Note on Sovereign Systematic Risk and Financial Contagion: Some Issues in Country Risk Analysis"
James Barrese, St. John's University, barresej@stjohns.edu 
Nicos A. Scordis, St. John's University, scordisn@stjohns.edu 
William L. Ferguson, University of Louisiana at Lafayette, ferguson@louisiana.edu 

Session C: Guarantees
Moderator: Jim Carson, Florida State University
1. "An Analysis of Private Loan Guarantee Portfolios"
Michel Gendron, Laval University
Van Son Lai, Laval University, vanson.lai@fas.ulaval.ca 
Issouf Soumare, Univ. of British Columbia
2. "Maturity Choices Effects on Loan Guarantee Portfolios"
Michel Gendron, Laval University
Van Son Lai, Laval University, vanson.lai@fas.ula.val.ca 
Issouf Soumare, University of British Columbia

Session D: Social Health Plans
Moderator: Allen Seward, Baylor University
1. "Medicare Prescription Drug Insurance: Estimating Participation by Minimally Risk Adverse Individuals"
James W. Mays, Actuarial Research Corporation, jwm@aresearch.com 
Rodelle A. Williams, Actuarial Research Corporation
Sarah T. Beavers, Actuarial Research Corporation
2. "Medicaid Estimates Through Time: The Changing Shortfall in the Current Population Survey"
Cathi M. Callahan, Actuarial Research Corporation
James W. Mays, Actuarial Research Corporation
Monica Brenner, Actuarial Research Corporation, mvd@aresearch.com 
3. "Mitigating the Perils of Infrastructure Investment with Private Sector Participation: Approaches to Monitoring and Managing Government Risk"
Renato E. Reside, Jr., University of the Philippines School of Economics, renato_reside@hotmail.com 

Session E: Capital
Moderator: Karl Ennsfellner, Vienna University of Economics and Business Admin.
1. "Toward a Comprehensive Model of Insurer Net Worth"
Michael R. Powers, Temple University, michael.powers@temple.edu 
Jiandong Ren, Temple University, jren@temple.edu 
2. "Debt Overhang and Property-Liability Insurers' Equity Financing: Theory and Evidence"
Tong Yu, University of Rhode Island, tongyu@uri.edu 
Mulong Wang, The University of Rhode Island, wang@uri.edu 
3. "The Theory and Application of Regional Natural Disaster Risk Assessment - the case analysis of Hunan Province agriculture nature disaster"
Liu Xinli, Peking University, liuxinli66@163.net 

12:00 noon Closing Board Meeting

Members of the Program Committee

Rob Hoyt, Program Chair University of Georgia
Larry Berger Swiss Re
Gilles Bernier University of Laval
Phil Stichter Griffith Foundation for Insurance Education
Mike Adams University of Wales - Swansea
Kevin Ahlgrim Bradley University
Jeff Brown Council of Economic Advisors
Jim Carson Florida State University
Conrad Ciccotello Georgia State University
Cassandra Cole Florida State University
Lee Colquitt Auburn University
Randy Dumm Florida State University
Karl Ennsfellner Institut für Versicherungswirtschaft, Wirtschaftsuniversität Wien
Karen Epermanis University of Mississippi
Jim Garven Baylor University
Martin Halek University of North Carolina - Charlotte
Gene Lai Washington State University
Ryan Lee University of Calgary
Jim Ligon University of Alabama
Kathleen McCullough Florida State University
Greg Nini University of Pennsylvania
Chuck Nyce University of Georgia
Tim Query Illinois Wesleyan University
Laureen Regan Temple University
Nicos Scordis St. Johns University
David Sommer University of Georgia
Krupa Subramanian Temple University
Paul Thistle University of Nevada - Las Vegas
Larry Tzeng National Taiwan University

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