2001 Annual Meeting

Meeting Location: Indianapolis, IN

Sunday, August 12

8:00am - 5:00pm      Board Meeting

1:00 - 6:00pm           Registration

5:15 - 6:00pm           Reception for first time attendees

6:00 - 7:00pm           Welcome Reception

Monday, August 13

7:30 - 8:30am          Breakfast

8:00am - 5:00pm      Registration

8:45 - 10:15am        Plenary Session 1: International Insurance Marketplace
                                Moderator: Mary Weiss, Temple University

1. Sean Mooney, Chief Economist, Guy Carpenter 
2. Joan Lamm-Tennant, General Cologne Re Capital Consultants
3. Michael Albanese, AM Best Company

10:00 - 10:15am    Break

10:30am - Noon

Concurrent Session 1

Session A: Implications of Insurer Organizational Form
Moderator: J. Tim Query, Illinois Wesleyan University

"Viability of the Mutual Organizational Form"
Barbara Remmers, New York University

"Managerial Discretion and the Outcomes of Insurance Company Litigation"
Dana Kerr, University of Wisconsin

"Calculating the Weighted Average Cost of Capital for a Mutual Insurance Company"
Saul Adelman, Miami University
Mark Cross, Miami University

"The Relationship between Managerial Control and the Demutualization Process"
Weili Lu, California State University Fullerton
Joseph Reising, California State University Fullerton
Mark Hoven Stohs, California State University Fullerton

Session B: Insurer Capital
Moderator: Allan Seward, Baylor University

"The Informational Value of Corporate Hedging"
James Ligon, The University of Alabama

"The Relationship between Capital and Earnings of Life Insurers"
Etti Baranoff, Virginia Commonwealth University
Thomas Sager, University of Texas at Austin

"Risk Adjusted Performance Measurement and Capital Allocation in the Insurance Industry"
Helmut Grundl, Humboldt Universitat Zu Berlin
Hato Schmeiser, Humboldt Universitat Zu Berlin

"Capital Constraints, Loss Reserve Adjustments and Underwriting Cycles: A Reexamination"
Tong Yu, University of South Carolina

Session C: Insurer Operations
Moderator: William Rabel, LOMA

"An Empirical Investigation of Market Structure and Performance in Property-Liability Insurance"
Byeongyong Choi, Temple University
Mary Weiss, Temple University

"A Dynamic Financial Analysis of the Effect of Growth on Property-Liability Insurers"
Stephen D'Arcy, University of Illinois
Richard Gorvett, University of Illinois

"Go-For-Broke" Strategy in the U.S. P&L Insurance Industry"
Karen Epermanis, The University of Mississippi
Charles Nyce, University of Georgia

"Determinants of International Non-Life Insurers' Participation in Foreign Markets"
Yu-Luen Ma, University of New South Wales

Session D: Insurance Theory
Moderator: David Russell, Illinois State University

"VIATICALS: A matter of life and death"
Harris Schlesinger, University of Alabama
Neil Doherty, University of Pennsylvania

"A Financial Theory of the Insurance Firm"
Richard MacMinn, University of Texas

"Some Effects of an Increase in Risk under Standard Risk Aversion"
Paul Thistle, University of Nevada Las Vegas
James Ligon, University of Alabama

"An Increase in Risk with Multiple Commodities"
Larry Tzeng, National Taiwan University
Jen-Hung Wang, National Taiwan University+

Noon - 1:30pm     John D. Long Symposium on Insurance Ethics 
                             President's Seminar and Lunch

Moderator: Joan Schmit, University of Wisconsin-Madison
1. Federal Judge Robert Keeton, Emeritus Professor from Harvard School of Law
2. John D. Long, Emeritus Professor from Indiana University

1:45 - 3:15pm       Plenary Session 2: Enterprise Risk Management
                             Moderator: Charles Nyce, The University of Georgia

1. Jim Davis Ph.D., Chairman of Willis Advanced Risk Management Services
2. Richard Phillips Ph.D., Georgia State University
3. Morton Lane, Lane Financial

3:15 - 3:30pm     Break

3:30 - 5:00pm     Concurrent Session 2

Session A: Insurance Theory
Moderator: Martin Grace, Georgia State University

"The Philosophical fundaments of the different insurance practices"
Arnaud Lacan, GREQAM

"From Bivariate Risk Aversion to Risk Aversion to one risk, a Note"
Christophe Courbage, The Geneva Association

"The Role of Memory in Long-Term Contracting with Moral Hazard: Empirical Evidence in Automobile Insurance"
Georges Dionne, HEC Montreal
Mathieu Maurice, University of Montreal
Jean Pinquet, University of Paris
Charles Vanasse, TD Quantitative capital

"Keeping up with the Jones: Changing Rate Standards and the Buildup of Capital by U.S. Property-Liability Insurers"
Richard Phillips, Georgia State University
Neil Doherty, University of Pennsylvania

Session B: Fraud
Moderator: Jorge L. Urrutia, Loyola University of Chicago

"Prosecuting Insurance Fraud: A Case Study of Massachusetts Property-Liability Insurance Fraud Prosecutions 1991-1999"
Richard Derrig, Insurance Fraud Bureau of Massachusetts
Valerie Zicko, Insurance Fraud Bureau of Massachusetts

"The Effectiveness of Insurance Fraud Statutes: Evidence from Automobile Insurance"
Robert Hoyt, University of Georgia
David Mustard, University of Georgia
Lawrence Powel, University of Georgia

"Punitive Damage Effects on Post-Loss Bargaining and Settlement"
David Eckles, University of Pennsylvania
Neil Doherty, University of Pennsylvania

Session C: Property and Liability Insurance
Moderator: Barbara Remmers, New York University

"Economies of Scale in Automobile Insurance"
Emilio Venezian, Rutgers University
Chao-chun leng, Temple University

"Determinants of Limited Tort Auto Insurance Choice in Pennsylvania"
Laureen Regan, Temple University

"Labor and Financial Market Interactions: The Case of Labor Income Risk and Car Insurance in the UK 1969-95"
Winfried Koeniger, European University Institute

"Law and Demand for Insurance"
Ralf Zurbruegg, University of New South Wales
Neil Esho
Anatoli Kirievsky
Damian Ward

Session D: Insurance Pricing and Contracting
Moderator: William Ferguson, University of Louisiana - Lafayette

"Pricing Life Insurance Products Combining Economic and Actuarial Approaches"
Mao Hong, Shanghai Second Polytechnic University
Jim Carson, Illinois State University

"Ratemaking Principles in Insurance: A Discrete Time Model for Individual Insurance Contracts"
Han Kang, Illinois State University
Kiseok Oh, Chodang University

"Mutual Contracting: Comparing with Insurance Contract"
Hong Wu, University of Gothenburg

5:00 - 5:45pm         Annual Business Meeting

6:00 - 7:00pm         Reception

Tuesday, August 14

7:30 - 8:30am        Breakfast

8:00am - 5:00pm   Registration

8:45 - 10:15am      Plenary Session 3: Social Security Reform
                              Moderator: Jim Hickman, University of Wisconsin-Madison

1. Sylvester J. Schieber Ph.D, Watson Wyatt Worldwide
2. Robert L. Brown Ph.D, University of Waterloo
3. Stephen C. Goss, Social Security Administration

10:00 - 10:15am    Break

10:30 - Noon         Concurrent Session 3

Session A: Health Insurance and Long Term Care Insurance
Moderator: Etti Baranoff, Virginia Commonwealth University

"An Examination of Illinois HMO Quality Measures and complaint Ratios"
J. Tim Query, Illinois Wesleyan University
Patricia born, University of Connecticut

"The Increasing Number of Working Uninsured in the City of Philadelphia: An Analysis of Small Business and Employee Choices"
Susan Hansen, Temple University

"Funding Long-Term Care: Applications of a Trade-Off Principle in Both public and Private Sectors"
Yung-Ping Chen, University of Massachusetts

"First-Mover Advantages and Long-Term Care Insurance"
Yanling Ge, The University of Mississippi
Larry Cox, The University of Mississippi

Session B: Social Insurance
Moderator: Anne Kleffner, University of Calgary

"Financing Social Security Benefits: An Age-Weighted Taxation Approach"
Pierre Lemaire, University of Pennsylvania
Martin Halek, University of Pennsylvania

"Privatizing Pensions in the USA: Learning from Latin America"
Tapen Sinha, ITAM

"Asset Rich and Cash Poor in Singapore? Retirement Provision in a National Defined Contribution Pension Fund"
David McCarthy, University of Pennsylvania
Olivia Mitchell, University of Pennsylvania
John Piggott, UNSW

"Empty Individual Accounts and Transition Costs: An Analysis of China's Pension Reforms"
Qixiang Sun, Peking University
John Maxwell, Indiana University

Session C: Employee Benefits
Moderator: Karen Epermanis, The University of Mississippi

"Pension Integration and Investment Risk under Privatized Social Security System"
Kyoosik Kim, Temple University

"Are Employers more Generous Now? An Analysis of Pension Generosity and Employers' Characters"
Lin-Yu Yang, National Chengchi University, Taiwan
Jenifer Wang, National Chengchi University, Taiwan

"The Impact of Employer-Selected Investment options on 401(k) Plan Participants' Asset Allocation"
Jack Vanderhei, Temple University
Sarah Holden, Investment Company Inst.

"Supermarket Distribution of Financial Products and Services: A Study of Cause and Effect"
Conrad Ciccotello, Georgia State University
Jason Greene, Georgia State University
Lori Walsh, Securities and Exchange Commission

Session D: Insurance Company Operations
Moderator: David Laster, Swiss Re

"Efficiency Evaluation of Japanese General Insurance Companies"
Renbao Chen, National University of Singapore
Kie Ann Wong, National University of Singapore
Lei Luo, National University of Singapore

"Parameter Risks of Surplus Management under a Stochastic Process"
Jennifer Wang, National Chengchi University, Taiwan
Larry Tzeng, National Taiwan University

"Complaint Ratios and Property-Casualty Insurer Characteristics"
Jim Carson, Illinois State University
David Russell, Illinois State University
Kathleen McCullough, Florida State University

"Risk/Return Relationships for Life/Health, Property/Casualty and Multiline Stock Insurers"
Yu Lei, University of Wisconsin-Madison

Session E: Professional Education
Moderator: Terrie Troxel, AICPCU/IIA

1. Gary Stone, The American College
2. William H. Rabel, Life Office Management Association (LOMA)
3. Dennis Mahoney, CEBS
4. Terrie Troxel, American Institute for Chartered Property Casualty Underwriters / Insurance Institute of America

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

2:15 - 3:45pm        Plenary Session 4: Medicare Coverage of Prescription Drugs
                              Moderator: Julie Ganther, University of Iowa

1. David Kreling, University of Wisconsin-Madison
2. Robert Browne, Eli Lilly
3. Nancy Griffin, AARP
4. Paul Severance, United Senior Action

3:45 - 4:00pm       Break

4:00 - 5:15pm       Concurrent Session 4 

Session A: Catastrophe Risks
Moderator: Tapen Sinha, ITAM

"Contracts, Catastrophes, Commitment and Capital"
Karine Gobert, Concordia University
M. Martin Boyer, HEC-Montreal and CIRANO

"Residual Markets: An Examination of Post-Catastrophe Behavior and the Subsidy Effect"
Randy Dumm, Florida State University
Kevin Eastman, Florida State University
Pat Maroney, Florida State University

"Optimal Reinsurance Decision under Default Risk and Catastrophe Risk"
Wen-Chang Lin, National Chung-Cheng University
Hong-Ming Huang, National Chung-Cheng University

"Empirical Analyses on the "Underwriting Cycle" - A Critical Comment"
Emilio Venezian, Rutgers University

Session B: Risk Finance
Moderator: Ryan Lee, University of Calgary

"External versus Internal Capital Markets in the Insurance Industry: The Role of Reinsurance"
David Sommer, University of Georgia
Lawrence Powell, University of Georgia

"Reinsurance Retentions and Limits for Property-Liability Insurers: Theory and Empirical Tests"
Jonghang Jang, Temple University
Michael Powers, Temple University

"Capital Market Innovations in the Insurance Industry"
David Laster, Swiss Re
Mayank Raturi, Swiss Re

"Financial Economics of Securitization and Alternative Risk Transfers"
Sam Cox, Georgia State University
Joseph Fairchild, Georgia State University
Hal Pedersen, Georgia State University

Session C: Life Insurance
Moderator: William Feldhaus, Georgia State University

"Measuring the Interest Rate Risk of Life Insurance Contracts"
Kevin Ahlgrim, University of Illinois

"Life Insurance Purchases in China: Trends and Determinants"
Renbao Chen, National University of Singapore
kie Ann Wong, National University of Singapore
Fei Li, National University of Singapore

"Portfolio Selection and Bankruptcy in a Life Insurance Market"
Nobuko Aoba, University of Tsukuba

"The Declining Credit Quality of the US Life Insurance Industry: Myth or Reality"
Steven Pottier, University of Georgia
David Sommer, University of Georgia

Session D: Property and Liability Insurance
Moderator: Mark S. Dorfman, University of North Carolina at Charlotte

"Barriers to Entry in the Title Insurance Industry"
Charles Nyce, University of Georgia
M. Martin Boyer, HEC-Montreal and CIRANO

"Crop Yield Insurance and Input Decision"
Arthur Hau, University of Central Arkansas

"Comparative Effects of Auto Insurance Rate Regulation within Individual Companies"
Michael Barth, Georgia Southern University

"Trade Credit Insurance: Globalization and e-business are the Key Opportunities"
Mayank Raturi, Swiss Re
Kurt Karl, Swiss Re
Bjoern Schmolck, Swiss Re

Session E: The Role of Student Organizations in Strengthening Risk Management and Insurance Programs
Moderator: Phil Stichter, The Griffith Foundation for Insurance Education

1. R. B. Drennan, Temple University
2. Robert Hoyt, The University of Georgia
3. Anne Kleffner, University of Calgary
4. Lisa Gardner, Bradley University

Wednesday, August 15

7:30 - 8:30am     Breakfast

8:00am - Noon    Registration

10:30 - Noon      Concurrent Session 5

Session A: Pension Plans
Moderator: Steven Pottier, The University of Georgia

"Does Pension Plan Substitution Affect Firm Performance?"
Jin Park, Temple University j

"An Empirical Analysis of Market Share Changes and Motivations for Termination of Pension Plans"
Cassandra Cole, University of Georgia
David Sommer, University of Georgia

"Assortative Pensions: The "Haves" and the "Have Nots""
Vickie Bajtelsmit, Colorado State University
Nancy Jianakoplos, Colorado State University

"Asset Liability Modeling in Pension Management"
Bill S.C Chang, National Cheng-Chi University
Chia-Jung Tien Tarisa, National Cheng-Chi University

Session B: Adverse Selection
Moderator: Gilles Bernier, Laval University

"Asymmetric Information in Insurance Markets: Evidence of Lowballing"
Gregory Nini, University of Pennsylvania

"Genetics and Insurance: An Economic Approach"
Esther Mondragon-Barreto, University of York
Eduardo morales-Ramos, University of York

"Equity Financing under Asymmetric Information Following Capital Shocks"
Tong Yu, University of South Carolina

"Double-Sided Adverse Selection in the Product Market and the Role of the Insurance Market"
S. Hung Seog, University of Seoul

Session C: Lessons in Risk Management
Moderator: Lisa Gardner, Bradley University

"Best Practice in Collegiate Insurance and Risk Management Education: A Survey"
Mary Ann Boose, Indiana State University
Edward L. Pleasants III, Indiana State University

"An Analysis of Three Important Issues Facing Risk Management and Insurance Educators: Curriculum Development, Journal Rankings, Program Assessment"
Mark Dorfman, University of North Carolina
William Ferguson, University of Louisiana at Lafayette
Tamela Ferguson, University of Louisiana at Lafayette

"Risk Management for Effective Implementation of Projects: A Case of Tourism Project in Barbados"
Prasanta Dey, University of the West Indies

"The Effect of Corporate Governance on the use of Enterprise Risk Management: Evidence from Canada"
Anne Kleffner, University of Calgary
Ryan Lee, University of Calgary

Session D: Insurance Marketing
Moderator: Nat Pope, Bradley University

"An Assessment of the Quality of Life Insurance Advice Provided on the Internet"
Mark Dorfman, University of North Carolina
Saul Adelman, Miami University

"An Empirical Investigation of the Nature of Financial Advice Provided by Web-Based Sources"
Conrad Ciccotello, Georgia State University
Russell Wood, Homrich and Berg, Inc.

"Do Independent Agents Reduce Life Insurance Companies' Free Cash Flow?"
Damian Ward, University of Bradford Management Centre

Session E: Insurance Regulation
Moderator: Yuluen Ma, Illinois State University

"International Law Affecting Insurance Regulation in the Americas: Implications for Future Business"
Tapen Sinha, ITAM
Bradly Condon, ITAM
Joyce Sadka, ITAM

"Form Regulation in Commercial Insurance"
Richard Butler, Brigham Young University

"Impact of Deregulation on Property-Liability Insurer Performance in Korea and Japan"
Jaheyun Kim, Korea Insurance Development Inst
Bong-Joo Lee, Kyunghee University

"Property Insurance and Corporate Risk: Evidence from the People's Republic of China"
Zou Hong, University of Wales Swansea
Mike Adams, University of Wales Swansea
Mike Buckle, University of Wales Swansea

10:15 - 10:45am     Break

10:30 - Noon    Concurrent Session 6

Session A: Human Resource Exposures
Moderator: Joan T. Schmit, University of Wisconsin-Madison

"The Value of a Life: New Evidence of the Relationship Between Changes in Occupational Fatalities and Wages of Production Workers, 1989 to 1997"
William Jennings, California State University Northridge
Albert Kinderman, California State University Northridge

"S.P.I.C.E. A model for Reducing the Incidence and Costs of Occupationally Entitled Claims"
Alan Colledge, Labor Commission of Utah
Hugh, Johnson

"Potential Liability Exposures Arising from Employee Benefits Administration"
Richard Corbett, Seattle University

"On the Relation between Underwriting Profits and Investment Income"
Emilio Venezian, Rutgers University
C.C Leng
M.R Powers

Session B: Life and Health Insurance
Moderator: Robert E. Hoyt, The University of Georgia

"The Valuation of Risks to Life and Health: Is the Use of Hedonic Regression Techniques Relevant?"
Audrey Demolliens, GREQAM, University of Aix-Marseille III

"The Effect of Managed Care Regulation on HMO Performance"
Jan Ambrose, LaSalle University
Anne Carroll, Rider University

"Economic Crises and Health Risk: Evidence from Mexico"
Tapen Sinha, ITAM
Irma Hernandez, ITAM

"The Life Insurance Sector in the People's Republic of China: A Perspective of the Service Economy"
Zhi Zhuo, Sothwestern University of Finance and Economics

Session C: Insurer Financial Performance
Moderator: Mark J. Browne, University of Wisconsin-Madison

"Long-Term Determinants of Life Insurer Insolvency"
Ryan Lee, University of Calgary
Sandra Gustavson, University of Georgia
Steven Pottier, University of Georgia

"Solvency Management and Insurance Company Risk"
Stanley Mutenga, City University
Elias Dinesis, City University

"A Solvency Model for Non-Life Insurance Companies"
Hato Schmeiser, Humboldt Universitat Zu Berlin

"Competitive Profiles and Performance Indicators: The Case of the Insurance Industry"
Beverly Frickel, University of Nebraska-Kearney

Session D: Risk Finance
Moderator: Helen Doerpinghaus, University of South Carolina

"Empirical Analysis of PCS Call Spread Options"
Yiguo Sun, University of Toronto

"Nonlinearity and Low Deterministic Chaotic Behavior in Insurance Portfolio Stock Returns"
Jorge Urrutia, Loyola University
Joseph Wu, DePaul University
Monzurul Hoque, Saint Xavier University
Paul Gronewoller, Colorado State University

"A Macro-Economic Analysis of the U.S. Professional Liability Insurance Industry"
William Feldhaus, Georgia State University
Robert Klein, Georgia State University

Session E: Market Dynamics
Moderator: Larry Cox, The University of Mississippi

"The Japanese Big Bang - Sizzle or Fizzle? The Impact of Deregulation on Non-Life Insurer Efficiency"
Nat Pope, Bradley University
Yu-Luen Ma, Illinois State University

"Competition, Market Structure and Efficiency in Chinese Insurance Sectors on the eve of the WTO: An Empirical Investigation"
Kun Hu, Fudan University

"From Notional to Real Individual Accounts: Restructuring Challenges Facing China's Pension System"
Qixiang Sun, Peking University

"Effect of Social Security on Saving"
Pierre Lemaire, University of Pennsylvania
Co-Author: Ken Smetters, University of Pennsylvania