2001 Annual Meeting
Meeting Location: Indianapolis, IN
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
1. Sean Mooney, Chief Economist, Guy Carpenter
10:00 - 10:15am Break
10:30am - Noon
Concurrent Session 1
Session A: Implications of Insurer Organizational Form
"Viability of the Mutual Organizational Form"
"Managerial Discretion and the Outcomes of Insurance Company Litigation"
"Calculating the Weighted Average Cost of Capital for a Mutual Insurance Company"
"The Relationship between Managerial Control and the Demutualization Process"
Session B: Insurer Capital
"The Informational Value of Corporate Hedging"
"The Relationship between Capital and Earnings of Life Insurers"
"Risk Adjusted Performance Measurement and Capital Allocation in the Insurance Industry"
"Capital Constraints, Loss Reserve Adjustments and Underwriting Cycles: A Reexamination"
Session C: Insurer Operations
"An Empirical Investigation of Market Structure and Performance in Property-Liability Insurance"
"A Dynamic Financial Analysis of the Effect of Growth on Property-Liability Insurers"
"Go-For-Broke" Strategy in the U.S. P&L Insurance Industry"
"Determinants of International Non-Life Insurers' Participation in Foreign Markets"
Session D: Insurance Theory
"VIATICALS: A matter of life and death"
"A Financial Theory of the Insurance Firm"
"Some Effects of an Increase in Risk under Standard Risk Aversion"
"An Increase in Risk with Multiple Commodities"
Noon - 1:30pm John D. Long Symposium on Insurance Ethics
Moderator: Joan Schmit, University of Wisconsin-Madison
1:45 - 3:15pm Plenary Session 2: Enterprise Risk Management
1. Jim Davis Ph.D., Chairman of Willis Advanced Risk Management Services
3:15 - 3:30pm Break
3:30 - 5:00pm Concurrent Session 2
Session A: Insurance Theory
"The Philosophical fundaments of the different insurance practices"
"From Bivariate Risk Aversion to Risk Aversion to one risk, a Note"
"The Role of Memory in Long-Term Contracting with Moral Hazard: Empirical Evidence in Automobile Insurance"
"Keeping up with the Jones: Changing Rate Standards and the Buildup of Capital by U.S. Property-Liability Insurers"
Session B: Fraud
"Prosecuting Insurance Fraud: A Case Study of Massachusetts Property-Liability Insurance Fraud Prosecutions 1991-1999"
"The Effectiveness of Insurance Fraud Statutes: Evidence from Automobile Insurance"
"Punitive Damage Effects on Post-Loss Bargaining and Settlement"
Session C: Property and Liability Insurance
"Economies of Scale in Automobile Insurance"
"Determinants of Limited Tort Auto Insurance Choice in Pennsylvania"
"Labor and Financial Market Interactions: The Case of Labor Income Risk and Car Insurance in the UK 1969-95"
"Law and Demand for Insurance"
Session D: Insurance Pricing and Contracting
"Pricing Life Insurance Products Combining Economic and Actuarial Approaches"
"Ratemaking Principles in Insurance: A Discrete Time Model for Individual Insurance Contracts"
"Mutual Contracting: Comparing with Insurance Contract"
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
1. Sylvester J. Schieber Ph.D, Watson Wyatt Worldwide
10:00 - 10:15am Break
10:30 - Noon Concurrent Session 3
Session A: Health Insurance and Long Term Care Insurance
"An Examination of Illinois HMO Quality Measures and complaint Ratios"
"The Increasing Number of Working Uninsured in the City of Philadelphia: An Analysis of Small Business and Employee Choices"
"Funding Long-Term Care: Applications of a Trade-Off Principle in Both public and Private Sectors"
"First-Mover Advantages and Long-Term Care Insurance"
Session B: Social Insurance
"Financing Social Security Benefits: An Age-Weighted Taxation Approach"
"Privatizing Pensions in the USA: Learning from Latin America"
"Asset Rich and Cash Poor in Singapore? Retirement Provision in a National Defined Contribution Pension Fund"
"Empty Individual Accounts and Transition Costs: An Analysis of China's Pension Reforms"
Session C: Employee Benefits
"Pension Integration and Investment Risk under Privatized Social Security System"
"Are Employers more Generous Now? An Analysis of Pension Generosity and Employers' Characters"
"The Impact of Employer-Selected Investment options on 401(k) Plan Participants' Asset Allocation"
"Supermarket Distribution of Financial Products and Services: A Study of Cause and Effect"
Session D: Insurance Company Operations
"Efficiency Evaluation of Japanese General Insurance Companies"
"Parameter Risks of Surplus Management under a Stochastic Process"
"Complaint Ratios and Property-Casualty Insurer Characteristics"
"Risk/Return Relationships for Life/Health, Property/Casualty and Multiline Stock Insurers"
Session E: Professional Education
1. Gary Stone, The American College
12:15 - 2:00pm Past Presidents' Luncheon
2:15 - 3:45pm Plenary Session 4: Medicare Coverage of Prescription Drugs
1. David Kreling, University of Wisconsin-Madison
3:45 - 4:00pm Break
4:00 - 5:15pm Concurrent Session 4
Session A: Catastrophe Risks
"Contracts, Catastrophes, Commitment and Capital"
"Residual Markets: An Examination of Post-Catastrophe Behavior and the Subsidy Effect"
"Optimal Reinsurance Decision under Default Risk and Catastrophe Risk"
"Empirical Analyses on the "Underwriting Cycle" - A Critical Comment"
Session B: Risk Finance
"External versus Internal Capital Markets in the Insurance Industry: The Role of Reinsurance"
"Reinsurance Retentions and Limits for Property-Liability Insurers: Theory and Empirical Tests"
"Capital Market Innovations in the Insurance Industry"
"Financial Economics of Securitization and Alternative Risk Transfers"
Session C: Life Insurance
"Measuring the Interest Rate Risk of Life Insurance Contracts"
"Life Insurance Purchases in China: Trends and Determinants"
"Portfolio Selection and Bankruptcy in a Life Insurance Market"
"The Declining Credit Quality of the US Life Insurance Industry: Myth or Reality"
Session D: Property and Liability Insurance
"Barriers to Entry in the Title Insurance Industry"
"Crop Yield Insurance and Input Decision"
"Comparative Effects of Auto Insurance Rate Regulation within Individual Companies"
"Trade Credit Insurance: Globalization and e-business are the Key Opportunities"
Session E: The Role of Student Organizations in Strengthening Risk Management and Insurance Programs
1. R. B. Drennan, Temple University
Wednesday, August 15
7:30 - 8:30am Breakfast
8:00am - Noon Registration
10:30 - Noon Concurrent Session 5
Session A: Pension Plans
"Does Pension Plan Substitution Affect Firm Performance?"
"An Empirical Analysis of Market Share Changes and Motivations for Termination of Pension Plans"
"Assortative Pensions: The "Haves" and the "Have Nots""
"Asset Liability Modeling in Pension Management"
Session B: Adverse Selection
"Asymmetric Information in Insurance Markets: Evidence of Lowballing"
"Genetics and Insurance: An Economic Approach"
"Equity Financing under Asymmetric Information Following Capital Shocks"
"Double-Sided Adverse Selection in the Product Market and the Role of the Insurance Market"
Session C: Lessons in Risk Management
"An Analysis of Three Important Issues Facing Risk Management and Insurance Educators: Curriculum Development, Journal Rankings, Program Assessment"
"Risk Management for Effective Implementation of Projects: A Case of Tourism Project in Barbados"
"The Effect of Corporate Governance on the use of Enterprise Risk Management: Evidence from Canada"
Session D: Insurance Marketing
"An Assessment of the Quality of Life Insurance Advice Provided on the Internet"
"An Empirical Investigation of the Nature of Financial Advice Provided by Web-Based Sources"
"Do Independent Agents Reduce Life Insurance Companies' Free Cash Flow?"
Session E: Insurance Regulation
"International Law Affecting Insurance Regulation in the Americas: Implications for Future Business"
"Form Regulation in Commercial Insurance"
"Impact of Deregulation on Property-Liability Insurer Performance in Korea and Japan"
"Property Insurance and Corporate Risk: Evidence from the People's Republic of China"
10:15 - 10:45am Break
10:30 - Noon Concurrent Session 6
Session A: Human Resource Exposures
"The Value of a Life: New Evidence of the Relationship Between Changes in Occupational Fatalities and Wages of Production Workers, 1989 to 1997"
"S.P.I.C.E. A model for Reducing the Incidence and Costs of Occupationally Entitled Claims"
"Potential Liability Exposures Arising from Employee Benefits Administration"
"On the Relation between Underwriting Profits and Investment Income"
Session B: Life and Health Insurance
"The Valuation of Risks to Life and Health: Is the Use of Hedonic Regression Techniques Relevant?"
"The Effect of Managed Care Regulation on HMO Performance"
"Economic Crises and Health Risk: Evidence from Mexico"
"The Life Insurance Sector in the People's Republic of China: A Perspective of the Service Economy"
Session C: Insurer Financial Performance
"Long-Term Determinants of Life Insurer Insolvency"
"Solvency Management and Insurance Company Risk"
"A Solvency Model for Non-Life Insurance Companies"
"Competitive Profiles and Performance Indicators: The Case of the Insurance Industry"
Session D: Risk Finance
"Empirical Analysis of PCS Call Spread Options"
"Nonlinearity and Low Deterministic Chaotic Behavior in Insurance Portfolio Stock Returns"
"A Macro-Economic Analysis of the U.S. Professional Liability Insurance Industry"
Session E: Market Dynamics
"The Japanese Big Bang - Sizzle or Fizzle? The Impact of Deregulation on Non-Life Insurer Efficiency"
"Competition, Market Structure and Efficiency in Chinese Insurance Sectors on the eve of the WTO: An Empirical Investigation"
"From Notional to Real Individual Accounts: Restructuring Challenges Facing China's Pension System"
"Effect of Social Security on Saving"