James R. Garven, Ph.D.

Contact Information
Postal address: HSB 351	Telephone: (254) 307-1317
Department of Finance, Insurance & Real Estate	Fax: (254) 710-1092
Hankamer School of Business	E-Mail: James_Garven@baylor.edu
Baylor University	Homepage: http://garven.com
One Bear Place #98004
Waco, TX 76798-8004

Ph.D. (1984):  University of Illinois, Urbana, IL (Dissertation: “Corporate Insurance Contracting and the Value of the Firm”)
M.B.A. (1980):  Illinois State University, Normal, IL
B.S. (1977):  Illinois State University, Normal, IL

Appointments

September 2002 - Present: Frank S. Groner Memorial Chair in Finance, Professor of Finance and Insurance (tenured) and Director of the Risk Management and Insurance Program, Department of Finance, Insurance and Real Estate, Hankamer School of Business, Baylor University.

September 2007 - Present: Visiting Scholar, Wharton School, University of Pennsylvania.

January 2006 - June 2006: Adjunct Professor, Wharton School, University of Pennsylvania.

June 2000 - September 2002: Professor of Finance and Insurance and Director of the Risk Management and Insurance Program, Department of Finance, Insurance and Real Estate, Hankamer School of Business, Baylor University.

January 1998 – May 2000: Associate Professor (tenured) and William H. Wright, Jr. Endowed Chair for Financial Services, Department of Finance, E. J. Ourso College of Business Administration, Louisiana State University.

January 1996 - January 1998: Vice President, Economic Analysis & Product Research, InsWeb Corporation.

July 1989 - January 1996: Assistant Professor, College and Graduate School of Business, The University of Texas at Austin.

August 1984 - June 1989: Assistant Professor, College of Business Administration, The Pennsylvania State University.

Courses Taught (use "guest" as your username and "baylor" as your password for all password protected links)

University of Pennsylvania (Spring 2006): INSR 932 (Markets for Risk Management), a PhD course offered by the Dept. of Insurance and Risk Management at the Wharton School.

Louisiana State University: Finance 7400 (Risk Management) and Finance 3460 (Risk Management).

University of Texas at Austin: BA 385T (Financial Management), FIN 357/357H (Business Finance), RMI 357/RMI 357E (Introduction to Risk Mgmt. and Insurance), RMI 377 (Property-Liability Risk Mgmt. and Planning), RMI 395.1 (Introduction to Risk Mgmt. and Insurance), RMI 395.2 (Financial and Economic Aspects of Risk Mgmt. and Insurance), and RMI 395.5 (Insurance Economics and Finance Theory).

Pennsylvania State University : Finance 305 (Financial Management), Finance 306 (Investment Valuation), Finance 307 (Applications of Financial Management), Finance 531 (Financial Management), and Finance 561 (Ph.D. Corporate Finance Seminar).

My research interests are in insurance pricing, corporate risk management, insurance economics, and option pricing theory and applications.

“The Underinvestment Problem, Bond Covenants and Insurance"(with Richard D. MacMinn), Journal of Risk and Insurance, Vol. 60, No. 4 (December 1993), pp. 635-646. (Recipient of the 2003 Robert I. Mehr Award recognizing the Journal of Risk and Insurance article published in 1993 with the greatest ten-year impact in the field of risk management and insurance and the 1993 Journal of Risk and Insurance Outstanding Article Award).

Garven, James R. and, 1990, “Property-Liability Insurance Pricing Models: An Empirical Evaluation"(with Stephen P. D’Arcy), Journal of Risk and Insurance, Vol. 57, No. 3 (September 1990), pp. 391-430. (Reprinted in Vol. 1 of the Casualty Actuarial Society's 1990 Discussion Paper Program and as Chapter 8 in Managing the Insolvency Risk of Insurance Companies, Richard Derrig and J. D. Cummins, editors (Norwell, MA: Kluwer Academic Publishers, 1991), pp. 209-247).

“CML to SML: An Alternative Approach,” Journal of Business Finance and Accounting, Vol. 15, No. 2 (Summer 1988), pp. 283-287.

“On the Application of Finance Theory to the Insurance Firm,” Journal of Financial Services Research, Vol. 1, No. 1 (September 1987), pp. 57-76. (Reprinted as Chapter 8 in Financial Models of Insurance Solvency, Richard Derrig and J. D. Cummins, editors (Norwell, MA: Kluwer Academic Publishers, 1989), pp. 243-265).

“Price Regulation in Property-Liability Insurance: A Contingent Claims Approach,” (with Neil A. Doherty), Journal of Finance, Vol. 41, No. 5, (December), pp. 1031-1050. (Reprinted in Foundations of Insurance Economics, Georges Dionne and Scott Harrington, editors (Norwell, MA: Kluwer Academic Publishers, 1991)), pp. 572-591).

“A Pedagogic Note on the Derivation of the Black-Scholes Option Pricing Formula,” Financial Review, Vol. 21, No. 2 (May 1986), pp. 337-344.

“On Corporate Insurance"(with Richard D. MacMinn), Chapter 16 in Handbook of Insurance, Georges Dionne, editor ( Norwell, MA: Kluwer Academic Publishers), December 2000, pp. 541-564.

“Corporate Insurance, Reinvestment, and Capital Structure” (with Neil A. Doherty), in Insurance, Risk Management and Public Policy: Essays in Memory of Robert I. Mehr. Sandra G. Gustavson and Scott E. Harrington, editors ( Norwell, MA: Kluwer Academic Publishers), 1993, pp. 29-47.

“On the Use of Option Pricing Models for Insurance Rate Regulation” (with Neil A. Doherty), Chapter 7 in Workers Compensation Insurance: Claim Costs, Prices, and Regulation, Philip Borba and David Durbin, editors (Norwell, MA: Kluwer Academic Publishers, December 1992), pp. 147-170.

“Capacity and the Cyclicality of Insurance Markets,” (with Neil A. Doherty), Chapter 2 in Cycles and Crises in Property/Casualty Insurance: Causes and Implications for Public Policy, (Kansas City, MO: National Association of Insurance Commissioners, 1991), pp. 52-74.

“Commentary on ‘Challenges Facing the Insurance Industry in Managing Catastrophic Risks,’” National Bureau of Economic Research, in The Financing of Catastrophe Risk (National Bureau of Economic Research Project Report), by Kenneth Froot (Editor), University of Chicago Press (May 1999), pp. 189-191.

“Investment Income, Underwriting Profit and Contingencies: Future Developments,” Casualty Actuarial Society Forum, Vol. 3, Fall 1988, pp. 179-203.

“An Electronic Forum for the Business of Risk,” Best’s Review, April 1995, p. 18.

Manuscripts

Garven, James R. , 2007, “The Demand for Insurance,” June, revise and resubmit status with Risk Management and Insurance Review.

“Adverse Selection in Reinsurance Markets: Theoretical and Empirical Perspectives,” Finance Workshop, Hankamer School of Business, Baylor University, December 2004.

“Economic and Financial Perspectives on the Demand for Reinsurance,” Finance Workshop, Hankamer School of Business, Baylor University, February 2003.

“The Role of Electronic Commerce in Financial Services Integration,” Williams Insurance Chair Workshop, Carlson School of Management, University of Minnesota, April 2000.

“The Demand for Reinsurance: Theory and Empirical Tests,” Finance Workshop, Hankamer School of Business, Baylor University, January 2000.

“The Demand for Reinsurance: Theory and Empirical Tests,” Finance Workshop, E.J. Ourso College of Business Administration, Louisiana State University, April 1997.

“Reinsurance, Taxes And Efficiency: A Contingent Claims Model Of Insurance Market Equilibrium,” The Eli Broad College of Business and Graduate School of Management, Michigan State University, 1995.

“Reinsurance, Taxes And Efficiency: A Contingent Claims Model Of Insurance Market Equilibrium,” School of Business and Management, Temple University, 1995.

“Reinsurance, Taxes And Efficiency: A Contingent Claims Model Of Insurance Market Equilibrium,” Finance Workshop, The University of Illinois at Chicago, 1995.

“Reinsurance, Taxes And Efficiency: A Contingent Claims Model Of Insurance Market Equilibrium,” Center for Research on Risk and Insurance, The Wharton School, University of Pennsylvania, 1995.

“On the Implications of the ‘Information Superhighway’ for Research and Teaching in Business Schools,” Illinois State University, 1995.

“Insurance Cycles: Interest Rates and the Capacity Constraint Model,” Carlson School of Management, University of Minnesota, 1994.

“Insurance Cycles: Interest Rates and the Capacity Constraint Model,” Center for Risk Management and Insurance Research, Georgia State University, 1994.

“On the Implications of the ‘Information Superhighway’ for Research and Teaching in Teaching in Business Schools,” Georgia State University, 1994.

“Toward an Electronic University,” AAPG Annual Seminar, Kiawah Island, South Carolina, 1994.

"The Underinvestment Problem, Bond Covenants and Insurance,” Economics Workshop, University of Geneva, 1993.

"The Underinvestment Problem, Bond Covenants and Insurance,” Finance Workshop, Michigan State University, 1992.

“The Demand for Reinsurance: Theory and Empirical Tests,” Center for Research on Risk and Insurance, The Wharton School, University of Pennsylvania, 1991.

“Interest Rates, Financial Structure and Insurance Price Cycles,” Profit/Actuarial Seminar, Automobile Insurers Bureau of Massachusetts, 1991.

“Options and Insurance,” Finance Workshop, The University of Texas at Austin, 1989.

“Options and Insurance,” Center for Research on Risk and Insurance, The Wharton School, University of Pennsylvania, 1989.

“Options and Insurance,” Finance Workshop, The Pennsylvania State University, 1989.

“Agency Costs, Organizational Form, and Capital Structure Policy: The Case of the Property-Casualty Insurance Industry,” Finance Workshop, The Pennsylvania State University, 1987.

“On the Role of Solvency in the Theory of the Insurance Firm,” Finance Workshop, The Pennsylvania State University, 1986.

“On the Role of Solvency in the Theory of the Insurance Firm,” Center for Research on Risk and Insurance, The Wharton School, University of Pennsylvania, 1986.

“Price Regulation in Property-Liability Insurance: A Contingent Claims Approach,” Finance Workshop, The Pennsylvania State University, 1985.

“On the Implications of the Internet for Insurance Markets and Institutions,” Young Insurance Professionals Conference, Lafayette, LA, October 1999.

“On the Implications of the Internet for Insurance Markets and Institutions,” CPCU Society, Baton Rouge, LA, October 1999.

“Electronic Commerce in the Insurance Industry: Business Perspectives,” The Kemper Insurance Companies, Long Grove, IL, July 1998.

“Distribution Channels in the New Millennium,” 1997 CPCU Society Conference, Dallas, TX, September 1997.

“The Cyber Risk Manager and the Virtual Office,” 1997 Risk and Insurance Management Society Conference, Atlanta , GA , April 1997.

“The Use of External Sources in Actuarial and Underwriting Analysis,” Casualty Actuarial Society Ratemaking Seminar, Boston, MA, March 1997.

“A Vision of the Agent's Role in the Electronic Future,” AMS User's Group Conference, New Orleans, LA, March 1997.

“Insurance on the Internet: Implications for Companies and Agents and Brokers,” CPCU Societies of Oregon and Central Illinois (November 1996), Louisiana Professional Insurance Agents Association (October 1996), KS/OK and Illinois Professional Insurance Agents Associations (September 1996).

“Insurance and Actuarial Uses of the Internet and World Wide Web,” Casualty Actuarial Society Seminar on Emerging Technologies, Scottsdale, AZ, October 1996.

“The Internet: Implications for Risk Management and Insurance,” North East Regional Conference for the Risk and Insurance Management Society, Pittsburgh, PA, September 1996.

“Dynamic Financial Analysis Task Force on Variables Update,” Casualty Actuarial Society, Montreal, CA, July 1996.

“The Internet and the Actuary,” Casualty Actuarial Society, Washington, DC, May 1996.

“Technology Transforming the Insurance Industry,” American College, Bryn Mawr, PA (September 1995), Dallas, TX chapter of the CPCU Society, Dallas, TX (September 1995), insurance industry conferences in Chicago, IL (October 1995) and New York City, NY (February 1996), American National Insurance Company, Galveston, TX (October 1995) and a/e PRONet, San Antonio, TX (March 1996).

Panelist, National Association of Variable Annuities, Palm Springs, CA, February 1996.

“Limited Attendance Workshop on Financial Risk Theory,” Casualty Actuarial Society, Boston, MA, October 1995.

“Actuaries, Insurance and the Internet,” Annual meetings of the Society of Actuaries and the Casualty Actuarial Society, May 1995.

“Adverse Selection in Reinsurance Markets: Theoretical and Empirical Perspectives,” (with Joan Lamm-Tennant), American Risk and Insurance Association, 2004.

“Theoretical and Empirical Perspectives on the Demand for Reinsurance,” (with Joan Lamm-Tennant), American Risk and Insurance Association, 2002.

“IT Productivity and Efficiency in the U.S. P&L Insurance Industry,” (with Martin F. Grace), American Risk and Insurance Association, 2002.

Organizer and moderator for a plenary session entitled “Risk Management in the New Economy” at the 2000 meetings of the American Risk and Insurance Association.

“On the Implications of the Internet for Insurance Markets and Institutions,” American Risk and Insurance Association, 2000.

“The Profit Efficiency of Information Technology Investments: A Comparison of Alternative Distribution Mechanisms in the U.S. Property-Liability Insurance Industry,” (with Martin F. Grace), American Risk and Insurance Association, 1998.

“On the Implications of the Internet for Insurance Markets and Institutions,” Rethinking Insurance Regulation, a conference sponsored by the Competitive Enterprise Institute, Washington, DC, April 1998.

“The Demand for Reinsurance: Theory and Empirical Tests,” (with Joan Lamm-Tennant), Financial Management Association International and 5 th International Conference on Insurance Solvency and Finance, 1997.

“The Demand for Reinsurance: Theory and Empirical Tests,” (with Joan Lamm-Tennant), Northern Finance Association, 1996.

“The Demand for Reinsurance: Theory and Empirical Tests,” (with Joan Lamm-Tennant), American Risk and Insurance Association, 1996.

“Ownership Structure and Distribution Systems in Property-Liability Insurance: A Bivariate Probit Approach,” (with Montserrat Guillen Estany), 22nd Seminar of the European Group of Risk and Insurance Economists, 1995.

“Ownership Structure and Distribution Systems in Property-Liability Insurance: A Bivariate Probit Approach,” (with Montserrat Guillen Estany), American Risk and Insurance Association, 1995.

Panelist for the topic “Using Large Insurance Databases: Issues and Problems” at the 1995 meetings of the American Risk and Insurance Association.

Panelist for the plenary session topic “Technology Transforming the Insurance World” at the 1994 meetings of the American Risk and Insurance Association.

“Event Study Methodology: A New and Stochastically Flexible Approach,” (with Patrick L. Brockett and Hwei-Mei Chen), American Risk and Insurance Association, 1994.

Organizer and moderator for a plenary session on Risk-Based Capital at the 1993 meetings of the American Risk and Insurance Association.

“Agency Costs, Financial Structure and Exclusive Dealing,” (with Scott E. Harrington), American Risk and Insurance Association, 1993.

“The Underinvestment Problem, Bond Covenants and Insurance,” (with Richard D. MacMinn), American Risk and Insurance Association, 1992.

“Risk and Reward in Property-Liability Insurance,” (with Richard A. Derrig), Research Roundtable, International Insurance Seminar, 1992.

“Risk and Reward in Property-Liability Insurance,” (with Richard A. Derrig), Casualty Actuarial Seminar on Ratemaking, 1992.

“Reinsurance and Taxes: A Contingent Claims Approach,” (with Henri Loubergé), ESSEC-AFFI Conference in Finance, 1992.

“Reinsurance and Taxes: A Contingent Claims Approach,” (with Henri Loubergé), Risk Theory Seminar, 1992.

“Reinsurance and Taxes: A Contingent Claims Approach,” (with Henri Loubergé), 18 th Seminar of the European Group of Risk and Insurance Economists, 1991.

“Reinsurance and Taxes: A Contingent Claims Approach,” (with Henri Loubergé), American Risk and Insurance Association, 1991.

“Interest Rates, Financial Structure and Insurance Price Cycles,” (with Neil A. Doherty), Third International Conference on Insurance Finance and Solvency, 1991.

“Interest Rates, Financial Structure and Insurance Price Cycles,” (with Neil A. Doherty), Risk Theory Seminar, 1991.

“Interest Rates, Financial Structure and Insurance Price Cycles,” (with Neil A. Doherty), Casualty Actuarial Seminar on Ratemaking, 1991.

“The Demand for Reinsurance: Theory and Empirical Tests,” American Risk and Insurance Association, 1990.

“Property-Liability Insurance Pricing Models: An Empirical Evaluation,” (with Stephen P. D’Arcy), 1990 Spring Meetings of the Casualty Actuarial Society.

“The Demand for Reinsurance: Theory and Empirical Tests,” Risk Theory Seminar, 1990.

“Recent Developments in Financial Modeling for Insurance,” Casualty Actuarial Seminar on Ratemaking, 1990.

“Recent Developments in Financial Modeling for Insurance: Option Pricing Theory and Tests of Insurance Pricing Models,” (with Stephen P. D’Arcy), Casualty Actuarial Seminar on Ratemaking, 1989.

“Financial Pricing Models of Property-Liability Insurance: An Empirical Evaluation,” (with Stephen P. D’Arcy), Second International Conference on Insurance Solvency, 1988.

"Investment Income, Underwriting Profit and Contingencies: Future Developments,” Casualty Actuarial Seminar on Ratemaking, 1988.

“On the Use of Option Pricing Models for Insurance Rate Regulation,” (with Neil A. Doherty), 7 th Annual Seminar of the National Council on Compensation Insurance, 1987.

"Agency Costs, Organizational Form, and Capital Structure Policy: The Case of the Property-Casualty Insurance Industry,” (with Prabir Datta), Financial Management Association, 1987.

"Agency Costs, Organizational Form, and Capital Structure Policy: The Case of the Property-Casualty Insurance Industry,” (with Prabir Datta), American Risk and Insurance Association, 1987.

“On the Role of Solvency in the Theory of the Insurance Firm,” 14 th Seminar of the European Group of Risk and Insurance Economists, 1987.

"On the Role of Solvency in the Theory of the Insurance Firm,” Risk Theory Seminar, 1987.

“Capital Structure Theory and Financial Intermediation: The Case of Reinsurance,” American Risk and Insurance Association, 1986.

“Price Regulation in Property-Liability Insurance: A Contingent Claims Approach,” (with Neil A. Doherty), American Risk and Insurance Association, 1986.

“Corporate Insurance, Reinvestment, and Capital Structure,” (with Neil A. Doherty), Financial Management Association, 1985.

“Unanticipated Information and its Intra-Industry Effects: A Case Study of the Union Carbide Mishap,” (with Gautam Vora), Financial Management Association, 1985.

“Optimal Reinsurance in the Presence of Agency Costs and Corporate Taxation,” Eastern Finance Association, 1985.

“Market Imperfections, Taxation, and Captive Insurance Companies,” (with Neil A. Doherty), Financial Management Association, 1983.

“Capital Markets Instruments for Catastrophe Risk Financing,” Veronique Bruggeman, American Risk and Insurance Association meeting, 2007.

“Underwriting Cycles and Underwriter Sentiment,” M. Martin Boyer, American Risk and Insurance Association meeting, 2006.

“Does the Internet Make Markets More Competitive? Evidence from the Life Insurance Industry,” Jeffrey Brown and Austan Goolsbee, National Bureau of Economic Research Insurance Project Workshop, 2001.

“Moral Hazard in Reinsurance Markets,” Neil Doherty and Kent Smetters, National Bureau of Economic Research Insurance Project Workshop, 2000.

“Challenges Facing the Insurance Industry in Managing Catastrophic Risks,” Paul Kleindorfer and Howard Kunreuther, National Bureau of Economic Research Conference on “The Financing of Property/Casualty Risks,” 1996.

“Microcomputer Financial Decision Support Systems: Expansion Paths from Lotus 1-2-3,” Hugh McLaughlin and Timothy Sullivan, Financial Management Association, 1986.

“Beta as a Random Coefficient: Portfolio and Return Interval Effects,” Gabriel Hawawini, Patricia Levine, and Ashok Vora, Financial Management Association, 1984.

Associate Editor, Journal of Risk and Insurance, 1998-present.

Associate Editor, Geneva Risk and Insurance Review (formerly known as Geneva Papers on Risk and Insurance Theory), 1991-1997, 2002-present.

Journal article referee for Financial Review, Geneva Risk and Insurance Review, Insurance: Mathematics and Economics, International Journal of Finance & Economics, Journal of Business, Journal of Economics and Business, Journal of Finance, Journal of Financial Research, Journal of Risk and Insurance, Quarterly Journal of Business and Economics, and Risk Management and Insurance Review.

Chair of the Scientific Committee for the 2005 World Risk and Insurance Economics Congress, 2003-2005.

Immediate Past President of the American Risk and Insurance Association, 2007-present.

American Risk and Insurance Association Committees: Executive Committee (2005-present), Finance Committee (2004-2007), Innovation in Instruction Awards Committee (1991-1992), Membership Committee (1994-1997), Nominations Committee (1994-1995, 2000-2002, 2007-present), Program Committee (1990-1994, 1996-2002, 2006-present), Early Career Scholarly Achievement Award Committee (2007-present), Strategic Planning Committee (1986-1987, 1993-1996, 2004-2007), Website Committee (1995-2005), Witt Award Committee (2010-present).

Casualty Actuarial Society Committees: Committee on Theory of Risk (1995-present) and Casualty Actuarial Society ARIA Prize Paper Committee (1999-present).

Risk Theory Society Officer Positions: Secretary (1993-1994), President (1994-1995), Past-President (1995-1996).

Doctoral Dissertation Committees: Ettie Baranoff (1991-1993), Hwei-Mei Chen (1991-1993), Soonkoo Hong (1990-1992), Bonsung Koo (1991-1992), Steven Pottier (1992-1994), and Carolin Schellhorn (1989-1991), Department of Finance, The University of Texas at Austin.

Distinguished Professor Award, Hankamer School of Business, Baylor University, 2005.

Recipient of the 2003 Robert I. Mehr Award recognizing the Journal of Risk and Insurance article published in 1993 with the greatest ten-year impact in the field of risk management and insurance (for the article entitled “The Underinvestment Problem, Bond Covenants and Insurance”).

Holder of the Frank S. Groner Memorial Chair in Finance, Department of Finance, Insurance and Real Estate, Hankamer School of Business, Baylor University, 2002-present.

Holder of the William H. Wright, Jr. Endowed Chair for Financial Services, Department of Finance, E. J. Ourso College of Business Administration, Louisiana State University, 1998-2000.

1995 Journal of Risk and Insurance Outstanding Article Award for the article entitled “Incentive Contracting and the Role of Participation Rights in Stock Insurance Companies,” 1996.

1993 Journal of Risk and Insurance Outstanding Article Award for the article entitled” The Underinvestment Problem, Bond Covenants and Insurance,” 1994.

Graduate Business Council Award for Excellence in Teaching of the Core Curriculum, The University of Texas at Austin, Fall 1993.

1992 Journal of Risk and Insurance Outstanding Feature Article Award for the article entitled “An Exposition of the Implications of Limited Liability and Asymmetric Taxes for Property-Liability Insurance,” 1993.

1995 Journal of Risk and Insurance Outstanding Article Award for the article entitled “Incentive Contracting and the Role of Participation Rights in Stock Insurance Companies,” 1996.

1993 Journal of Risk and Insurance Outstanding Article Award for the article entitled” The Underinvestment Problem, Bond Covenants and Insurance,” 1994.

Finance Department nominee for the CBA Foundation Advisory Council Award for Teaching Innovation, The University of Texas at Austin, 1994.

Graduate Business Council Award for Excellence in Teaching of the Core Curriculum, The University of Texas at Austin, Fall 1993.

Grant recipient for “Gopher and Electronic Mail: A User's Guide for Faculty,” College and Graduate School of Business Administration, University of Texas at Austin, 1993.

University Research Institute Summer Research Award, University of Texas at Austin, 1992.

Finance Department nominee for the Hank and Mary Harkins Foundation Award for Effective Teaching in Large Undergraduate Classes, The University of Texas at Austin, 1991.

Grant received from the National Association of Insurance Commissioners for research on property-liability underwriting cycles, 1990.

College of Business Administration Research Projects Fund, The Pennsylvania State University, Summer Research Award, 1985.

Outstanding Instructor in Finance, University of Illinois/Urbana-Champaign, 1983-1984.