RICHARD PHILLIPS, PhD
Department Chair
C.V. Starr Professor of Risk Management and Insurance
Graduate Program Advisor - Mathematical Risk Management

Phone: (404) 413-7478
Email:

CV

Education

PhD, University of Pennsylvania
MS, University of Pennsylvania
BS, University of Minnesota

Specializations

Risk Management
Financial and Insurance Economics
Regulation of U.S. Insurance Markets

Biography

Richard D. Phillips is the Chair of the Risk Management and Insurance Department at Georgia State University and also the C.V. Starr Professor of Risk Management and Insurance.  Since 1997 he has also held the appointment of Fellow of the Wharton Financial Institutions Center at the University of Pennsylvania.  Phillips has held visiting appointment at the Federal Reserve Bank of Atlanta (1996-1997), at the Wharton School (2003), and the Federal Reserve Bank of New York (2007-2008).

Phillips' research interests lie at the intersection of corporate finance and insurance economics.  His current interests are the impact of risk on corporate decision making, the functioning of insurance markets, and the role of rating agencies in the economy.  He has published in academic and policy journals including the Journal of Financial Economics, the Journal of Risk and Insurance, the Journal of Banking and Finance, Journal of Financial Services Research, the Journal of Law and Economics, the Journal of Insurance Regulation, and the North American Actuarial Journal, among others.  He has contributed scholarly articles to books published by Risk Publications, the University of Chicago Press, Kluwer Academic Publishers, and the Brookings Institute.  Phillips has received several awards for his research including the Robert C. Witt Research Award (1998), the ARIA/CAS Best Paper Award three times (1998, 1999, and 2006), and the James S. Kemper Best Paper Award (2003) among others.

Phillips has served as a consultant to leading commercial and governmental organizations including AIG, Allstate, ING, AXA, Goldman Sachs, Tillinghast, Aon Capital Markets, the Casualty Actuarial Society, the Society of Actuaries, and the U.S. Office of Management and Budget.

Phillips is a member of the American Finance Association, the American Risk and Insurance Association, the Financial Management Association, and is the Past President of the Risk Theory Society.  He is currently the co-editor of the Journal of Risk and Insurance and he serves as an ad hoc referee for several other academic journals. Professor Phillips' doctoral and master's degrees are in Managerial Science and Applied Economics from the University of Pennsylvania.  He was graduated with honors from the University of Minnesota with a B.S. in Mathematics.

Selected Publications

"Hedging, Financing and Investment Decisions: Theory and Empirical Tests," with Chen-Miao Lin and Stephen D. Smith (2008), Journal of Banking and Finance 32: 1566-1582

“Regulator Performance, Regulatory Environment and Outcomes: An Examination of Insurance Regulator Career Incentives on State Insurance Markets,” with Martin F. Grace, (2008), Journal of Banking and Finance 32: 116-133.

“The Allocation of Government Regulatory Supervision Within a Federal System of Government: Fiscal Federalism and the Case of Insurance Regulatory Oversight," with Martin F. Grace, (2007), Journal of Risk and Insurance 74(1): 207-238.

"Estimating the Costs of Equity Capital in Property-Liability Insurance," with J. David Cummins. Journal of Risk and Insurance 72(3): 441-478. This paper won the Casualty Actuarial Science – American Risk and Insurance Award in 2006.

"The Basis Risk of Catastrophic-Loss Index Securities," with J. David Cummins and David Lalonde, (2004), Journal of Financial Economics 71(1): 77-111.

"The Capital Structure of Firms Subject to Price Regulation: Evidence from the Insurance Industry" with Robert W. Klein and Wenyan Shiu, (2002), Journal of Financial Services Research 21(1/2): 79-100.

"Keeping up with the Joneses: Changing Rate Standards and the Buildup of Capital by U.S. Property-Liability Insurers," with Neil Doherty, (2002), Journal of Financial Services Research. 21(1/2): 55-78.

"On Shore Special Purpose Reinsurance Vehicles: A Public Policy Evaluation," with Martin F. Grace and Robert W. Klein, (2001), Risk Management and Insurance Review, 4(1): 7-34. This paper won the Kemper Best Paper Award for the best feature article in 2003.

"The Incentive Effects of No Fault Insurance," with J. David Cummins and Mary A.Weiss, (2001), Journal of Law and Economics 44(2): 427-464.

“Derivatives and Corporate Risk Management: Participation and Volume Decisions in the Insurance Industry," with J. David Cummins and Stephen D. Smith, (2001) Journal of Risk and Insurance, 68(1): 51-90.

“Regulatory Solvency Prediction in Property-liability Insurance: Risk-based Capital, Audit Ratios, and Cash Flow Simulation" with J. David Cummins, Martin F. Grace, (1999), Journal of Risk and Insurance, 66(3): 417-458. Awarded the CAS-ARIA Award, 2000 and the Robert I. Mehr Award, 2009

“Financial Pricing of Insurance in the Multiple-Line Insurance Company," with J. David Cummins and Franklin Allen (1998), (Phillips is lead author), Journal of Risk and Insurance, 65(4): 597-636. Awarded the Robert C. Witt Award and the CAS-ARIA Award, 1999. Awarded the Robert I. Mehr Award, 2008.

“Application of Risk Theory to the Interpretation of Stochastic Cash Flow Testing Results," with Edward Robbins and Samuel H. Cox (1997), North American Actuarial Journal, 1(April):85-103.

“Corporate Hedging in the Insurance Industry: The Use of Financial Derivatives by U.S. Insurers," with J. David Cummins and Stephen D. Smith (1997), North American Actuarial Journal, 1(January):13-49.

Capital Adequacy and Insurance Risk-Based Capital Systems (with J. David Cummins) GET

Insurance Company Failures: Why do they Cost so Much? (with Martin Grace and Robert Klein) GET

The Pricing of Financially Intermediated Risks: Evidence from the Property-Liability Insurance Industry (with J. David Cummins and Yijia Lin) GET

Competition Among Rating Agencies and its Impact on Information Disclosure (with Neil. A. Doherty and Anastasia Kartasheva) GET