RICHARD M. ROBINSON
Professor of Business, SUNY Fredonia
E336 Thompson Hall
Fredonia, NY 14063
Home Tel: 716-992-4102
Cell Phone: 859-351-4683
E-Mail: Richard.Robinson@fredonia.edu
Education
PhD (Economics) University of Oregon (1981)
Post-Doctoral Study (Finance) University of Georgia (1984-85)
BS (Economics) Portland State University (1975)
Academic Experience
5/07-Present: Professor of Business, SUNY Fredonia
7/05-6/07: Director of the School of Business, SUNY Fredonia
5/02-5/05: MBA Director, College of Business & Technology, Eastern Kentucky
University (EKU)
3/03-7/07: Co-Editor, Journal of Economics and Finance
5/99 - 4/03: AACSB Accreditation Coordinator for Business Programs, EKU
8/98 – 7/05: Professor of Finance, Department of Accounting and Finance, EKU.
8/90 - 8/98: Associate Professor, Department of Economics and Finance, EKU.
8/85 - 8/90: Assistant Professor, Department of Economics and Finance, EKU.
6/85 - 8/85: Visiting Instructor, Department of Finance. University of Nebraska- Lincoln.
8/81 - 5/85: Assistant Professor, Department of Business and Economics, Berry College,
Rome, GA.
8/78 - 5/81: Visiting Instructor, Department of Economics. Portland State University,
Portland, OR.
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Texts
Robinson, Richard, Ethics, Economics and Business Management, North American Business Press,
Atlanta, GA, (December, 2012), ISBN: 9780958394950
Journal Articles-Refereed
Robinson, Richard and Marwan ElNasser, “Decomposing Recent Money Supply Changes with
Implications for Current Fed Policy,” International Review of Financial Studies, (forthcoming,
accepted for publication in April, 2013).
Robinson, Richard, “The Philosophy of Action and Authority in the Entrepeneurial Ethic,” BRC
Journal of Education,” Vol. 3, No. 1 (2013), p. 69 – 96.
Robinson, Richard and Charles Telly, “Should Academic Business Ethics be Constructed Upon
the Kantian Kernel,” BRC Journal of Education,” Vol. 3, No. 1 (2013), p. 97 – 120.
Robinson, Richard, “The Philosophy of Evil and Business Code Abandonment,” BRC Journal
of Business, Vol. 2, Number 1 (March 2012), p. 135 – 156.
Robinson, Richard and MaryAnn Robinson, “Dutch-auction IPOs: institutional development and
underpricing performance,” Journal of Economics and Finance, Vol. 36, No. 3, (July, 2012), p
521 -554.
Robinson, Richard and Marwan ElNasser, “Escaping the Trap: Prospects for Federal Reserve
Policy During the Recovery,” Financial Decisions, Volume 22, Number 1 (Summer, 2010).
Robinson, Richard, “Parsimonious Expected Utility and In-the-Large Risk Premiums for the
Undergraduate Curriculum,” Journal of Economics and Finance Education, Volume 8, Number
2, (Winter 2009).
Robinson, R., M. A. Robinson and C. C. Peng, “Underpricing and IPO Ownership Retention,”
Journal of Economics and Finance, Volume 28, Number 1 (Spring), 2004.
Varshney, S. and R. Robinson, “IPO Research Symposium Review,” Journal of Economics and
Finance, Volume 28, Number 1 (Spring), 2004.
Robinson, R. and M.A. Robinson, “Capital gains Taxes and IPO Prices,” Financial Decisions,
Fall, 2002, Article 1.
Robinson, R. and M.A. Robinson, "Serial Issue Evidence for the Relation Between the Risk
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Structure and Maturity: A Decomposition Approach," Journal of Financial Research, Vol. XXI,
Number 1, Spring, 1998.
Robinson, R., Reside, M., Dandapani, K., and A. Prakash, "A Tax-Based Motive for
Underpricing Initial Public Offerings, Journal of Managerial and Decision Economics, Vol. 15,
1994.
Robinson, R., Shelor, R., and P. Medury, "Can Publishing Consolidated Only Statements
Obscure Debt Responsibility? A Study of Financial Reporting Changes", Journal of Financial
and Strategic Decisions, Vol. 4, No. 3, 1991.
Robinson, R., Shelor, R., and P. Medury, "Consolidated Only Statements and Market Preferences
for Information", Journal of Financial and Strategic Decisions, Vol. 4, No. 1, 1991.
Robinson R., and J.C. Thompson. "The Linear Relation Between Realized Yield and Macaulay's
Duration", Journal of Economics and Finance, No. 1, April, 1990.
Robinson, R., and E. Duett, "The Effects of In-Substance Defeasance on Shareholder Wealth,"
Journal of Business and Economic Perspectives, Vol. XVI, Spring, 1990.
Robinson, R., "The Effects of an Uncertain Inflation on the Labor Supply", Journal of Economics
and Finance, September, 1984.
Papers/Presentations
“Monetray Policy’s Effects on Credit Flows,” Pennsylvania Economic Association Annual
Conference, Edinboro University of Pennsylvania, May 30, 2014.
“Positive Duty in Business and Its Practical Limitations?” Presented as part of the on-campus ongoing series Ethics Awareness Events, sponsored by the Department of Business Administration,
SUNY Fredonia, November 21, 2013.
Robinson, Richard and Marwan ElNasser, “Loan Flows and Monetary Policy,” New York State
Economics Association, 66th Annual Conference, SUNY at Farmingdale, October 5, 2013.
Robinson, Richard and Marwan ElNasser, “Teaching the Evolution of US Monetary Policy
During the Recent Economic Crisis,” New York State Economics Association, 66th Annual
Conference, SUNY at Farmingdale, October 5, 2013.
Robinson, Richard, “Boycotts, Duty, and the Pricing of Ethics,” Eighth Annual Conference of the
Business Research Consortium of Western New York, Canisius College, April 13, 2013.
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Robinson, Richard, “Kantian Markets, Boycotts, and Efficiency,” Pennsylvania Economic
Association Annual Conference, Clarion University of Pennsylvania, June 1, 2012. (Published in
Proceedings).
Robinson, Richard and Marwan El Nasser, “Decomposing Recent Money Supply Changes with
Implications for Current Fed Policy,” Pennsylvania Economic Association Annual Conference,
Clarion University of Pennsylvania, June 1, 2012. (Published in Proceedings).
Robinson, Richard, “The Philosophy of Action and Authority in the Entrepeneurial Ethic,”
Annual Meetings of the Business Research Consortium of Western New York, SUNY Oswego,
April, 2012 (Published in Proceedings).
Robinson, Richard and Charles Telly, “Should Academic Business Ethics be Constructed Upon
the Kantian Kernel,” Annual Meetings of the Business Research Consortium of Western New
York, SUNY Oswego, April, 2012, (Published in Proceedings).
Richard Robinson, “A Kantian View of Moral Codes in Business and Why They’re Abandoned,”
presented to Faculty and Students during the Ethics Week Lecture Series, School of Business,
SUNY Fredonia, October 12, 2011.
Richard Robinson and Marwan El Nasser, “The Potential for Credit Facilities as a New Tool of
Monetary Policy,” presented at the Business Research Consortium of Western New York, Sixth
Annual Conference, at SUNY Brockport, April 16, 2011.
Richard Robinson, “The Philosophy of Evil and Business Code Abandonment,” presented at the
Business Research Consortium of Western New York, Sixth Annual Conference, at SUNY
Brockport, April 16, 2011.
ElNasser, Marwan and Richard Robinson, “The Liquidity Trap and the Federal Reserve Exit
Strategy,” presented at the Business Research Consortium of Western New York, Fifth Annual
Conference, at SUNY Geneseo, April 17, 2010. An earlier version of this presentation was also
presented at the Social Science Research Colloquium, SUNY Fredonia, January, 2010.
ElNasser, Marwan and Richard Robinson, “The US Liquidity Trap and the Federal Reserve Exit
Dilemma,” presented at the Pennsylvania Economics Association Annual Meetings, June 2-5,
2010 at Grove City College.
Robinson, Richard, “The Financial Crisis and Pre-Packaged Bankruptcy Negotiations,” presented
at the Symposium Examining the Causes, Effects & Consequences of the Financial Crises, at
Ross Bridge Resort, Birmingham, Alabama, October 1, 2009. (Sponsored by Federal Reserve
Bank of Atlanta, and School of Business, Mississippi State University.)
“The Persistence of Underpricing in Dutch-Auction IPOs,” with Richard M. Robinson:
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Presentation at the Academy of Economics and Finance Annual Conference, Houston, February
2006.
“Dutch Auction IPOs and Motives for Underpricing,” with Richard M. Robinson: Academy of
Economics and Finance Annual Conference, Myrtle Beach, February 2005.
“Underpricing and IPO Ownership Retention,” Academy of Economics and Finance Annual
Conference, February 2004.
“Underpricing and IPO Ownership Retention,” Southern Finance Association Annual Meetings,
November 2002.
"Taxes and IPO Pricing," Eastern Finance Association Annual Meetings, April 2001.
"Treasury Rates and Credit Spreads," Midwest Finance Association Annual Meeting, April 2000.
"Maturity and Default Risk," presented at the Southern Finance Association Annual Meetings,
November 1998.
"Serial Issue Evidence for the Relation Between the Risk Structure and Maturity: Maximum
Likelihood Estimates," presented at the Eastern Finance Association Annual Meetings,
Williamsburg, VA, April 1998.
"Dividend Signalling and Capital Expansion Decision Rules," presented at the Southern Finance
Association Annual Meetings, Baltimore, MD, November 1997.
"A Nonparametric Examination of Serial-Issue Evidence for the Risk-Structure, Maturity
Relation," presented at the Southern Financial Association Annual Meetings, Key West, FL,
November, 1996.
"A Decomposition of the Risk Structure of Interest Rates Into Coupon, Relative Duration, and
Default-Risk Components", presented at the Financial Management Association Annual
Meetings, New Orleans, LA, October, 1996.
"Capital Expansion and Dividend Signalling," Eastern Finance Association Annual Meetings,
Hilton Head, SC, April, 1995.
"Maturity, Default Probability, and the Yield Differential Between Risky and Risk-Free Debt,"
Southern Finance Association Annual Meetings, Charleston, SC, November, 1994.
"Default Probability, and the Yield Differential Between Risky and Risk-Free debt," Southern
Finance Association Annual Meetings, New Orleans, LA, November, 1993.
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"A Tax-Based Motive for Underpricing Initial Public Offerings," Southern Finance Association
Annual Meetings, New Orleans, LA, November, 1993.
"A Study of Insider Trading in Financial Institutions Since Deregulation," Southern Finance
Association Annual Meetings, Jacksonville, FL, November, 1992.
"Shelf Registration and Underwriter's Due Diligence Obligation," Southern Finance Association
Annual Meetings, Jacksonville, FL, November, 1992.
"Call Provisions for Shelf Registered, Privately Placed, and Publicly Placed Debt," Southern
Finance Association Annual Meetings, Key West, FL, November, 1991.
"The Effectiveness of Fisher-Weil Duration for Immunization: A Reexamination'" Financial
Management Association Annual Meetings, Orlando, FL, October, 1990.
"Changes in Financial Reporting Methods and Returns to Common Stockholders: An Event
Study of Debt Assessment," Financial Management Association Annual Meetings, Orlando, FL,
October, 1990.
"A Model of Interest Rate Sensitivity of Financial Institutions," Southern Finance Association
Annual Meetings, Savannah, GA, November, 1990.
"A Safety-First Rebalancing Strategy for Duration-Based Immunization", presented at the
Financial Management Association Meetings, Boston, MA, October 19, 1989.
"Motives for In-Substance Defeasance: A Reexamination", with Edwin Duett, presented at the
Midwest Finance Association Meetings, Cincinnati, OH, March 31, 1989.
"Duration-Based Immunization Against a series of Term-Structure Shifts", presented at the
Midwest Finance Association Meetings, Cincinnati, OH, March 30, 1989.
"The Effects of an In-Substance Defeasance on Non-Defeased Debt", with Edwin Duett,
presented at the Southern Finance Association Meetings, San Antonio, TX, November, 23, 1988.
"An Examination of the Effects of Debt Extinguishment Through Defeasance on Shareholder
Wealth" with Edwin Duett, presented at the Annual Meeting of the Decision Science Institute,
Las Vegas, NV, November 22, 1988.
"Duration-Based Immunization, Terminal Value Convexity, and Optimal Rebalancing",
presented at the Eastern Finance Association Meetings, Bal Harbor, FL, April 22, 1988.
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"The Changing Environment of Quantitative Models in Finance", with Virgil Brewer, presented
at the Midwest Business Administration Association Meetings, Chicago, IL, March 24, 1989.
"An Examination of Initial Public Offerings Around the Market Crash of 1987", with Edwin
Duett, presented at the Midsouth Academy of Economics and Finance Meetings, Nashville, TN,
February 15, 1989.
"The Effects of an Unpredictable Inflation on Retirement Decisions", presented at the Eastern
Economics Association Meetings, Boston, MA, March, 1983.
Book Reviews
Duration Analysis: Managing Interest Rate Risk, by Gerald Bierwag, (Ballinger Publishing Co.,
Cambridge, MA, 1987) Journal of Banking and Finance, 12 (1988) 161-166.
Hedging with Financial Futures for Institutional Investors: From Theory to Practice, by Stephen
Figlewski (Ballinger Publishing Co., Cambridge, MA, 1986) Journal of Banking and Finance,
11 (1987) 182-189.
Bond Portfolio Immunization, by Michael Granito (Lexington Books, Lexington, MA, 1984)
Journal of Banking and Finance, 9 (1985) 600-603.
Editorial Positions
Co-Editor (Finance Editor), Journal of Economics and Finance, March 2003 to July 2007.
December 2001- Present, Production Editor, Financial Decisions. Vice-Chair Board of Directors
(and Founding Member of Association with Professors R. Clayton of Jacksonville State, R.
Burns of University of Alabama-Birmingham, and E. Duett of Mississippi State Universities),
Financial Decisions Association, a nonprofit academic association formed to publish Financial
Decisions, formerly the Journal of Financial and Strategic Decisions.
March 1992-1999 Associate Editor, Journal of Financial and Strategic Decisions.
Editorial Board/Review Activities
Current reviewer for:
Financial Decisions
Journal of Economics and Finance
New York State Economics Association Annual Conferences
Pennsylvania Economic Association Annual Conference
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Professional Service
2007 to 2014:
(i) 7/07 to 9/14: Chair of Personnel Committee, Department of Business Administration,
SUNY Fredonia. In this capacity, I (a) evaluate applications for annual Discretionary
Salary Increases (merit-pay increases), (b) evaluate applications from tenure-track faculty
for continuation, and (c) evaluate applications for tenure and promotion. I also prepare
letters from the Committee to upper administration pertaining to these evaluations. Since
then I have served as a member of this Committee.
(ii) 7/07 to 9/14: Chair of Curriculum Committee, Department of Business
Administration. In this capacity, I form and evaluate curriculum proposals, course
changes, and objectives for Business courses. Since then I have served as a member of
this Committee.
(iii) 7/07 to 9/12: Chair of Assessment Committee, Department of Business
Administration. In this capacity, I help form assessment instruments and evaluations of
learning goals for the School of Business. I also form “closing-the-loop” improvements in
curriculum as a result of these assessments.
(iv) 2012: Chair of Mission and Goals Committee for the School of Business. In this
capacity I help update the School of Business’s Mission and Goals in preparation for a
new Strategic Plan (Spring, so12).
(v) 8/2010 to 8/2013: Serve the Department in the capacity of Faculty Senator (University
Senate).
7/05-7/07:
Director of the School of Business: In this capacity I (a) helped form the original Mission
and Goals for the School of Business, (b) wrote the definition requirements for AQ and
PQ faculty, both full-time and adjuncts, and formed the AACSB coverage tables as based
on these definitions, (c) formed the Strategic Plan for the School of Business, (d) formed
the AACSB Accreditation Plan for the School, organized the first Alumni Leadership
Conference (June, 2006) for the School (a fund-raising effort), and (e) lead the effort to
separate the School for the larger School of Arts and Sciences with a separate Dean for
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the School of Business
Please note that during this entire period as Director, I carried a full instructional load of 9
semester hours per semester.
3/03 – 7/07
Co-Editor, Journal of Economics and Finance. I this capacity, I served as Finance
Submission Editor (two-thirds of submissions to the JEF), and Production Editor. In the
latter capacity, I served as editor of accepted manuscripts to assure the Journal’s style was
followed for all publications.
Please note that I carried a full instructional load of 9 semester hours during this period.
5/02-5/05
MBA Director, Eastern Kentucky University. I became MBA Director as the result of a
vote of the Graduate Faculty of the School of Business. When I assumed this position,
there were only 82 students, and no MBA elective courses being scheduled. The
admission standards were very low (lower than AACSB stated standards). I organized a
Faculty Admissions’ Committee that raised admission standards, organized on-line
offerings for the lower-level required courses, and recruited new students of higher
quality. The number of students in the program increased from 82 to 125 as a result of
these efforts.
Please note that I carried a full instructional load of 9 semester hours during this period.
5/99 – 5/05
I served on EKU’s School of Business Curriculum Committee, Personnel Committee
(Chair), and University’s Graduate Committee.
5/99 – 4/03
AACSB Coordinator of the School of Business at Eastern Kentucky University. In this
capacity, I led the effort to organize new policies for annual faculty evaluation, DSI,
promotion and tenure, and also helped to organized the many other policies necessary to
obtain accreditation. I wrote the AACSB Review document, and met with the AACSB
Review Committee and Staff. Due to these efforts, EKU achieved accreditation in April,
2003.
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Please note that I carried a full instructional load of 9 semester hours during this period.
12/01- 3/03:
Production Editor, Financial Decisions. Vice-Chair Board of Directors (and Founding
Member of Association with Professors R. Clayton of Jacksonville State, R. Burns of
University of Alabama-Birmingham, and E. Duett of Mississippi State Universities),
Financial Decisions Association, a nonprofit academic association formed to publish
Financial Decisions, formerly the Journal of Financial and Strategic Decisions.
92-99:
Associate Editor, Journal of Financial and Strategic Decisions.
Also Prior to 1999:
I served on the Department’s Personnel Committee (Chair), School of Business
Curriculum Committee, Faculty Senate, and numerous other Committees.
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