ROBERT R. BLISS
Calloway School of Business and Accountancy
Wake Forest University
P.O. Box 7285 Reynolda Station
Winston-Salem, NC 27109-7285
105 Corbridge Lane
Winston-Salem, NC 27106-4719
(336) 758-5759
(336) 758-6133 (fax)
blissrr@wfu.edu
http://users.wfu.edu/blissrr
(336) 794-9395
rbliss@gsbalum.uchicago.edu
Wake Forest University
EXPERIENCE
July 2004 to present Calloway School of Business and Accountancy
Professor, F. M. Kirby Chair in Business Excellence
•
January 1999 to
June 2004
May 1998 to
December 1998
June 1995 to May
1998
September 1989 to
May 1995
Teach undergraduate finance
Federal Reserve Bank of Chicago
Senior Financial Economist and Economic Advisor
•
Conducted academic level research in topics related to risk
management and bank regulation.
•
Contributed to policy discussions on risk management,
payment systems, bank regulation and market discipline.
Bank of England
Senior Research Advisor
•
Oversaw the development and implementation of the
Division’s research strategy covering fixed income, equity,
foreign exchange, and related derivatives markets.
•
Managed research in equity and interest rate derivatives
markets.
Federal Reserve Bank of Atlanta
Senior Research Economist
•
Conducted academic level research in monetary and financial
economics.
•
Advised bank president on financial markets conditions and
the interpretation of information derived from securities
markets.
Indiana University, School of Business
Assistant Professor (1/92–5/95)
Convertible Lecturer (9/89–12/91)
•
Taught MBA Investments and undergraduate Introductory
Corporate Finance and Investments.
EDUCATION
Ph.D., Finance, The University of Chicago, Graduate School of
Business, 1991.
M.B.A., Finance, The University of Chicago, Graduate School of
Business, 1988.
B.S., Computer Science, Purdue University, 1973.
JOURNAL
ARTICLES
“U.S. Corporate and Bank Insolvency Regimes: A Comparison and
Evaluation” (w/ G. Kaufman), Virginia Law & Business Review Vol.
2, No. 1, Spring 2007, 143–177.
“Derivatives Clearing and Settlement: A Comparison of Central
Counterparties and Alternative Structures” (w/ R. Steigerwald),
Federal Reserve Bank of Chicago Economic Perspectives, Vol. 30,
Fourth Quarter, 2006, 22–29.
“A Comparison of U.S. Corporate and Bank Insolvency Resolution”
(w/ G. Kaufman), Federal Reserve Bank of Chicago Economic
Perspectives, Vol. 30, Second Quarter, 2006, 44–56.
“Derivatives and Systemic Risk: Netting, Collateral, and Closeout”
(w/ G. Kaufman), Journal of Financial Stability, Vol. 2, No. 1, April
2006, 55–70.
“Option-Implied Risk Aversion Estimates” (with N. Panigirtzoglou),
Journal of Finance, Vol. 59, No. 1, February 2004, 407–446.
“Bank Procyclicality, Credit Crunches, and Asymmetric Effects of
Monetary Policy: A Unified Model” (with G. Kaufman), Journal of
Applied Finance, Vol. 13, No. 2, Fall/Winter 2003, 23–31.
“Bankruptcy Law and Large Complex Financial Organizations: A
Primer,” Federal Reserve Bank of Chicago Economic Perspectives,
Vol. 27, First Quarter, 2003, 48–58.
“Market Discipline in the Governance of U.S. Bank Holding
Companies: Monitoring vs. Influence” (with M. Flannery), European
Finance Review, Vol. 6, No. 3, 2002, 361–395.
• Also published in Prudential Supervision: What Works and What
Doesn’t, ed. F. Mishkin, University of Chicago Press, Chicago,
IL, 2001, 107–143.
“Credit Ratings and the BIS Reform Agenda: A Comment” Journal of
Banking and Finance, Vol. 26, No. 5, May 2002, 923–928.
“Testing the Stability of Implied Probability Density Functions” (with
N. Panigirtzoglou), Journal of Banking and Finance, Vol. 26, No. 2–
3, March 2002, 381–422.
“Market Discipline and Subordinated Debt: A Review of Some
Salient Issues,” Federal Reserve Bank of Chicago Economic
Perspectives, Vol. 25, First Quarter, 2001, 24–45.
JOURNAL
ARTICLES
(continued)
“The Elasticity of Interest Rate Volatility: Chan, Karolyi, Longstaff,
and Sanders Revisited” (with D. Smith), Journal of Risk, Vol. 1, No.
1, Fall 1998, 21–46.
“Callable U.S. Treasury Bonds: Optimal Calls, Anomalies, and
Implied Volatilities” (with E. Ronn), Journal of Business, Vol. 71,
No. 2, April 1998, 211–252.
“Movements in the Term Structure of Interest Rates” Federal Reserve
Bank of Atlanta Economic Review, Vol. 82, No. 4, Fourth Quarter
1997, 16–33.
“Empirical Tests of Two State-Variable Heath-Jarrow-Morton
Models” (with P. Ritchken), Journal of Money, Credit and Banking,
Vol. 28, No. 3(Pt. 2), August 1996, 452–476.
“To Call or Not to Call? That is the Question: Optimal Call Policies
for Callable U.S. Treasuries” (with E. Ronn), Federal Reserve Bank of
Atlanta Economic Review, Vol. 80, No. 6, November/December 1995,
1–14.
“Risk Based-Capital: Issues and Solutions” Federal Reserve Bank of
Atlanta Economic Review, Vol. 80, No. 5, September/October 1995,
32–40.
“A Non-Stationary Trinomial Model for the Valuation of Options on
Treasury Bond Futures Contracts” (with E. Ronn), Journal of Futures
Markets, Vol. 14, No. 5, August 1994, 597–617.
“Arbitrage-Based Estimation of Non-Stationary Shifts in the Term
Structure of Interest Rates” (with E. Ronn), Journal of Finance, Vol.
44, No. 3, July 1989, 591–610.
“The Information in Long-Maturity Forward Rates” (with E. Fama),
American Economic Review, Vol. 77, No. 4, September 1987, 680–
692.
ARTICLES IN
BOOKS
“Multiple Regulators and Insolvency Regimes: Obstacles to Efficient
Supervision and Resolution,” in The Structure of Financial
Regulation, ed. D. Mayes and G. Woods, Routledge, New York, NY,
132–154, 2007.
“Key Policy Challenges in Financial Institution Resolution:
Additional Complexities,” in Systemic Financial Crises: Resolving
Large Bank Insolvencies, ed. D. Evanoff and G. Kaufman, World
Scientific Publishing Co. Pte. Ltd., Singapore, 2005, 307–317.
“Market Discipline: Players, Processes, and Purposes,” in Market
Discipline Across Countries and Industries, ed. W. Hunter, G.
Kaufman, C. Borio, and K. Tsatsaronis, MIT Press, Boston, 2004, 37–
53.
ARTICLES IN
BOOKS
(continued)
“Netting, Financial Contracts, and Banks: The Economic
Implications,” (with W. Bergman, C. Johnson, and G. Kaufman), in
Market Discipline in Banking: Theory and Evidence, Vol. 15 of
Research in Financial Services, ed. G. Kaufman, Elsevier Press,
Amsterdam, 2003, 303–334.
“Resolving Large Complex Financial Organizations,” in Market
Discipline in Banking: Theory and Evidence, Vol. 15 of Research in
Financial Services, ed. G. Kaufman, Elsevier Press, Amsterdam,
2003, 3–31.
“Testing Term Structure Estimation Methods” in Vol. 9 of Advances
in Futures and Options Research, ed. P. Boyle, G. Pennacchi, and P.
Ritchken, JAI Press, Greenwich, Connecticut, 1997, 197–231.
OTHER
PUBLICATIONS
“Common Sense About Executive Stock Options,” Federal Reserve
Bank of Chicago Chicago Fed Letter, No. 188, April 2003.
“Explaining Bank Credit Crunches and Procyclicality” (with G.
Kaufman), Federal Reserve Bank of Chicago Chicago Fed Letter, No.
179, July 2002.
“Financial Accounting Standards No. 133—The Reprieve” (with L.
Ashley), Federal Reserve Bank of Chicago Chicago Fed Letter, No.
143, July 1999.
“A New Method for Valuing Treasury Bond Futures Options,”
Association for Investment Management and Research Monograph,
Financial Analysts Federation, 1992.
WORKING
PAPERS
“Moral Hazard and the Structure of Debt Contracts” (w/ S. Cauley),
January 2007.
“After the Trade: Structures for Derivatives Clearing and Settlement”
(w/ R. Steigerwald), October 2006.
“Derivatives Clearing, Central Counterparties, and Novation: The
Economic Implications,” (w/ C. Papathanassiou), March 2006.
“The Monotonicity of the Option-Value/Volatility Relation: A Note,”
February 2003.
“The Pitfalls in Inferring Risk from Financial Market Data,” Federal
Reserve Bank of Chicago WP 2000-24, December 2000.
“Can Resampling Solve Scarce-Data Problems?” January 2000.
PROFESSIONAL
SERVICE
Associate Editor, International Journal of Business
Co-editor North American Journal of Economics and Finance
Vice President, North American Economics and Finance
Association
Reviewer for:
American Economic Review; Bank of England working paper
series (refereed); European Finance Review; Financial Review;
International Journal of Business; Journal of Banking and
Finance; Journal of Applied Finance; Journal of Business; Journal
of Economics and Business; Journal of Empirical Finance; Journal
of Finance; Journal of Financial and Quantitative Analysis;
Journal of Financial Research; Journal of Financial Services
Research; Journal of Financial Stability, Journal of Futures
Markets; Journal of International Money and Finance; Journal of
Money, Credit and Banking; Management Science; Multinational
Finance Journal; Quarterly Journal of Business and Economics;
Review of Financial Studies; and The Review of Quantitative
Finance and Accounting.
Member, Program Committees:
ADDITIONAL
APPOINTMENTS
•
Summer Meeting of the North American Economics and
Finance Association, 2006 and 2007.
•
Annual Meetings of the Financial Management Association,
1992, 1993, 1996, 1997 and 2001
•
Annual Meeting of the European Finance Association, 1996.
Adjunct Professor of Finance, Kellogg Graduate School of
Management, Northwestern University, 2000–2001.
Visiting Scholar, Federal Reserve Bank of Minneapolis, August
1996.
MISCELLANEOUS
US citizen.
US Navy, 1969–1979.
PRESENTATIONS
(2007)
“U.S. Corporate and Bank Insolvency Regimes: An Economic
Comparison and Evaluation”
Financial Management Association European Meeting,
Barcelona, Spain, 31 May 2007
Second European Conference on Financial Regulation and
Supervision Finlawmetrics: Finance, Law and Data, Milan,
Italy, 18 June 2007
“Moral Hazard and the Structure of Debt Contracts”
Athenian Policy Forum, Chicago, IL 4 January 2007
Copenhagen Business School, Frederiksberg, Denmark, 12
March 2007.
University College Dublin, Michael Smurfit School of
Business, 15 March 2007
Western Economic Association/North American Economics
and Finance Association Annual Meeting, Seattle, WA, 1 July
2007.
“Derivatives and Systemic Risk: Netting, Collateral, and
Closeout”
Central Bank and Financial Services Authority, Dublin,
Ireland, 16 March 2005.
“Measuring the Reliability of Information from Implied
Probability Density Functions”
Aarhus University, School of Business, Aarhus, Denmark, 13
March, 2007.
PRESENTATIONS
(2006)
“Issues in Global Financial Markets and Banking”
Wachovia/Wake Forest alumni luncheon, Charlotte, NC 15
November 2006.
“The Impact of Derivatives on Financial Markets: Risk
Management Tools or Just Plain Risky?”
The Institute for Management Accountants, Winston-Salem,
NC, 19 October 2006
“Derivatives and Systemic Risk: Netting, Collateral, and
Closeout”
Professional Risk Managers International Association,
Charlotte, NC 26 June 2006.
“Derivatives and Risk: Buffett, Greenspan and Financial Market
Transformation”
Charlotte Economics Club, Charlotte, NC 12 May 2006.
“Derivatives Clearing, Central Counterparties, and Novation: The
Economic Implications”
European Central Bank/Federal Reserve Bank of Chicago
joint conference on Issues Related to Central Counterparty
Clearing, Frankfurt, Germany, 2 April 2006.
PRESENTATIONS
(2005)
“U.S. Corporate and Bank Insolvency Regimes: An Economic
Comparison and Evaluation”
Federal Reserve Bank of Chicago workshop, 15 December
2005.
Calloway/Babcock Joint Research Workshop, Wake Forest
University, Winston-Salem, NC, 18 November 2005
Western Economic Association/North American Economics
and Finance Association Annual Meeting, San Francisco, CA,
7 July 2005.
Federal Deposit Insurance Corporation seminar, Washington,
DC, 28 June 2005.
Allied Social Sciences Association/North American
Economics and Finance Association Annual Meeting,
Philadelphia, PA, 8 January 2005.
“Derivatives and Systemic Risk: Netting, Collateral, and
Closeout”
Federal Reserve Bank of Chicago workshop, 15 April 2005.
London School of Economics, Financial Regulation Seminar,
6 June 2005.
Cass Business School, City University, London workshop, 8
June 2005.
PRESENTATIONS
(2004)
“Derivatives and Systemic Risk: Netting, Collateral, and
Closeout”
Derivatives and Financial Stability, jointly hosted by the
Associazione Guido Carli and the Journal of Financial
Stability, Rome, Italy, 25 October 2004.
Calloway/Babcock Joint Research Workshop, Wake Forest
University, Winston-Salem, NC, 5 November 2004
“Key Policy Challenges in Financial Institution Resolution:
Additional Complexities—A Discussion”
Systemic Financial Crises: Resolving Large Bank
Insolvencies hosted by the Federal Reserve Bank of Chicago,
Chicago, IL, 30 September–1 October 2004
“Multiple Regulators and Insolvency Regimes: Obstacles to
Efficient Supervision and Resolution”
The Structure of Financial Regulation, hosted by the Bank of
Finland and the Cass Business School London, Helsinki,
Finland, 2–3 September, 2004.
“Market Discipline: Players, Processes, and Purposes”
Risk Network Discussions, hosted by the Sveriges Riksbank
(Swedish Central Bank), Stockholm, Sweden, 3 June 2004.
PRESENTATIONS
(2003)
“Market Discipline: Players, Processes, and Purposes”
Conference on Market Discipline: The Evidence Across
Countries and Industries, hosted by the Bank for
International Settlements and the Federal Reserve Bank of
Chicago, Chicago, IL, 30 October–1 November 2003
“Option-Implied Risk Aversion Estimates”
University of Missouri, Columbia, MO, 14 November 2003
Wake Forest University, Winston-Salem, NC, 24 November
2003
“Netting, Financial Contracts, and Banks: The Economic
Implications”
European Central Bank, Frankfurt, Germany, 17 December
2003
Federal Reserve Bank of Chicago, Chicago, IL, 3 December
2003
Federal Reserve System Committee on Banking and
Financial Structure Annual Meeting, Chicago, IL, 25–26
September 2003
Western Economic Association Annual Meeting, Denver,
CO, 11–14 July 2003
“Resolving Large Complex Financial Organizations”
Federal Reserve Bank of Chicago, Chicago, IL, 6 November
2003
Financial Management Association Annual Meeting Dublin,
Ireland, 4–6 June 2003
Bank of England, London, UK, 3 June 2003
PRESENTATIONS
(2002)
“Bankruptcy Law and Large Complex Financial Organizations:
A Primer”
Federal Reserve Bank of Chicago, seminar, 16 September
2002
“Option-Implied Risk Aversion Estimates”
European Finance Association Annual Meeting, Berlin,
Germany, 23 August 2002
European Financial Management Association Annual
Meeting, London, UK, 28 June 2002
Bachelier Finance Society Congress, Heraklion, Greece, 15
June 2002
Derivatives Securities Conference, New York, NY, 27 April
2002
Sveriges Riksbank seminar, Stockholm, Sweden, 16 April
2002
McGill University seminar, Montreal, Canada, 22 March
2002
Indianapolis University/Purdue University Indianapolis
seminar, Indianapolis, IN, 31 January 2002
Federal Reserve Bank of Chicago, seminar, 10 January 2002