Faculty & Staff Directory


Robert R. Bliss is Professor of Finance at the School of Business at Wake Forest University, where he teaches courses in derivatives, financial engineering, and capital markets. Prior to returning to academia, Dr. Bliss served as a senior financial economist at Federal Reserve Bank of Chicago and held research positions at the Bank of England and the Federal Reserve Bank of Atlanta. Previously, Dr. Bliss taught finance at Indiana University. Professor Bliss's research interests include fixed income securities and derivatives, structured finance, risk management, financial regulation, and the law and economics of insolvency. Professor Bliss earned his doctorate in finance from the University of Chicago.

Professor Bliss has published and spoken widely on derivatives and derivatives law, their relation to systemic risk, bank insolvency and bankruptcy, financial regulation, market discipline, systemic risk in general and the current financial crisis. He has participated in numerous international forums of regulators, academics and practitioners grappling with these issues and the reform of financial regulation. Professor Bliss also has expertise in empirical methods and use of financial data. He has developed methods for estimating term structures, extracting implied density functions from option prices, determining the reliability these estimates and measuring market risk aversion.

  • Ph D, The University of Chicago (Finance) - 1991
  • MBA, The University of Chicago- 1988
  • BS, Purdue University (Computer Science) - 1973

Research Interests

  • Interest Rate Modeling and Bond Pricing
  • Risk Management
  • Law and Economics of Financial Regulation, Derivatives Markets, and Insolvency
  • Systemic Risk and Market Discipline.

Teaching Interests

  • Financial Derivatives
  • Financial Engineering and Risk Management
  • Financial Markets and Banking.

  • Bliss, R. (Forthcoming). Market Discipline in Financial Markets: Theory, Evidence, and Obstacles. In (Ed.), Oxford Handbook of Banking : Oxford University Press.
  • Bliss, R. , &  Kaufman, G. G. (Forthcoming). Resolving Large Complex Financial Institutions Within and Across Jurisdictions. In R. Herring (Ed.), Cross-Border Issues in Resolving Systemically Important Financial Institutions : Wharton Financial Institutions Center.
  • Bliss, R. (Forthcoming). 2007--2008?The Year of Crisis, Vol. 2 of Financial Institutions and Markets. Palgrave Macmillan.
  • Bliss, R. (Forthcoming). Multiple Regulators and Insolvency Regimes: Obstacles to Efficient Supervision and Resolution. In D. Mayes and G. Woods (Ed.), : in The Structure of Financial Regulation.
  • Bliss, R. , &  Steigerwald, R. (Forthcoming). Derivatives Clearing and Settlement: A Comparison of Central Counterparties and Alternative Structures. Economic Prospetives/Federal Reserve Bank of Chicago.
  • Bliss, R. , &  Kaufman, G. G. (Forthcoming). Derivatives and Systemic Risk: Netting, Collateral, and Closeout. Journal of Financial Stability.
  • Bliss, R. R. , &  Edwards, F. R. (Forthcoming). The New Failure Resolution Regulation: The Good, The Bad, and the Unknowable. In D Evanoff, G Kaufman and A.G. Malliaris (Ed.), Public Policy and Financial Economics in Honor of Professor George G. Kaufman Boston: Publishers Ltd.
  • Bliss, R. ,  Kaufman, G. G. ,  , . , &  , . (2010). The Financial Crisis: An Early Retrospective, Vol. 3 of Financial Institutions and Markets. Palgrave Macmillan.
  • Bliss, R. (2008). Current Issues in Financial Markets, Vol. 1 of Financial Institutions and Markets. Palgrave Macmillan.
  • Bliss, R. , &  Kaufman, G. (2006). A Comparison of U.S. Corporate and Bank Insolvency Resolution. Federal Reserve Bank of Chicago Economic Perspectives, , 44-56.
  • Bliss, R. (2005). Key Policy Challenges in Financial Institution Resolution: Additional Complexities. In . Evanoff and G. Kaufman (Ed.), (pp. 307-317). : in Systemic Financial Crises: Resolving Large Bank Insolvencies.
  • Bliss, R. (2004). Market Discipline: Players, Processes, and Purposes. In W. Hunter, G. Kaufman, C. Borio, and K. Tsatsaronis (Ed.), (pp. 37-53). : in Market Discipline Across Countries and Industries.
  • Bliss, R. , &  Panigirtzoglou, N. (2004). Option-Implied Risk Aversion Estimates. Journal of Finance, 59 (1), 407-446.
  • Bliss, R. , &  Kaufman, G. G. (2003). Bank Procyclicality, Credit Crunches, and Asymmetric Effects of Monetary Policy: A Unified Model. Journal of Applied Finance, 13 (2), 23-31.
  • Bliss, R. (2003). Bankruptcy Law and Large Complex Financial Organizations: A Primer. Federal Reserve Bank of Chicago Economic Perspectives, (First Quarter), 48-58.
  • Bliss, R. ,  Bergman, W. J. ,  Johnson, C. A. , &  Kaufman, G. G. (2003). Netting, Financial Contracts, and Banks: The Economic Implications. In G. Kaufman (Ed.), (pp. 303-334). : in Market Discipline in Banking: Theory and Evidence, of Research in Financial Services.
  • Bliss, R. , &  Kaufman, G. G. (2003). Resolving Large Complex Financial Organizations. In G. Kaufman (Ed.), (pp. 3-31). : in Market Discipline in Banking: Theory and Evidence, of Research in Financial Services.
  • Bliss, R. (2002). Credit Ratings and the BIS Reform Agenda: A Comment. Journal of Banking and Finance, 26 (5), 923-928.
  • Bliss, R. , &  Kaufman, G. G. (2002). Explaining Bank Credit Crunches and Procyclicality. Federal Reserve Bank of Chicago Chicago Fed Letter, (179)
  • Bliss, R. , &  Flannery, M. J. (2002). Market Discipline in the Governance of U.S. Bank Holding Companies: Monitoring vs. Influence. European Finance Review, 6 (3), 361-395.
  • Bliss, R. , &  Panigirtzoglou, N. (2002). Testing the Stability of Implied Probability Density Functions. Journal of Banking and Finance, 26 (2-3), 381-422.
  • Bliss, R. (2001). Market Discipline and Subordinated Debt: A Review of Some Salient Issues. Federal Reserve Bank of Chicago Economic Perspectives, (First Quarter 2001), 24-25.
  • Bliss, R. , &  Ashley, L. (1999). Financial Accounting Standards No. 133?The Reprieve. Federal Reserve Bank of Chicago Chicago Fed Letter, (143)
  • Bliss, R. , &  Ronn, E. I. (1998). Callable U.S. Treasury Bonds: Optimal Calls, Anomalies, and Implied Volatilities. Journal of Business, 71 (2), 211-252.
  • Bliss, R. , &  Smith, D. C. (1998). The Elasticity of Interest Rate Volatility: Chan, Karolyi, Longstaff, and Sanders Revisited. Journal of Risk, 1 (1), 21-46.
  • Bliss, R. (1997). Movements in the Term Structure of Interest Rates. Federal Reserve Bank of Atlanta Economic Review, 82 (4), 16-33.
  • Bliss, R. (1997). Testing Term Structure Estimation Methods. In P. Boyle, G. Pennacchi, and P. Ritchken (Ed.), (pp. 197-231). : in Advances in Futures and Options Research.
  • Bliss, R. , &  Ritchken, P. (1996). Empirical Tests of Two State-Variable Heath-Jarrow-Morton Models. Journal of Money, Credit and Banking, 28 (3(Pt. 2)), 452-476.
  • Bliss, R. (1995). Risk Based-Capital: Issues and Solutions. Federal Reserve Bank of Atlanta Economic Review, 80 (5), 32-40.
  • Bliss, R. , &  Ronn, E. I. (1995). To Call or Not to Call? That is the Question: Optimal Call Policies for Callable U.S. Treasuries. Federal Reserve Bank of Atlanta Economic Review, 80 (6), 1-14.
  • Bliss, R. , &  Ronn, E. I. (1994). A Non-Stationary Trinomial Model for the Valuation of Options on Treasury Bond Futures Contracts. Journal of Futures Markets, 14 (5), 597-617.
  • Bliss, R. , &  Ronn, E. I. (1989). Arbitrage-Based Estimation of Non-Stationary Shifts in the Term Structure of Interest Rates. Journal of Finance, 44 (3), 591-610.
  • Bliss, R. , &  Fama, E. F. (1987). The Information in Long-Maturity Forward Rates. American Economic Review, 77 (4), 680-692.

  • 2017 - Honorary Visiting Chair of Finance, University of Nantes

  • September 13, 2010 - Distressed local banks, Asheville Citizen Times
  • June 1, 2010 - It's the Interconnectedness, Stupid, U.S. Banker Magazine | more information
  • May 4, 2010 - US Financial Regulation Reform, Kass FM, Kenya | more information
  • October 26, 2009 - Resolution of Systemically Important Institutions, U.S. Banker
  • September 9, 2009 - Is FDIC closing banks fast enough?, Minneapolis Star Tribune
  • August 18, 2009 - US Treasury non-bank resolution proposals, Economist
  • July 17, 2009 - Resolution of Systemically Important Institutions, U.S. Banker
  • June 1, 2009 - 5:00 News, WFMY
  • May 14, 2009 - n/a, Chicago Tribune
  • April 29, 2009 - Charlotte Talks, WFAE/NPR | more information
  • March 23, 2009 - Treasury Toxic Asset Plan, WSJS
  • February 27, 2009 - CitiGroup - Winners and Losers, WFMY
  • February 23, 2009 - Bank nationalization, La Opinion
  • December 3, 2008 - What the auto industry bailout means for you , WFMY News 2
  • November 23, 2008 - Buckley Report: Financial Panic , WGHP FOX 8
  • October 28, 2008 - BB&T to sell $3.1 b stock to Treasury , WFMY News 2
  • October 28, 2008 - BB&T to sell $3.1 b stock to Treasury , News 14 Carolina
  • October 20, 2008 - Government seeks ways to spur lending , L.A. Times
  • October 20, 2008 - Unregulated market faces test , Washington Post
  • October 14, 2008 - Buckley Report: A Small Financial World , WGHP FOX 8
  • October 10, 2008 - A Long Way To Go Before It Is Over, Triad Business Journal
  • October 10, 2008 - Wachovia/Wells Fargo/Citgroup deal , WXII News 12
  • October 7, 2008 - Wachovia's undoing: No typical takeover , Charlotte Observer
  • October 6, 2008 - Short-term thinking, housing bust led to crisis , High Point Enterprise
  • October 4, 2008 - The Fight for Wachovia , wsj.com
  • October 3, 2008 - Wells Fargo steps in, creates bidding war , wsj.com
  • October 3, 2008 - Wachovia switch to Wells Fargo , WFMY News 2
  • October 3, 2008 - Wachovia switch to Wells Fargo , News 14 Carolina
  • October 3, 2008 - New Player Emerges in Wachovia Merger , WGHP FOX 8
  • October 1, 2008 - Doubts Linger Over Wachovia Price Tag , Charlotte Observer
  • October 1, 2008 - Focus on NC Economy-2-hr live special , UNC-TV
  • September 29, 2008 - Financial turmoil , WJNO 1290 AM- WPB, Fla.
  • September 29, 2008 - Failure of rescue plan in House , WXII News 12
  • September 29, 2008 - Wachovia acquired by Citigroup , WXII News 12
  • September 29, 2008 - Failure of rescue plan in House , WFMY News 2
  • September 26, 2008 - Financial turmoil , AM 770 CHQR-Calgary Today
  • September 26, 2008 - Washington Mutual failure/Wall St. bailout , KGO-AM 810 San Francisco
  • September 26, 2008 - Fin Prof Notices More Demand for Lecture , WGHP FOX 8
  • September 26, 2008 - Lecture to Babcock students , WXII News 12
  • September 25, 2008 - Your bailout questions answered , wsj.com
  • September 24, 2008 - Dole's tenure on bank committee in spotlight , tradingmarkets.com
  • September 24, 2008 - What if 700b bailout doesn't pass/work? , WGHP FOX 8
  • September 23, 2008 - Fooling Around with Fannie and Freddie , forbes.com
  • September 23, 2008 - Story on bailouts, WFMY News 2
  • September 23, 2008 - "Financial Crisis: Explaining the mess" , WGHP FOX 8
  • September 21, 2008 - Old laws useful in financial crisis , The Sanford Herald
  • September 20, 2008 - Old laws come through in crisis , High Point Enterprise
  • September 19, 2008 - Financial turmoil , WFMY News 2