Bio

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.

Expertise

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.

Education

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

Research & Teaching

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.

Honors

  • 2017: Honorary Visiting Chair of Finance, University of Nantes
    3 year appointment, requires one week in residence per year. Assist and advise on research. Participate in research projects as appropriate. Plan conference. Give talks to students and grant sponsors. No teaching.

Publications

  • Bliss, R. (Forthcoming). Market Discipline in Financial Markets: Theory, Evidence, and Obstacles. Oxford Handbook of Banking . Oxford University Press.
  • Bliss, R. & Kaufman, G. G. (Forthcoming 2011). 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 2009). 2007–2008—The Year of Crisis, Vol. 2 of Financial Institutions and Markets. Palgrave Macmillan.
  • Bliss, R. (Forthcoming 2007). 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. & Kaufman, G. G. (Forthcoming 2006). Derivatives and Systemic Risk: Netting, Collateral, and Closeout. Journal of Financial Stability.
  • Bliss, R. & Steigerwald, R. (Forthcoming 2006). Derivatives Clearing and Settlement: A Comparison of Central Counterparties and Alternative Structures. Economic Prospetives/Federal Reserve Bank of Chicago, 30 (Fourth Quarter), 22-29.
  • 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 Perspectives44-56.
  • Bliss, R. (2005). Key Policy Challenges in Financial Institution Resolution: Additional Complexities. In . Evanoff and G. Kaufman (Ed.), 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.), 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.), 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.), 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. & 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. & 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.), 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.

In the Media

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