The Rise of Risk Management

J . D A V I D C U M M I N S , R I C H A R D D . P H I L L I P S , A N D S T E P H E N D . S M I T H Cummins is the Harry J. Loman Professor of Insurance and Risk Management at the Wharton School, University of Pennsylvania, and a senior fellow at the Wharton Financial Institutions Center. Phillips is an assistant professor at Georgia State University. Smith holds the H. Talmage Dobbs Jr. Chair of Finance, Georgia State University, and is a visiting scholar at the Atlanta Fed. The authors thank Robert Bliss, Gerald Dwyer, Saikat Nandi, and Mary Rosenbaum for helpful comments.