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CURRICULUM VITA

LEWIS J. SPELLMAN

Dept of Finance 1201 Yaupon Valley Road

CBA 6.304A Austin, TX 78746

University of Texas (512) 327-3606

Austin, TX 78712

(512) 471-5875

Lewis.Spellman@McCombs.utexas.edu

I. Education

University of Michigan, BBA, 1961

University of Michigan, MBA, 1962

Stanford University, MA Economics, 1969

Stanford University, Ph.D. Economics, 1971

II. Professional Experience

Assistant, Associate and Professor of Finance, The University of Texas at Austin, 1971-present

Interdisciplinary Professor of Law, The University of Texas School of Law, l998 to 2009

Participating Faculty, Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin, 1974-1975, 1980, 1991

Visiting Assistant Professor of Business Administration, University of California, Berkeley, California, 1976

Visiting Scholar, Food Research Institute, Stanford University, Stanford, California, 1974

Instructor in Business Economics, Graduate School of Business, Stanford University, 1970-1971

Acting Assistant Professor of Economics, Department of Economics, Stanford University, 1970

Assistant to the Chairman, President's Council of Economic Advisors, Washington, D.C., 1965-1966

Economist, Board of Governors of the Federal Reserve System, Washington, D.C., 1962-1965

III. Publications

A. Book

(1) The Depository Firm and Industry: Theory, History, and Regulation, Academic Press, New York, 1982

B. Articles

“Loan Rates Vs. Public Debt Rates: Do Loan Rates Reflect Special Values to the Borrower or Information Intensive Lending?” in 42nd Annual Bank Structure Conference, Real Estate Markets: Risks, Rewards and the Role of Regulation, Federal Reserve Bank of Chicago, 2006 pp. 325-348

“Lender Certification Premiums” (with Douglas O. Cook and Carolin D. Schellhorn), 2003, The Journal of Banking and Finance, 27, 1561-1579

“Pricing Bank Distress” (with Gerald A. Hanweck) in Kaufman, George (ed.) Prompt Corrective Action: Ten Years Later, JAI/Elsevier, New York Vol. 14, 2003, 203-225

“Bank Forbearance: A Market Based Explanation,” (with Carolin D. Schellhorn), The Quarterly Review of Economics and Finance, Vol. 40, Issue 4, Winter, 2000, 451-466

Firm and Guarantor Risk, Risk Contagion, and the Interfirm Spread Among Insured Deposits," (with Douglas O. Cook) Journal of Financial and Quantitative Analysis, Vol.31, No. 2, June l996, 265-281

"Subordinated Debt Prices and Forward Looking Estimates of Bank Asset Volatility," (with Carolin D. Schellhorn), Journal of Economics and Business, Vol. 48, Issue 4, September, August, l996, 337-344.

"Repudiation Risk and Restitution Costs: Toward Understanding Premiums on Insured Deposits," (with Douglas O. Cook), Journal of Money, Credit and Banking, Vol. 26, No. 2, August, l994, 439-459

"Real Return Investments as a College Tuition Hedge,"in M.Olivas (ed.), Prepaid College Tuition Plans in the United States, The College Board, Princeton, N. J., 1993, 78-91

"Discussion of Securitization in Banking", in L. White and M. Klausner (eds.), Structural Change in Banking, The Irwin Press, Homewood, Ill., 1993

"Taxpayer Resistance, Guarantee Uncertainty, and Housing Finance Subsidies," (with Douglas O. Cook), Journal of Real Estate Finance and Economics, Vol. 5, No. 2, June, 1992, 181-196

"Needed: A Banking Meltdown Policy," in J. Barth and P. Bartholomew (eds.), Challenges of the International Financial System, JAI Press, 1992, 247-263

"Federal Financial Guarantees and the Occasional Market Pricing of Default Risk" (with Douglas O. Cook), Journal of Banking and Finance, Vol. 15, No. 6, December 1991, 1113-1130

"The Role of Subordinated Debt in Pricing Risk Adjusted Deposit Insurance," (with Carolin D. Schellhorn), 1991 Conference on Bank Structure and Competition, Chicago Federal Reserve Bank, May, 1991, 395-418

"The Impact of Rental Property on the Value of Single Family Residences," (with Ko Wang, Terry Grissom, James Webb), Journal of Urban Economics, Vol. 30, No. 2, September 1991, 152-166

"Reducing Default Premia on Insured Deposits: The Policy Alternatives," (With Douglas O. Cook), The Future of the Thrift Industry, Federal Home Loan Bank of San Francisco, 1988, 169-186

"Commercial Banks and the Profits of Savings and Loan Markets," Journal of Bank Research, Vol. 12, No. 1 Spring, 1981,32-36

"Inflation and Housing Prices," American Real Estate and Urban Economics Association, Vol. 9, Issue 3, Fall,1981, 205-222

"Deposit Ceilings and the Efficiency of Financial Intermediation," Journal of Finance, Vol. 35, No. 1, March 1980, 129-136

"Entry and Profitability in a Rate Free Deposit Market," Quarterly Review of Economics and Business, Vol. 18, No. 2, Summer, 1978, 87-95

"Financial Intermediation and Economic Development in Mexico, 1966-1973," (with R. Dieli), Boletin, Center for Monetary Economics in Latin America, March-April, 1978

"The Efficiency and Profitability of Minority Controlled Savings and Loan Associations," (with William Bradford and Alfred Osborne), Journal of Money, Credit and Banking, Vol. 10, No. 1, February, 1978, 65-74

"Non-Rate Competition for Savings Deposits," Journal of Bank Research, Vol. 8, No. 3, Autumn, 1977, 171-178

"Competitive Environments: Commercial Banks and Savings and Loan Associations," 1977 Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, May, 1977, 73-86

"The Comparative Operating Efficiency of Black Savings and Loan Associations," (With A. Osborne and W. Bradford), Journal of Finance, Vol. 32, No. 2, May 1977, 565-574

"Economic Growth and Financial Intermediation," in R. McKinnon (ed.), Money and Finance in Economic Growth and Development: Essays in Honor of Edward S. Shaw, Marcel Decker Press, 1976, 11-22

"Entry: The Prologue to Deposit Ceilings," 1975 Conference on Bank Structure and Competition, Chicago Federal Reserve Bank, May, May, 1975, 246-252

"Investment Income and Non-Life Insurance Pricing," (with Robert C. Witt and William Rentz), Journal of Risk and Insurance, Vol 42, No. Issue 4, December, 1975, 567-588

"Competition for Savings Deposits in the U.S.: 1936-1966," Journal of Financial and Quantitative Analysis, Vol. 10, No. 4. November, 1975, 567-576

C. Other Monographs, Papers, and Reviews

“Pricing Bank Distress: Before and After PCA” (with G. Henweck), in Kaufman, G. G. (editor), in Prompt Corrective Action in Banking, Ten Years Later, JAI/Elsevier Press, 2002, pp 181-204

"Firm and Guarantor Risk, Risk Contagion and the Interfirm Spread Among Insured Deposits", (with Douglas O. Cook), The Wharton Financial Institutions Center, 94-18.

"Mining the Low Risk For High Returns" (with C. Schellhorn), Journal of Retail Banking, Vol. XVII, No. 2, 1994.

"A Parable: The Federal Financial Risk Exposure," Texas, The Business School Magazine, 1990

"The Federal Credit Enhancement Shield and the Market Pricing of Default Risk," (w. D. Cook), Abstract, Financial Management Collection, February, 1990

"The Federal Credit Enhancement Shield and the Market Pricing of Default Risk," (with D. Cook), Garn Institute Working Paper, Vol. 2, No. 3, November, 1989

"An Analysis of the Causes of Savings and Loan Association Failures," by George Benston, Book Review, Journal of Economic Literature, Vol. XXVI June, 1988

"Inflation Insurance and the Institutional Investor," Economic Index Market, Coffee, Tea and Cocoa Exchange, July, 1987

"Market vs. Regulatory Capital: The Adjustment to Higher Capital Ratios," Department of Finance Working Paper 86/87-2-13

"On Monetary Lessons Learned Well But Not Wisely," mimeo, 1982

The Cost of Regulated Loans, (With J. Gronouski), Lyndon B. Johnson School of Public Affairs, 1981

"Anti-Inflation Policies That Promote Economic Growth," Looking Ahead, Winter, 1981

"Can An Anti-Inflation Policy Promote Economic Growth?," Washington Economists Club Economic Policy Essay, mimeo, 1979

Financial Intermediation and Economic Development as Seen Through the Flow of Funds Accounts, (with C. Reynolds), OAS, 1978

"Financial Efficiency: The Implications for Economic Output and Some Latin American Examples," mimeo, 1978

"Anticipated, Unanticipated Inflation, Housing Prices and the Return to Homeownership," Report submitted to HUD, 1978

"Optimal Reserves and Deposit Rates of Financial Intermediation: Some Theorems," (With W. Rentz), Graduate School of Business Working Paper, 72-12

"Housing Price Increases: The Causes and Effects," (with H. Stephens), Texas Business Review, August, 1977

"Inflation and Consumer Financial Wealth," (with C. Franckle), Texas Business Review, April, 1977

"An Analysis of U.S. Commercial Bank Profits: 1969-1975," Report submitted to the Comptroller of the Currency, 1977

"The Impact of Federal Reserve Membership: Attitudes and the Evidence," (With P. Rose), American Institute for Decision Sciences Proceedings, November, 1976

"Galbraith on Money," Texas Law Review, January, 1976

"Non-Rate Competition in Financial Markets," (with D.K. Osborne), mimeo, 1976

"Non-Rate Competition and Profitability in Savings and Loan Markets," Proceedings of Southwestern Finance Association, October, 1975

"Competition for Savings Deposits in the U.S.: 1940-1966," Memorandum No. 183, Center for Research in Economic Growth, Stanford University, December, 1974

"Finance as an Industry: A Simple Model of Growth," Journal of Finance, March, 1974

“Analog Computer Simulations of Alternative Monetary Policies,” Federal Reserve Staff Studies, l965, Mimeo

IV. blogs

2011 Posts

Liquidity and Asset Bubbles: But Only if the Dam Holds

How Monetization Happens

The Dumpster for Toxic Euro Sovereign Debt

Dominos: From Financial Crisis to Economic Crisis to Government Crisis

Turn out the Lights, the Party’s over

A Return to the Grand Tetons: Perspective on the Economic Obstacles Ahead

Reserve Currency Sovereign Defaults and the Flight to Quality Asset

The Anatomy of a Financial Meltdown

The Morass of Debt

Is There No Atlantic Wall of Financial Protections for the U. S.?

As Greece Goes, So Goes Europe: How the Unthinkable Happens

From the White Horse to the Black Robe: The Fed as the Fifth Estate of Government

QE2 and Inflation

How the Inflation Genie Sprang Out of the Bottle

Only the Shadow Banking System Knows

The Life Support Economy Has a Pulse

Selected Posts Prior to 2011

Not Since the Days of Jimmy Carter (Inflation expectations pricing)

How Should Investors Respond When the Markets Overrule the Fed?

On the Ratio of Rich to Poor Uncles

The Missing Link to Economic Recovery

The Third Policy Way on the Third Anniversary

The Sinking of the Financial Titanic

Why Economists Missed the Biggest Economic and Financial Disintegration Since the Depression

The Financial and Economic Morass – What is Needed for a Recovery and How Long Will It Take?

The Collapse of the Carry Trade

The Debt Satiation Economy

A Cyclical or a Secular Event

The Smoke and Mirrors of The Greek Bailout Package

US Sovereign Risk: Capital Safe Havens

US Sovereign Risk: How the Market Reins in an Out of Control Sovereign

Why the Financial Market Supports Treasuries Despite the Risk

The Political Economy of the Growth of Government Debt

U.S. Sovereign Risk

Growth of Debt in the U.S.

Treasury Yields and Inflation Expectations or is it Sovereign Risk as Well?

The Great Recession: The Threat to the Carry Trade

The Carry Trade and Asset Bubbles

Why the Great Recession is Different

The Great Recession: The Perfect Storm

Lending Falls at an Epic Pace

European Sovereign Debt in Distress

Will 2009 Financial Market Trends Hold Up in 2010?

Economic Policy Has Reached a Dead End and the Recession Continues

McCombs Alumni and Public Lectures

VI. Academic Papers Presented

“The Relative Rates on a Firm’s Bank Loans and Public Debt: The Pricing Influences of Loan Special Value vs. Private Information” (with Doug Cook), Keynote to Federal Reserve 42nd Annual Bank Structure Conference: Real Estate Markets: Risks, Rewards and the Role of Regulation, Federal Reserve Bank of Chicago, May, 2006

“The Relative Rates on a Firm’s Bank Loans and Public Debt: The Pricing Influences of Loan Special Value vs. Private Information,” (with D. Cook), Financial Management Association, October, 2005

“Subordinated Debt Pricing of Near Insolvent Banks” (with G. Hanweck), Financial Management Association, October, 2003

“Forbearance Expectations and the Subordinated Debt Signal of Bank Distress (with G. Hanweck), Journal of Financial Services Research/FDIC Conference, Washington, DC, September, 2002

“The Pricing of Near Death Banking Experiences: Some Examples” (with G. Hanweck), Western Economic Association, Seattle, June, 2002

“Institutions and Markets as Complementary Funding Sources: The Pricing of Lender Certification,” Financial Management Association Meetings, Seattle, October, 2000

“Financial Institution Integration Under the Financial Modernization Act,” Midwest Finance Association, Chicago, April, 2000

"Bank Survivability in the High Quality Lending Niche," (with D. Cook and C. Schellhorn), The Econometric Society, ASSA Meetings, San Francisco, January, l996

"Economic Rent Generation in Durable Bank-Borrowers Relationships", (w. C. Schellhorn), Eastern Finance Association, Boston, April, l994 and Financial Management Assocition, St. Louis, October l994.

"Market Estimates of a Bank's Time Until Receivership and Receivership Policy" (w. C. Schellhorn), Financial Management Association, St. Louis, Oct l994

"Bank Survivability in the Price Lending Niche", Economic Policy Research Division, Comptroller of the Currency, Washington, D. C., October, 1994.

"The Darwinian Process in Banking, Southern Finance Association, New Orleans, La., October, 1993.

"Market Estimates of a Bank's Claims Extinction Maturity," with (C. Schellhorn), Southern Finance Association, Jacksonville, Florida, October, 1992.

"The Darwinian Process in Banking," (w. C. Schellhorn), Financial Management Association, San Francisco, California, October, 1992.

"Real Return Investments as a Tuition Hedge," Institute for Higher Education, Law and Governance, University of Houston, April, l992.

"Repudiation Risk and Restitution Costs: Toward Understanding Deposit Guarantees and CD Premiums," (with D. Cook), Eastern Finance Association, Hot Springs, Virginia, April, 1991.

“Firm and Guarantor Risk, Risk Contagion and the Emergence of the Interfirm Spread,” (with D. Cook) Financial Management Association, Chicago, October, 1991

"Needed: A Banking Meltdown Policy," Western Economic Association, Seattle, June, 1991

"Taxpayer Resistance, Guarantee Uncertainty, and Housing Finance Subsidies," (with D. Cook), Western Economic Association, Seattle, June, 1991

"An Empirical Test of the Full Faith and Credit Guarantee," (with D. Cook), Western Economic Association, Seattle, June, 1991

"The Role of Subordinated Debt in Pricing Risk Adjusted Deposit Insurance," (With C. Schellhorn), Financial Management Association, Orlando, October, 1990, and Chicago Federal Reserve Conference, May, 1991

"Repudiation Risk Forbearance and Deposit Insurance Mispricing," (with D. Cook), Western Economic Association, San Diego, June, 1990

"The Impact of Rental Property on the Value of Single Family Residences," (with Wang, Webb, and Grissom), AEA/AREUA, Atlanta, December, 1989

"The Federal Credit Enhancement Shield and the Market Pricing of Default Risk," (with D. Cook), Financial Management Association, Boston, October, 1989

"Wealth Effects from the Uncertainty of Government Guarantees," (with D. Cook), Financial Management Association, Boston, October, 1989

"Reducing Default Premia on Insured Deposits: The Transformation of Monetary Theory by Economic Observation," (with J. Guerard), The History of Economics Society National Meetings, Barnard College, New York, June, 1986

"Financial Market Trends, Real Estate Trends," University of Texas Management Development Program, May, 1985, and 1986

"Duration Analysis of Real Rate Financial Instruments," Financial Institution Center, University of Connecticut, August, 1985

"Hedging the Duration Gap with Real Rate Financial Instruments," Peat, Marwick Seminar, Colorado Springs, Colorado, June, 1985

"Deregulation and the Depository Industry," Midwest Economics Association, St. Louis, Missouri, April, 1983

"On Monetary Lessons Learned Well But Not Wisely," RGK Foundation Conference, Austin, May 1982

"The New Monetary Muddle," Southwest Economics Association, April, 1981

"Inflation and Housing Prices," AREUA, Washington, D.C., May, 1979, and Western Finance Association, San Francisco, California, 1979

"Competition Environments: Commercial Banks and Savings and Loan Associations," Chicago Federal Reserve Conference on Bank Structure and Competition, April, 1977

"The Comparative Performance of Minority Savings and Loan Associations," Financial Management Association, Montreal, Canada, November, 1976

"Financial Intermediation and Economic Development in Mexico: 1963-1973," North American Economic Studies Association, Atlanta, Georgia, November, 1976

"The Efficiency and Profitability of Minority Controlled Savings and Loan Associations," American Finance Association, Atlantic City, New Jersey, September, 1976

"Entry and Profitability," Economic Research Seminar, Federal Home Loan Bank of San Francisco, July, 1976

"Deposit Ceilings and the Efficiency of Financial Intermediation," Western Finance Association, San Francisco, California, June, 1976

"The Impact of Commercial Banks on Savings and Loan Profit," Chicago Federal Reserve Bank Conference on Bank Structure and Competition, May, 1976

"Average Costs and the Profitability in the Savings and Loan Industry," Southern Finance Association, Atlanta, Georgia, November, 1975

"Investment Income and Insurance Pricing: An Economic View," (with R. Witt), American Risk and Insurance Association, San Francisco, California, August, 1975

"Elasticity of Demand for Non-Life Insurance," (with R. Witt), American Risk and Insurance Association, San Francisco, California, August, 1975

"Entry: The Prologue to Deposit Ceilings," Chicago Federal Reserve Bank Conferences on Bank Structure and Competition, May, 1975

"Entry and Competition in Savings and Loan Markets," Western Finance Association, San Diego, California, May, 1975

"Non-Rate Competition and Profitability in Savings and Loan Markets," Southwestern Finance Association, Houston, Texas, February , 1975

"Optimal Cash Reserves of a Financial Intermediary," (with W. Rentz and R. Witt), American Risk and Insurance Association Annual Meeting, White Sulphur Springs, West Virginia, August, 1974

"Investment Income and Non-Life Insurance Pricing," (with W. Rentz and R. Witt), American Risk and Insurance Association Annual Meeting, White Sulphur Springs, West Virginia, August, 1974

"Financial Competition and Economic Development," National Bureau of Economic Research, Organization of American States Workshop on the Development of Capital Markets in Latin America, Bogota, Colombia, July 1974

"Competition in the U.S. Financial Sector: 1940-1966," Stanford Summer Workshop in Industrial Economics, Stanford University, Stanford, California, July, 1974

"A Macroeconomic Model with Financial Intermediary," Symposium in Honor of Edward S. Shaw, Stanford, Stanford University, Stanford, California, July, 1974

"The Financial Structure of an Economy," Southwestern Economic Association Annual Meeting, March, 1974

"The Use of Analog Computers in Economic Research," Federal Reserve Bank of Boston, March, 1966

"Analog Computer Simulations of Alternative Monetary Policies," Federal Reserve Board Research Symposium, Washington, D.C., January, 1966

VI. Teaching Experience

Financial Markets and Institutions

Money and Capital Markets

Managerial Microeconomics

Financial Markets and Public Policy

The Economics of Financial Institutions

Money and Banking

Macroeconomics

Political Economy

Money and Growth Theory

Financial Systems and Economic Development

VII. Honors, Awards and Grants

Invited Faculty, Texas Independence Day, Tejas House, 2009

Faculty Appreciation Award, Texas Blazers, 2006, 2008

Nominee Teaching Innovation Award, 2006

The Applause Award, for Outstanding Professors, Graduate Business Council 2005

Nominee, Harking Foundation Teaching Award, 2004

McCombs Outstanding Professor for 2005, Alpha Kappa Psi

MBA Course International Content Development Grants, CIBER, 2003

Certification of Recognition of the American Society for Public Administration for Outstanding Contributions in the Field of Public Administration, May, 2002

Nominee, 2002 Outstanding Public Administration Professor of the Year Award by the Central Texas Chapter of the American Society for Public Administration (CenTex ASPA).

Proposal Based Summer Research Selection from College and Finance Department Funding from the Hicks, Muse, Tate and Furst Center, 2001, 2002

Citation of Excellence, Highest Quality Rating by Anbar Electronic Intelligence for “Firm and Guarantor Risk”, November, 1997

Best Paper in Financial Institutions for 1989 by the Financial Management Association

10th Anniversary Economic Policy Essay Award, National Economists Club, Washington, DC, 1979

Harkins Foundation Teaching Excellence Award, 1990, Nominee, l997

Professor of the Semester, Initial Recipient, U.T. Finance Association, 1991

Visiting Scholar, Treasury Department, Office of the Comptroller of the Currency, l995

Excellence in Teaching Award, College of Business Administration, 1974

Teaching Excellence in the Core (Beasley Award), nominee, 1980, 1981, 1984

Chancellor's Council Outstanding Teaching Award, Honorable Mention, 1988

Outstanding Graduate Business Professor Award, Graduate Business Council, 1980

National Defense Fellow, 1967-1969

Federal Deposit Insurance Corporation Research Fellow, 1969-1970

Stonier Fellowship in Banking, nominee, 1970

Academic Development Grant, University of Texas at Austin, 1972, 1975

Institute of Latin American Studies Research Grant, 1975, 1976

Dean Witter Foundation Grant, 1976

Dreibeelbis Fund for Banking Research, 1979-1980

Institute for Constructive Capitalism, 1979-1980

Texas Commerce Bancshares Banking Research Fund, 1980, 1981

McAllister Chair Funding, 1986-91

Financial Management Association Program Committee, 1989-1991

Beta Gamma Sigma

Phi Kappa Phi

VIII. Other Activities

Monthly Column in Texas Enterprise Magazine, December, 2010 forward

Monthly Blogs and Video of the Economy and Financial Markets to Alumni and General Public



The

Editor, Texas Business Review

Consultant for:

Magna Carta Insurance Companies

Board of Regents, State of Louisiana;

Federal Home Loan Bank of San Francisco;

Capital Markets Program, Organization of American States;

Comptroller of the Currency, Department of the Treasury;

Department of Housing and Urban Development;

Speaker of the House, State of Texas;

Planning Ministry, Brazil;

Printon Kane Capital Corporation, New York City;

Real Rate Financial

Electronic Exchange Technology

Economic Expert Testimony

Member of Board of Directors and Chairman of Investment Committee,

Magna Carta Insurance Companies

Advisory Board: Beck Capital Management 2011

Financial Innovation:

Devising and implementing real rate financial instruments for banks and savings and loans, and preparing issues to be marketed through broker/dealers, bank trust departments, and real estate pension advisers.

Inventor

U.S. Patent No. 4,742,457:

System and Method of Investment Management Including Means to Adjust Deposit and Loan Accounts for Inflation, May 1988.

U. S. Patent No. 5,832,461 Additional patents under System and Method of Investment Management, Issued Nov 3. 1998

U. S. Patent relating to inflation adjusting bonds, (better known as TIPs) December 2011

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