Carl M.
Hubbard, Ph.D.
15538 Clover Ridge
San Antonio, Texas 78248
Home: (210) 493-7107, Office: (210) 999-7283
email: chubbard@trinity.edu
Trinity University, San Antonio,
Texas: 1975 - present
Professor of Business Administration (1993) – teach courses in financial management and investment principles and analysis.
Associate Professor of Business Administration (1981) – taught courses in financial management and investments principles and analysis.
Director of Graduate Studies in Business Administration (1980-1984) - responsible for curriculum planning, admissions and promotion of the Master of Business Administration degree program. Supervised graduate assistants and represented the program in university matters.
Faculty, Center for Professional Development in Health Administration (1978-1988) – taught courses in health care finance and health care economics in non-traditional, external certificate and masters degree programs for health care administrators.
Assistant Professor of Business Administration (1975) – taught courses in financial management, investments principles and analysis, and financial institutions.
Texas Tech
University, Lubbock, Texas, 1972 - 1975
Part-time Instructor in Economics – teaching assistant (1972 - 1973) and taught introductory courses in macroeconomics and microeconomics (1973-1975).
Chartered Financial Analyst - Association of Investment Management and Research – 1979
Ph.D. Texas Tech University, Lubbock, Texas – 1975
Major: Economics. Fields - Monetary Economics, International Economics, Economic History. Minor: Finance - Financial Management, Financial Institutions.
Dissertation: Federal Reserve Membership, Bank Size and Bank Location: Their Effects on Selected Operating Ratios and Profitability of Texas Commercial Banks. Dissertation Chairman, Professor Robert L. Rouse.
M.B.A. Hardin-Simmons University, Abilene, Texas – 1972
B.B.A. in Finance, McMurry College, Abilene, Texas – 1968
Date of birth: September 17, 1945 in Abilene, Texas.
Military service: U.S. Army, 1968-1970; 53d Signal Battalion, II Field Forces Vietnam, 1969-1970.
JOURNAL PUBLICATIONS
Cooley, Phillip L., Carl M. Hubbard, Daniel T. Walz. 2003. “A Comparative Analysis of Retirement Portfolio Success Rates: Simulation Versus Overlapping Periods,” forthcoming in Financial Services Review, 12(2).
Cooley, Phillip L., Carl M. Hubbard, Daniel T. Walz. 2003. “Does International Diversification Increase the Sustainability of Withdrawal Rates from Your Retirement Portfolio?” Journal of Financial Planning, 16(1): 74-80.
Cooley, Phillip L., Carl M. Hubbard, Daniel T. Walz, 2001. “Withdrawing Money from Your Retirement Portfolio Without Going Broke,” Journal of Retirement Planning, 4(4): 35-41,48.
Carl M. Hubbard and Robert E. Jensen, 2000. “An Explanation of Example 5, Cash flow Hedge of Variable-Rate Interest-Bearing Asset, in SFAS 133,” Derivatives Report, 1(8): 8-13.
Carl M. Hubbard and Robert E. Jensen, 1999. “The Received Fixed/Pay Variable Interest-Rate Swap in SFAS 133, Example 2, Needs an Explanation: Here It Is,” Derivatives Report, 1(3): 6-11.
Cooley, Phillip L., Carl M. Hubbard, Daniel T. Walz, 1999. “Sustainable Withdrawal Rates from Your Retirement Portfolio,” Financial Counseling and Planning 10(1): 39-47.
Cooley, Phillip L., Carl M. Hubbard, Daniel T. Walz, 1998. “Retirement 'Spending': Choosing a Sustainable Withdrawal Rate,” AAII Journal 20: 16-21.
Hubbard, Carl M., Daniel T. Walz, and Diane B. Walz, 1997. "An Empirical Test of the Percent-of-Sales Financial Forecasting Model," Financial Practice & Education 7: 74-81.
Hubbard, Carl M. and Rita Kosnik, 1997. "Corporate Governance in Turmoil: The Texas Savings and Loan Debacle of the Eighties," The Journal of Applied Business Research 13: 17-29.
Hubbard, Carl M. and D. T. Walz. 1993. "Working Capital Requirements Revisited," The Engineering Economist 38: 249-256.
Hubbard, Carl M. 1992. "Operating Characteristics of Consistently Solvent Texas Thrifts," Southwest Journal of Business and Economics 9: 13-22.
Hubbard, Carl M. and Robert E. Jensen. 1991. "Lack of Robustness and Systematic Bias in Cash Recovery Rate Methods of Deriving Internal (Economic) Rates of Return for Business Firms," Journal of Accounting and Public Policy 10: 225-242.
Waldron, Darryl G. and Carl M. Hubbard. 1991. "Valuation Methods and Estimates in Relationship to Investing Versus Consulting," Entrepreneurship: Theory and Practice 16: 43-52.
Hubbard, Carl M. 1991. "A General Working Capital Analysis of Accounts Receivable Policy," The Journal of Cash Management 11: 46-49.
Hubbard, Carl M. and Darryl G. Waldron. 1988. "The Valuation of a Closely Held Firm: Difference in Expert Opinion," Journal of Forensic Economics 2: 47-54.
Heck, Jean., Philip L. Cooley and Carl M. Hubbard. 1986. "Contributing Authors and Institutions to the Journal of Finance: 1946-85," The Journal of Finance 41: 1129-1140.
Hubbard, Carl M. and Geoffrey E. Goring. 1985. "Discounting with Real Rates in the Fifth Circuit," Journal of the Southwestern Society of Economists 12: 7-12.
Hubbard, Carl M. 1984. "Financial Innovation and the Demand for Savings and Loan Deposits," Review of Regional Economics and Business 9: 25-28.
Hubbard, Carl M., Joe C. Davis and Gloria M. Shatto. 1984. "Uniform Reserves and the Prospects for Monetary Control," Business Economics 19: 51-56.
Hubbard, Carl M. 1984. "Flotation Costs in Capital Budgeting: A Note on the Tax Effect," Financial Management 13: 38-40.
Hubbard, Carl M. 1983. "Money Market Funds, Money Supply, and Monetary Control: A Note," The Journal of Finance 38: 1305-1310.
Hubbard, Carl M. 1983. "Capital Budgeting and Cost Reimbursement in Investor-Owned and Not-for-Profit Hospitals," Health Care Management Review 8: 7-17.
Hubbard, Carl M. 1982. "Financial Management in a Non-Traditional Graduate Program," Journal of Financial Education 11: 9-12.
Hubbard, Carl M. 1980. "Bank Asset Management and Financial Intermediation Effects of Multibank Holding Company Affiliation," Review of Regional Economics and Business 5: 10-13.
Davis, Joe C. and Carl M. Hubbard. 1979. "On the Measurement of Discrimination Against Women," American Journal of Economics and Sociology 38: 287-291.
Hill, Robert R. and Carl M. Hubbard. 1979. "Managing Cash with Linear Programming," Hospital Financial Management 9: 48-50.
Hubbard, Carl M. and Gloria M. Shatto. 1978. "Federal Reserve Membership and Bank Profitability in Texas," Texas Business Review 52: 69-71.
Davis, Joe C and Carl M. Hubbard. 1978. "Returns to Investment in Undergraduate Education by Race and Sex in 1960 and 1970: Comment," The Review of Business and Economic Research 13: 106-107.
Hubbard, Carl M. 1977. "Measuring the Returns to Scale in Banking: An Application of the Nonhomogeneous Production Function," Business and Economic Perspectives 3: 10-15.
Hubbard, Carl M. 1976. "A Critical Review of the Arguments for Uniform Reserve Requirements," Intermountain Economic Review 7: 73-82.
Hubbard, Carl M. 2002. “Analysis of the Sustainability of Endowment Fund Spending Rates Using Competing Methodologies – Abstract,” Proceedings of Applied Business Research Conference, Spring 2002.
Hubbard, Carl M. and Fred H. Dorner, 1999. "Analyzing Credit Policy Adjustments," Proceedings of Applied Business Research Conference, 1999.
Cooley, Phillip L., Carl M. Hubbard, Daniel T. Walz. 1997. “Sustainable Withdrawal Rate from Your Retirement Portfolio,” – Abstract. Proceedings of the Academy of Financial Services Meetings, 1997.
Seven case study problems published in Philip L. Cooley, Business Financial Management, 3rd Edition. Ft. Worth: The Dryden Press, 1994.
Five case study problems published in Philip L. Cooley and Peyton Foster Roden, Business Financial Management, 2nd Edition. Ft. Worth: The Dryden Press, 1991.
Hubbard, Carl M. and Daniel T. Walz. 1989. "Cash Flow Estimation and Net Working Capital," Proceedings and Abstracts. Decision Science Institute - Western Regional Conference. (Refereed)
Hubbard, Carl M. 1988. "Index Futures, Index Options, and the January Effect," – Abstract. Proceedings and Abstracts. Decision Science Institute - Western Regional Conference. (Refereed)
Hubbard, Carl M. and Daniel T. Walz. 1987. "A Distributed Lag Model of the Returns to Public Utilities," Proceedings and Abstracts. Decision Science Institute - Western Regional Conference. (Refereed)
Hubbard, Carl M. 1985. "A Factor Analysis of the Systematic Risk of Public Utility Stocks," Proceedings and Abstracts. American Institute of Decision Sciences - Western Regional Conference. (Refereed)
Hubbard, Carl M. and Robert R. Hill. 1984. "Interest Elasticity of Owned Single-Family Housing," Proceedings and Abstracts. American Institute for Decision Sciences - Western Regional Conference. (Refereed)
Hubbard, Carl M. 1979. Budgeting, Cost Finding, and Cost Containment, a seminar module developed for the American College of Nursing Home Administrators.
Hubbard, Carl M. and Joe C. Davis. 1977. "A Statistical Test of the Effect of Nonmember Banks on the Money Supply Process," Proceedings of the Southwestern Society of Economists.
Hubbard, Carl M. 1977. "Uniform Reserve Requirements and Monetary Control," San Antonio Business and Economic Review, March 1977
Hubbard, Carl M. 1976. "Production Elasticities and the Returns to Scale in Banking," Proceedings of the Southwestern Finance Association.
Carl M. Hubbard. 2003. “Analysis of the Sustainability of Endowment Fund Spending Rates Using Competing Methodologies,” submitted for publication to the Journal of Applied of Business Research.
Carl M. Hubbard. 2003. Analysis of the time varying benefits of international portfolio diversification, in progress.
UNIVERSITY ACTIVITIES (Selected)
University Court, 1997-1999, 1998-1999, 2002 – present, Presiding Judge
Employee Benefits Committee, 1999-2002
Committee on Academic Integrity, 1993-1996
Faculty Development Committee, 1990-1993.
Faculty Senate, 1980-1981, 1984-1987.
Consultant to attorneys on matters requiring economic research and expert testimony. Subjects of recent cases - anti-trust, patent infringement, wrongful termination and personal injury.
Service to professional organizations reviewing manuscripts for publication or presentation, presenting papers at meetings, serving as a discussant, chairing sessions at meetings, and service on editorial boards.
American Economic Association, American Finance Association, Financial Management Association
Board of Trustees, McMurry University, Abilene, Texas. 1998 – present.
Board of Directors, South Texas Children's Home, Beeville, Texas. 1992 – 2002.
Available on request