Education

• PhD (2003) Insurance & Risk Management, University of Texas/McCombs School of Business

• Insurance, Enterprise Risk Management, Alternative Risk Transfers, and Exotic Derivatives.

• Wei, Pengyu; Wei, Wei; Yang, Charles. (2026). A Stochastic Model of Mutual Insurance under Heterogeneous Time Preferences, North American Actuarial Journal, 30(1), 227-245
• Li, Yang; Yang, Charles; Young, Aaron; Zhuang, Boyi. (2025). Reducing Medical Costs of Health Insurance: The COVID-19 Stress Testing and Portfolio Effects, North American Actuarial Journal, 29(2), 452-477
• Brockett, Patrick; Fung, Derrick; Wei, Pengyu; Yang, Charles. (2025). Health Insurance Efficiency: The Impacts of COVID-19, Market Segments, and Operational Strategies, North American Actuarial Journal, 29(4), 987-1008
• Fung, Derrick; Lee, Wing Yan; Yang, Charles. (2025). Surviving the Storm: Enterprise Risk Management and Performance in Property and Liability Insurers during COVID-19, Journal of Corporate Finance, 91, Article: 102751
• Fung, Derrick; Lee, Wing; Yang, Charles; Yeh, Jason. (2024). Risk Taking, Performance, and Resilience to the COVID-19 Pandemic: Evidence from Public Property-Casualty Insurers, International Review of Financial Analysis, 91(C), Article: 102942
• Brockett, Patrick; Golden, Linda; Yang, Charles; Zhuang, Boyi; Baranoff, Etti. (2024). The US health insurance market: Performance and efficiency analyses, Handbook of Insurance(3rd edition)
• Baranoff, Etti; Sager, Thomas; Yang, Charles; Shi, Bo; Baranoff, Dalit. (2024). Supply Chain/Transaction Cost Insights into the Profitability of Health Insurers during 2020, the Start of COVID-19, Risk Management and Insurance Review, 27(2), 193-215
• Derrick, Fung; Yang, Charles; Yeh, Jason. (2024). The Market Price to Embedded Value Gap: An Analysis of European Life Insurers, Review of Quantitative Finance and Accounting, 62(1), 69-96
• Brockett, Patrick; Golden, Linda; Wei, Pengyu; Yang, Charles. (2023). Medicare Advantage, Medical Loss Ratio, Service Efficiency, and Efficiently Positive Health Outcomes, North American Actuarial Journal, 27(3), 493-507
• Wei, Pengyu; Yang, Charles. (2023). Optimal Investment for Defined-Contribution Pension Plans under Money Illusion, Review of Quantitative Finance and Accounting, 61(2), 729-753
• Fung, Derrick; Wei, Pengyu; Yang, Charles. (2023). State Subsidized Reinsurance Programs: Impacts on Efficiency, Premiums, and Expenses of the U.S. Health Insurance Markets, European Journal of Operational Research, 306(2), 941-954
• Born, Patricia; Cook, Amanda; Sirmans, Tice; Yang, Charles. (2023). Are Health Insurers in Multiple Lines of Business Less Profitable? An Examination of Scope Economies in Health Insurance, Journal of Risk and Insurance, 90(1), 185-212 (Special Issue on Health Insurer Decision-Making)
• Wei, Pengyu; Yang, Charles; Zhuang, Yi. (2023). Robust Consumption and Portfolio Choice with Derivatives Trading, European Journal of Operational Research, 304(2), 832-850
• Alzubi, Jordan; Fung, Derrick; Yang, Charles; Yeh, Jason. (2022). Improving Health Insurance Markets: Cost Efficiency, Implementation, and Financing of Expanding Association Health Plans, Review of Quantitative Finance and Accounting, 59, 671-694
• Frederick, Joshua; Fung, Derrick; Yang, Charles; Yeh, Jason. (2022). Individual Health Insurance Reforms in the U.S.: Expanding Interstate Markets, Medicare for All, or Medicaid for All?, European Journal of Operational Research, 297(2), 753-765
• Yang, Charles. (2021). Health Expenditures and Quality Health Services: The Efficiency Analysis of Differential Risk Structures of Medicare Accountable Care Organizations (ACOs), North American Actuarial Journal, 25(1), 94-114
• Brockett, Patrick; Golden, Linda; Yang, Charles; Young, David. (2021). Medicaid Managed Care: Efficiency, Medical Loss Ratio, and Quality of Care, North American Actuarial Journal, 25(1), 1-16; doi.org/10.1080/10920277.2019.1678044
• Yang, Charles. (2020). The Affordability of the Individual Markets in the Affordable Care Act: Analyses of Premium Increases and Cost Reductions from an Expanded Cross-Subsidization Perspective, North American Actuarial Journal, 24(3), 446-462
• Golden, Linda; Yang, Charles. (2019). Efficiency Analysis of Health Insurers’ Scale of Operations and Group Affiliation with a Perspective toward Health Insurers’ Mergers and Acquisitions Effects, North American Actuarial Journal, 23(4), 626-645
• Yang, Charles. (2019). Prescription Drug Insurance Plans: Potential Cost Reductions and the Pass-Through of Manufacturer Pharmaceutical Rebates to Premiums, Journal of Insurance Regulation, 38(9), 1-24
• Brockett, Patrick; Golden, Linda; Yang, Charles. (2018). Potential “Savings” of Medicare: An Efficiency Analysis of Medicare Advantage and Accountable Care Organizations (ACOs), The North American Actuarial Journal, 22(3), 458-472
• Yang, Charles. (2018). The Impact of Medicaid Expansion, Diversity, and the ACA Primary Care Fee Bump on the Performance of Medicaid Managed Care, Journal of Insurance Regulation, 37(6), 1-34
• Wen, Min-Ming; Lin, Abraham; Born, Patricia; Yang, Charles; Wang, Chun. (2018). Cash Flow Risk Management in the Property/Liability Insurance Industry: A Dynamic Factor Modeling Approach, North American Actuarial Journal, 22(2), 309-322
• Yang, Charles; Lin, Hong-Hen. (2017). The (Mis)alignment of Health Insurers' Efficiency Measures from Different Perspectives and Their (Un)linkage with Financial Ratios and Asset Allocation, Journal of Insurance Regulation, 36(8)
• Yang, Charles; Wen, Min-Ming. (2017). An Efficiency-Based Approach to Determining Potential Cost Savings and Profit Targets for Health Insurers: the Case of Obamacare Health Insurance CO-OPs, The North American Actuarial Journal, 21(2), 305-321
• Yang, Charles. (2014). Health Care Reform, Efficiency of Health Insurers, and Optimal Health Insurance Markets, The North American Actuarial Journal, 18(4), 478-500
• Yang, Charles; Chien, M.; Wen, Min-Ming. (2013). Stock-Option-Based Executive Compensation Plans and Lodging Firms' Risk-Taking, TOURISMOS, 8(3)
• Yang, Charles. (2013). The Impact of the Interest Rate on Insurance/Financials Industries: the Analysis of the Stock Market's Reactions to Federal Funds Rate Changes, The North American Actuarial Journal, 17(1), 29-40
• Yang, Charles; Brockett, Patrick; Leng, Chao-Chun; Wen, Min-Ming. (2012). Political Risk Insurance and Foreign Direct Investments, Asia-Pacific Journal of Risk and Insurance, 6(1)
• Yang, Charles; Zou, Hong; Wen, Min-Ming; Wang, Mulong. (2012). Underwriting and Investment Risk in the Property-Liability Insurance Industry, Review of Quantitative Finance and Accounting, 38(1), 25-46
• Lin, Hong-Jen; Wen, Min-Ming; Yang, Charles. (2011). Effects of Risk Management on Cost Efficiency and Cost Function of the U.S. Property & Liability Insurers, The North American Actuarial Journal, 15(4)
• Yang, Charles; Li, Linda; Wen, Min-Ming. (2011). Weather Risk Hedging in the European Markets and International Investment Diversification, Geneva Risk and Insurance Review, 36(1), 74-94
• Yang, Charles. (2010). Global Perspectives on Insurance Today: A Look at National Interest versus Globalization, Palgrave Macmillan, New York, U.S.A.
• Yang, Charles; Golden, Linda ; Zou, Joe. (2010). The Effectiveness of Using a Basis Hedging Strategy to Mitigate the Financial Consequences of Weather-related Risks, The North American Actuarial Journal, 14(2)
• Yang, Charles; Wang, Mulong ; Wen, Min-Ming. (2010). Weather Derivatives, Price Forwards and Corporate Risk Management, Journal of Risk Finance, 11(4)
• Yang, Charles; Brockett, Patrick; Wen, M.. (2009). Basis Risk and Hedging Efficiency of Weather Derivatives, Journal of Risk Finance, 10(5), 517-536
• Yang, Charles; Zou, J.; Wang, M.; Zhu, M.. (2009). Dividend Decisions in the Property & Liability Insurance Industry: Mutual versus Stock Companies, Review of Quantitative Finance and Accounting, 33(2), 113-139
• Yang, Charles; Brockett, Patrick; Golden, Linda; Wen, M.. (2009). Pricing Weather Derivatives Using the Indifference Pricing Approach, The North American Actuarial Journal, 13(3), 303-315
• Yang, Charles; Born, Patricia; Lin, Hong-Jen; Wen, Min-Ming. (2009). The Dynamic Interactions between Risk Management, Capital Management, and Financial Management in the U.S. Property/Liability Insurance Industry, Asia-Pacific Journal of Risk and Insurance, 4(1)
• Yang, Charles; Wang, M.; Chen, X.. (2008). Catastrophe Effects on stock markets and catastrophe risk securitization, Journal of Risk Finance, 9(3), 232-243
• Yang, Charles; Golden, Linda; Wang, Mulong. (2007). Handling Weather Related Risks through Financial Markets: Considerations of Credit Risk, Basis Risk, and Hedging, Journal of Risk and Insurance, 74(2), 319-346
• Yang, Charles; Brockett, Patrick; Golden, Linda; Jang, Jaeho. (2006). A Comparison of Neural Network, Statistical Methods, and Variable Choice for Life Insurers' Financial Distress Prediction, Journal of Risk and Insurance, 73(3), 397-419
• Yang, Charles; Brockett, Patrick; Wang, Mulong; Zou, Hong. (2006). Portfolio Effects and Valuation of Weather Derivatives, Financial Review, 41(1), 55-76
• Yang, Charles; Brokett, Patrick; Wang, Mulong. (2005). Weather Derivatives and Weather Risk Management, Risk Management and Insurance Review, 8(1), 127-140
• Yang, Charles; Brockett, Patrick; Chang, R.E.; Rousseau, J.J.; Semple, J.H.. (2004). A Comparison of HMO Efficiencies as a Function of Provider Autonomy, Journal of Risk and Insurance, 71(1), 1-19
• Yang, Charles; Wang, Mulong; Zou, Hong. (2004). Is the One-Time Accounting Charge Really Trivial? – Evidence from Insurance, Journal of Insurance Issues, 27(2), 160-180
• Yang, Charles; Brockett, Patrick; Golden, Linda; Jang, Jaeho. (2003). Using Neural Networks to Predict Market Failure in the Insurance Industry, World Scientific Publishing Company