Nottingham University Business School
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Stephen Diacon Emeritus Professor

Image of Staff Member
BSc (Nottingham), PhD (Nottingham)
Emeritus Professor of Insurance and Risk Management

Division: Industrial Economics and Finance
Centre/Institute: Centre for Risk, Banking and Financial Services
E-mail: Stephen.Diacon@nottingham.ac.uk
Location:  

Stephen Diacon has been a faculty member at the University of Nottingham since 1975, and is currently professor of insurance and risk management. His background is in mathematics and economics. He completed his PhD in 1980 based on an economic and econometric analysis of the demand for life insurance in the UK. His teaching is now exclusively in the area of risk, risk management, insurance and financial services (at undergraduate, MA, MBA and PhD levels); his research covers the same broad interests and is mainly published in economics or specialist risk and insurance journals. He has served in a number of administrative roles including School deputy director, head of teaching, division head, director of undergraduate and MBA programmes, and director of the Centre for Risk and Insurance Studies. He is currently Chair of the School Teaching Committee and Deputy Director of TeachingHe has strong contacts with the insurance and risk management industry.

Research Interests
Economics of risk and insurance; Insurance company performance; Corporate risk management; Personal savings and financial markets; Individual risk attitudes and perceptions; Ethical issues in insurance;


External Exminerships & Validations
2012 - 2013    External Examiner. University of Limerick
2011 - 2013    External Examiner. MSc Actuarial Finance, Imperial College London
Current Research Activities
My current research can be split into two broad themes and most is undertaken in collaboration with colleagues and research associates based in CRIS First, I am involved in a number of projects investigating the performance of the UK financial services market - several funded by the Financial Services Research Forum: these include an investigation of the risk perceptions of individual investors, individual perceptions of mortality, and outsourcing in financial services. Secondly, I continue to explore the performance of UK and EU insurance companies using the extensive statistical database maintained within CRIS: current projects include insurance company efficiency, competition in insurance markets, the performance of mutual insurance groups, and adverse selection in reinsurance markets.
 

Publications prior to 2005



Publications prior to 2005

Journal Articles

Diacon, S. (2004), "Investment Risk Perceptions: Do Consumers and Advisers Agree?", International Journal of Bank Marketing, Vol.22 (3), pp.180-199.

Diacon, S.; Fenn, P.; O'Brien, C. (2004), "Looking at general insurers reserves", General Insurance, Vol.New Year 2004 (100), pp. 48-50.

O'Sullivan, N.; Diacon, S. (2003), "Board Composition and Performance in UK Life Insurance Companies", British Journal of Management, Vol.14 (2), pp.115-130.

Diacon, S.; Starkey, K.; O'Brien, C. (2002), "Size and Efficiency in European Long-term Insurance Companies: An International Comparison", Geneva Papers on Risk and Insurance - Issues and Practice, Vol.27 (3), pp.444-466.

O'Sullivan, N.; Diacon, S. (2002), "The Impact of Ownership, Governance and Non-Audit Services on Audit Fees: Evidence from the Insurance Industry", International Journal of Auditing, Vol.6 (1), pp.93-107.

Diacon, S.; Ennew, C. (2001), "Consumer Perceptions of Financial Risk", Geneva Papers on Risk and Insurance - Issues and Practice, Vol.26 (3), pp.389-409.

Ashby, S.G.; Diacon, S.R. (2000), "Strategic Rivalry and Crisis Management", Risk Management, Vol.2 (2), pp.7-14.

Fenn, P.T.; Diacon, S.R.; Gray, A.; Hodges, R.; Rickman, N. (2000), "The Current Cost of Medical Negligence in NHS Hospitals: Analysis of Claims Database", British Medical Journal, Vol.320:7249, pp.1567-1571.

Hodges, R.; Diacon, S.; Fenn, P. (2000), "A Matter of Trust", Management Accounting : Magazine for Chartered Management Accountants, Vol.78, 5, pp.29-30.

O'Sullivan, N.; Diacon, S. (1999), "International Governance and Organisational Structure Some Evidence for The UK Insurance Industry", Corporate Governance: An International Review, Vol.7, 4, pp.363-373.

Ashby, S.G.; Diacon, S.R. (1998), "The Corporate Demand for Insurance: A Strategic Perspective", The Geneva Papers in Risk and Insurance: Issues and Practice, Vol.86, pp.34-51.

Fenn, P.; Levine, K.; Diacon, S. (1997), "Insurance Consultation, Human Genetics Advisory Commission".

Ashby, S.G.; Diacon, S.R. (1996), "Motives for Occupational Risk Management in Large UK Companies", Safety Science, Vol.22, 3, pp.229-243.

Ashby, S.G.; Diacon, S.R. (1996), "The Value of Corporate Risk Management: Empirical Evidence from Large UK Companies", Risk, Decision and Policy, Vol.1 (2), pp.203-215.

Diacon, S.R.; Ashby, S.G. (1996), "Are Insurance Purchases Strategic?", Global Reinsurance, Vol.5 (9), pp.30-33.

Diacon, S.R.; Ennew, C.T. (1996), "Can Business Ethics Enhance Corporate Governance? Evidence from a Survey of UK Insurance Executives", Journal of Business Ethics, Vol.15 (6), pp.623-634.

Diacon, S.R.; Ennew, C.T. (1996), "Ethical Issues in Insurance Marketing in The UK", European Journal of Marketing, Vol.30 (5), pp.67-80.

Diacon, S.R.; Keane, J. (1996), "The Causes of Insurance Cycles in The UK", Chartered Insurance Institute, Journal of The Society of Fellows, Vol.10, 2, pp.82-89.



Books

Fenn, P.T.; Diacon, S.R.; Hodges, R.; Watson, P. (2000), Accounting for Risk in the NHS, CIMA.



Chapters in Books

Diacon, S.R.; Fenn, P.T.; Levine, K. (1997), "Insurance Consultation", in The Implications of Genetic Testing for Insurance.

Fenn, P.T.; Diacon, S.R. (1997), "Disability and Insurance", in Ethics and Health Insurance.



Conferences

Diacon, S. 2003, "Risk Adverse or Loss Adverse: The Behaviour of UK Personal Investors", at American Risk and Assurance Association Annual Meeting, August, Denver, USA.

Diacon, S.; Fenn, P.; O'Brien, C. 2003, "How Accurate are the Disclosed Provisions of UK General Insurers?", at 25th UK Insurance Economists' Conference, March 2003.

Diacon, S.; O'Brien, C. 2002, "Persistency in UK Long-Term Insurance: Customer Satisfaction and Service Quality in Global Issues in Insurance Regulation Conference".

Fukukawa, K.; Ennew, C.; Diacon, S. 2000, "Ethically Questionable Behaviour in Consumption: An Exploratory Study", at Proceedings of the Academy of Marketing Conference.

Ennew, C.; Diacon, S.; Clarkson, K. 1999, "Measuring Consume Perceptions of Risk in Financial Services", at AMA SERVSIG Conference (Jazzing into the New Millennium).



Discussion Papers

Fernandez-Young, A.; Fenn, P.; Diacon, S. 2004, "Risk Aversion and its Homogeneity in the Population", Centre for Risk and Insurance Studies Discussion Paper.

Diacon, S. 2002, "Risk Averse or Loss Averse: The Behaviour of UK Personal Investors", 2002/VI.

Diacon, S.; Ashby, S. 2002, "The Corporate Cost of Risk", 2002/II.

Diacon, S.; Fenn, P.; O'Sullivan, N. 2002, "Highballing and Lowballing in Audit Pricing: The Impact of Audit Error", Centre for Risk and Insurance Studies Discussion Paper no. 2002/II.

Diacon, S.; O'Brien, C. 2002, "Persistency in UK Long-Term Insurance: Customer Satisfaction and Service Quality", 2002/III.

Diacon, S.; Starkey, K.; O'Brien, C. 2002, "Size and Efficiency in European Long-Term Insurance Companies", 2002/VII.

Diacon, S.; Starkey, K.; O'Brien, C.; O'dindo, C. 2002, "The Most Successful Insurers in the UK Long-Term Market", 2002/IX.

Hussain, I.; Toms, S.; Diacon, S. 2002, "Financial Distress, Single and Multifactor Tests and Comparisons of Asset Pricing Anomalies: New Evidence", Nottingham University Business School Discussion Paper, Nottingham University Business School.

O'Sullivan, N.; Diacon, S. 2002, "Board Composition and Performance in UK Life Insurance Companies", 2002/VII.

O'Sullivan, N.; Diacon, S. 2002, "The Impact of Organisational Form, Internal Governance and Non-Audit Services on Audit Pricing from the UK Insurance Industry", 2002/IV.

Diacon, S. 2001, "The Efficiency of UK General Insurance Companies", 2001/III.



Reports for external body

Diacon, S.; O'Brien, C.; Drake, L.; O'Sullivan, N. 2004, "Mutual life offices a contribution to the governance debate", in Report for the Financial Services Research Forum.



Publications from 2005 to the present day

Journal Articles

Vencappa, D.; Fenn, P.; Diacon, S. (2013), "Productivity Growth in the European insurance industry: evidence from life and non-life companies", International Journal of the Economic of Business, Vol.20 1, pp. 281-305.

Fenn, P.; Vencappa, D.; Diacon, S.; O'Brien, C.; Klumpes, P. (2008), "Market Structure and the Efficiency of European Insurance Companies: A Stochastic Frontier Approach", Journal of Banking and Finance, Vol.32 (1), pp. 86-100.

Diacon, S.; Hasseldine, J. (2007), "Framing Effects and Risk Perception: The Effect of Prior Performance Presentation Format on Investment Fund Choice", Journal of Economic Psychology, Vol.28 (1), pp. 31-52.

Vencappa, D.; Fenn, P.; Diacon, S.; Bachis, E. (2007), "The Internal Market and its Effect on Insurance", Die Volkswirtschaft, Das Magazin fur Wirtschaftspolitik.

Diacon, S. (2006), "Utility Analysis, Luxuries and Risk", Economics Letters, Vol.91, pp. 402-407.

Fukukawa, K.; Ennew, C.; Diacon, S. (2006), "An Eye for An Eye Investigating the Impact on Consumer Perception of Corporate Unfairness on Aberrant Consumer Behaviour", Journal of Research in Ethical Issues in Organisations, Vol.7, pp. 187-212.

O'Brien, C.; Diacon, S. (2006), "Closed Life Funds", The Actuary, Vol.August, p. 37.



Chapters in Books

Fenn, P.; Vencappa, D.; Diacon, S.; Bachis, E. (2007), "The Internal Market for Insurance and its Effects on Productivity", in Aymo, B.; Sven, M. (ed) Services Liberalisation in Europe: Case Studies, (2), pp. 75-116, Swiss Secretariat for Economic Affairs.

Klumpes, P.; Diacon, S.; Fenn, P.; O'Brien, C.; Yildirim, C. (2007), "European Insurance Markets: Recent Tends and Future Regulatory Developments", in Vernard, B.; Cummins, D. (ed) Handbook of International Insurance: Between Global Dynamics and Local Contingencies, Springer.



Conferences

Muff, T.; Diacon, S.; Woods, M. 2007, "The Management of Currency Risk: Evidence from UK Company Disclosures", at European Risk Conference, Munster, 5-7 September.

Fenn, P.; Vencappa, D.; Diacon, S.; O'Brien, C.; Klumpes, P. 2006, "Market Structure and the Efficiency of European Insurance Companies: A Stochastic Frontier Analysis", in the proceedings of the Dynamics of Insurance Markets: Structure, Conduct and Performance in the 21st Century Conference, Wharton School, University of Pennsylvania, Philadelphia, U.S..



Discussion Papers

Diacon, S. 2010, "Insurance with Imprecise Probabilities", Centre for Risk and Insurance Studies Discussion Paper. 2010.I.

Muff, T.; Diacon, S.; Woods, M. 2008, "The Management of Currency Risk Evidence from UK Company Disclosures", Centre for Risk and Insurance Studies Discussion Paper.

Bachis, E.; Diacon, S.; Fenn, P. 2007, "Measuring competition in the UK motor insurance markets", Centre for Risk and Insurance Studies Discussion Paper.

Vencappa, D.; Adams, M.; Diacon, S.; Fenn, P. 2006, "Underwriting Cycles and the Role of Internal and External Capital", School of Business and Economics Working Paper, University of Swansea.



Reports for external body

O'Brien, C.; Diacon, S. 2005, "Closed life funds; causes, consequences and issues", in Report for ABN Amro.

 

 

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