W. Braddock Hickman
Encyclopedia
Walter Braddock Hickman (1911 – November 28, 1970) was President of the Federal Reserve Bank
of Cleveland from May 1, 1963 to November 28, 1970 (died in office).
A native of Baltimore, Maryland, Hickman graduated from the University of Richmond
and earned his Ph.D. in economics from Johns Hopkins University
in 1937. He was a member of the faculties of Princeton University
, Rutgers University
, and the Institute for Advanced Study
. During World War II
, he was a lieutenant in the U.S. Naval Reserve.
Hickman became a member of the research staff and director of the Corporate Bond Research Project of the National Bureau of Economic Research and published three books on corporate finance. Hickman conducted some of the earliest and most complete studies of credit risk in corporate bond markets, most notably his 1958 book, Corporate bond quality investor experience. These credit studies have been credited by Michael Milken
for sparking his theories on junk bonds in the 1970s.
Hickman was supervisor of economic studies at the New York Life Insurance Company
from 1953-56, joining American Airlines
as director of economic research in 1956. He was appointed senior vice president of the Federal Reserve Bank of Cleveland in 1960 and was named president in 1963. Hickman, who always retained a close interest in economic research, was appointed by U.S. President Richard Nixon
to the National Commission on Federal Statistics in 1970.
Federal Reserve Bank
The twelve Federal Reserve Banks form a major part of the Federal Reserve System, the central banking system of the United States. The twelve federal reserve banks together divide the nation into twelve Federal Reserve Districts, the twelve banking districts created by the Federal Reserve Act of...
of Cleveland from May 1, 1963 to November 28, 1970 (died in office).
A native of Baltimore, Maryland, Hickman graduated from the University of Richmond
University of Richmond
The University of Richmond is a selective, private, nonsectarian, liberal arts university located on the border of the city of Richmond and Henrico County, Virginia. The University of Richmond is a primarily undergraduate, residential university with approximately 4,000 undergraduate and graduate...
and earned his Ph.D. in economics from Johns Hopkins University
Johns Hopkins University
The Johns Hopkins University, commonly referred to as Johns Hopkins, JHU, or simply Hopkins, is a private research university based in Baltimore, Maryland, United States...
in 1937. He was a member of the faculties of Princeton University
Princeton University
Princeton University is a private research university located in Princeton, New Jersey, United States. The school is one of the eight universities of the Ivy League, and is one of the nine Colonial Colleges founded before the American Revolution....
, Rutgers University
Rutgers University
Rutgers, The State University of New Jersey , is the largest institution for higher education in New Jersey, United States. It was originally chartered as Queen's College in 1766. It is the eighth-oldest college in the United States and one of the nine Colonial colleges founded before the American...
, and the Institute for Advanced Study
Institute for Advanced Study
The Institute for Advanced Study, located in Princeton, New Jersey, United States, is an independent postgraduate center for theoretical research and intellectual inquiry. It was founded in 1930 by Abraham Flexner...
. During World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, he was a lieutenant in the U.S. Naval Reserve.
Hickman became a member of the research staff and director of the Corporate Bond Research Project of the National Bureau of Economic Research and published three books on corporate finance. Hickman conducted some of the earliest and most complete studies of credit risk in corporate bond markets, most notably his 1958 book, Corporate bond quality investor experience. These credit studies have been credited by Michael Milken
Michael Milken
Michael Robert Milken is an American business magnate, financier, and philanthropist noted for his role in the development of the market for high-yield bonds during the 1970s and 1980s, for his 1990 guilty plea to felony charges for violating US securities laws, and for his funding of medical...
for sparking his theories on junk bonds in the 1970s.
Hickman was supervisor of economic studies at the New York Life Insurance Company
New York Life Insurance Company
The New York Life Insurance Company is one of the largest mutual life-insurance companies in the United States, and one of the largest life insurers in the world, with about $287 billion in total assets under management, and more than $15 billion in surplus and AVR...
from 1953-56, joining American Airlines
American Airlines
American Airlines, Inc. is the world's fourth-largest airline in passenger miles transported and operating revenues. American Airlines is a subsidiary of the AMR Corporation and is headquartered in Fort Worth, Texas adjacent to its largest hub at Dallas/Fort Worth International Airport...
as director of economic research in 1956. He was appointed senior vice president of the Federal Reserve Bank of Cleveland in 1960 and was named president in 1963. Hickman, who always retained a close interest in economic research, was appointed by U.S. President Richard Nixon
Richard Nixon
Richard Milhous Nixon was the 37th President of the United States, serving from 1969 to 1974. The only president to resign the office, Nixon had previously served as a US representative and senator from California and as the 36th Vice President of the United States from 1953 to 1961 under...
to the National Commission on Federal Statistics in 1970.
External links
- http://www.clevelandfed.org