Raymond Hill

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  • Senior Lecturer in Finance

Mailing Address:

Goizueta Business School
Emory University
1300 Clifton Road NE
Atlanta, GA 30322


Raymond Hill joined Goizueta Business School in 2003 and teaches managerial economics and finance. Hill began his academic career by teaching economics at Princeton University, before leaving in 1982 to become an investment banker with Lehman Brothers. His work at Lehman included a seven year stay in Hong Kong as managing director of its investment banking business in Asia outside of Japan. Hill returned to his native Georgia in 1993 and worked for ten years at Mirant Corporation and its predecessor, a subsidiary of Southern Company. During that time he served as the company’s chief financial officer, except for an eighteen month stint as a CEO of one of the largest independent power companies in Asia, which was owned by Southern.

Hill earned his undergraduate degree at Princeton and his PhD in economics from MIT. He also studied at the Institut de Hautes Etudes Internationales in Geneva under the Fulbright Fellowship program.


  • “Measuring corporate performance: the perils of turning to cash flow,” Public Utilities Fortnightly, May 15, 2003, with G. Benston and A. Hartgraves.
  • “Southern Energy Inc’s acquisition of CEPA,” Treasury Management International, February 1997.
  • “Financing the world's largest private infrastructure project,” Building and Construction News, September 1989.
  • “The Massachusetts, model of profit regulation in non-life insurance: an appraisal and extensions,” inFair Rate of Return in Property-Liability Insurance, Kluwer Nijhoff Publishing, Boston, 1987, with F. Modigliani.
  • The Insurance Industry in Economic Development , B. Wasow, ed.; New York University Press, 1986.
  • "Country risk evaluation: stretching the limits of what we know", in International Political Risk Management: New Dimensions, Moran and Ghadar, eds.; George Washington University, 1984, with C. Bogdanowicz-Bindert.
  • "State owned enterprises and income distribution in Mexico," in The Political Economy of Income Distribution in Mexico, P. Aspe and P. Sigmund, eds.; Holmes and Meier, London, 1984.
  • “Comment on Barbosa and Beleza, ‘External Disequilibrium in Portugal: 1975-78,’” Economia, October 1979.
  • “Profit regulation in the property/liability insurance industry," The Bell Journal of Economics, Spring 1979.
  • “Insurance profits, availability and public policy,” in Insurance Redlining and Reinvestment, U.S. Civil Rights Commission, March, 1979.
  • “A model of the Portuguese economy,” Economia, January, 1977, with A. Abel, L. Beleza, J. Frankel and P. Krugman.
  • “Money and credit in Portugal,” presented at the Conference on the Portuguese Economy Proceedings, Gulbenkian Foundation, October 1976, with T. Cardozo.
  • “Capital movements in the OECD area: an econometric analysis,” OECD Economic Outlook, Occasional Studies, December 1971, with W. Branson.
  • “Capital movements among major OECD countries: some preliminary results,” The Journal of Finance, May 1971, with W. Branson.

Working Papers

  • “Moths to a flame: social proof, social norms and status in the oversears electricity bubble,” May 2005, unpublished working paper, with L.G. Thomas.

Areas of Specialization

  • Project finance
  • Macroeconomic and monetary policy
  • Energy economics and finance

Memberships and Activities

  • Master of the Graduate College, Princeton University, 1978-1982
  • Board of Trustees, Robert College, Istanbul, Turkey, 1990- 1997
  • Council on Foreign Relations, 2000-present
  • Standard and Poor¿s Issuers¿ Advisory Board, 2001-2002
  • Board of Trustees (Chairman), Cathedral of St. Philip Endowment, 2007-present
  • Board of Trustees, Refugee Family Services, 2005-present
  • Board of Directors, Chairman of Markets Committee, ISO New England, 2010-present

Selected Consulting Clients

  • Insurance commissions of Massachusetts, North Carolina, Florida
  • U.S. Civil Aeronautics Board
  • Bank of Portugal (Lisbon)
  • Secretariat of the General Agreement on Tariffs and Trade (Geneva)
  • Arctas Capital Group


  • Ph.D. Economics, Massachusetts Institute of Technology, Cambridge, MA 1978
  • Bachelor's (with high honors) in Economics, Princeton University, Princeton, NJ 1969