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Thomas A. Hieronymus Professor Emeritus |
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The Office for Futures and Options Research (OFOR), and the associated Thomas A. Hieronymus Distinguished Chair in Futures Markets, were established by Gary and Carlotta Bielfeldt and their family through the Bielfeldt Foundation, Peoria, Illinois. Gary and Carlotta and their three children--Linda, David and Karen--are all graduates of the University of Illinois, Urbana-Champaign (UIUC). While at UIUC, Gary studied under Professor Hieronymus, earning both BS and MS degrees. The family's leadership in beginning an endowment for OFOR and establishing the professorship builds on Professor Hieronymus's many contributions to the development of the futures market industry and the long history of teaching and research in futures markets at UIUC. Additional participants in funding this endowment are Jon and Joanne Corzine of New York. Professor Hieronymus had a distinguished career as an educator, researcher, and counselor in futures markets. He had a strong effect on the evolution and improved understanding of the markets. Professor Hieronymus was born and raised on a farm near Atlanta, IL. He earned three degrees from the University of Illinois, and became an Assistant Professor in the Department of Agricultural Economics in 1949. He retired as Professor Emeritus in 1981. His interest in futures markets began early. His Ph.D. dissertation in 1949 was entitled "The Economics of Risk in the Marketing of Soybeans and Soybean Products". He followed that with a book published by the Chicago Board of Trade in 1953 entitled "Appropriate Speculative Limits for Soybean Oil and Lard." Most recognized within the futures profession is his textbook, Economics of Futures Trading, first published in 1971, 2nd edition in 1977. This book became the industry guide for traders and students in the futures industry during the crucial changes and tremendous market growth of the 1970s and 1980s. This text still sits on many desks. However, Professor Hieronymus's biggest contribution came earlier in the 1950s and 1960s. He explained and demonstrated the use of futures markets to the grain industry when the markets were languishing, there was little respect for futures markets, and they were not recognized for their commercial base. Some of the most important of his early writings were: "Futures Trading and Speculation in Soybeans by Country Elevators" published in 1951; "When to Sell Corn, Soybeans, Wheat, and Oats" published in 1961; "Uses of Grain Futures Markets in the Farm Business" published in 1963; and "Hedging for Country Elevators" published in 1968. Because there was so little literature on futures markets at that time, these were widely used not only by practitioners in the market, but also by research scholars, classroom teachers and extension agents. These publications were the means by which many traders learned how futures markets operated and were to be used. These are but a few of the many publications featuring practical uses and applications of futures markets of which Professor Hieronymus wrote which featured practical uses and applications of futures markets. Professor Hieronymus also made significant contributions in the area of futures regulation. Professor Hieronymus published an article in 1977 in Hofstra Law Review titled: "Manipulation in Commodity Futures Trading". He served as an expert witness in several attempted manipulation cases, and provided expert testimony on the futures industry before the US Congress. In addition to the above, Professor Hieronymus served as a consultant on numerous issues to the both Chicago futures exchanges, trade organizations like the American Soybean Association and Illinois Agricultural Association, and to various government agencies. He served on the education committees at both the Chicago Board of Trade (for 24 years) and the Chicago Mercantile Exchange (for 7 years). One of Professor Hieronymus's often overlooked contribution is the many students that he educated and advised at UIUC. He taught, among other courses, Grain Marketing, Agricultural Price Analysis, and Commodity Futures Markets and Trading. He also held a Cooperative Extension Service appointment for several years and instructed producers, grain elevator managers and futures market users throughout the State of Illinois about the markets. Many of these students, graduates, associates and collaborators now hold important and prominent positions in the agricultural sector and the futures industry.
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