MICHAEL PALMER

Professor of Finance and International Business
Leeds School of Business
University of Colorado, Boulder, CO 80309-0419
E-mail: Michael Palmer@Colorado.EDU
Telephone: (303) 492-4241
Fax: (303) 735-2915


PERSONAL

Date of Birth: April 22, 1941
Marital Status: Married, one child

EDUCATION

1965-1967: University of Washington, Ph.D. June 1967. Finance, Economics, Social Psychology, and International Business. Ph.D. Dissertation: “An Investigation of the Factors Affecting Outstanding Real Estate Loans Among States.”

1963-1965: San Diego State University, M.S. June 1965. Finance and Economics. M.S. Thesis: “International Capital Flows.”

1960-1963: San Diego State University, B.S., Finance, June 1963

1958-1960: University of the Americas, Mexico City.

ACADEMIC AND ADMINISTRATIVE EXPERIENCE

 

2010:  Visiting Professor of Finance, Kansai Gaidai University, Osaka, Japan

2005:  Visiting Professor of Finance, Kansai Gaidai University, Osaka, Japan

2005:  Member, College of Business AACSB Accreditation Team

2004 - 2005: Member, College of Business Program Review Panel (PRP) Self Study Report Committee

2004:  Visiting Professor of Finance, Jiao Tong University, Shanghai, China

2003:  Visiting Professor of Finance, Kansai Gaidai University, Osaka, Japan

2002 - Visiting Professor of Finance, Institute for Shipboard Education
1999 - 2000: Interim Director, University of Colorado's Office of International Programs
1997 - 1999: Associate Dean for Faculty and Academic Programs, College of Business
1996 - 1997: Member GMAC Professional Development Advisory Board
1995 - 1997: Associate Dean for Academic Programs, College of Business
1995 - 1996: Member College of Business AACSB Accreditation Team
1994 - 1999: Member of College of Business Executive Committee
1994:   Member of Finance Division Executive Committee
1994 - 1995: Associate Dean for Undergraduate Academic Affairs, College of Business
1994:  Director, International Programs, College of Business
1993:  Visiting Professor of Finance, Kansai Gaidai University, Osaka, Japan
1992 - Present: Professor of Finance, University Colorado at Boulder
1990 - 1991: Finance Area Coordinator
1988 - 1990: Colorado Executive Program In International Business
1987 - Present: Director, University of Colorado's London International Finance and Business Program
1986 - 1993: Finance Division Undergraduate Advisor
1985:  Visiting Professor of Finance, Institute for Shipboard Education
1980:  Visiting Professor of Finance, Institute for Shipboard Education
1979:  Visiting Professor of Finance, Institute for Shipboard Education
1971 - 1992: Associate Professor of Finance, University of Colorado at Boulder
1967 - 1971: Assistant Professor of Finance, University of Colorado at Boulder

ACADEMIC AND ADMINISTRATIVE ACTIVITIES

1999-00: Appointed Interim Director of the Office of International Education.  Responsible for overseeing University's study abroad programs and foreign student and foreign scholars’ services.

1997-99: Appointed Associate Dean for Faculty and Academic Programs. Responsible for the internal operations of the College of Business, including oversight of budgets, division governance, personnel issues, and for providing the central coordinating function for all academic programs.

1995-97: Chair, Full Professor Committee. Responsible for managing promotion to full professor cases in the College of Business.

1995-97: Appointed Associate Dean for Academic Programs. Major responsibilities involve oversight for all academic programs in the College of Business (Bachelors of Science, M.B.A., M.S. and Ph.D. programs).

1994-95: Appointed Associate Dean for Undergraduate Academic Affairs. Major responsibilities involve designing a new undergraduate curriculum for the Business School and bringing that curriculum to the faculty for approval. Also responsible for internationalizing the new curriculum through specific course offerings and ensuring an international theme throughout our program. This curriculum change represented the first major revision of our undergraduate program in over 25 years.

1987-Present: Academic Director of Leeds School of Business London Seminar in International Finance.  On site director for five week summer study abroad program based in London (with a five day academic site visit to Paris, France).

MEMBERSHIP IN PROFESSIONAL ORGANIZATIONS

Financial Management Association.

Pan-Pacific Business Association.
Academy of International Business.
Decision Science Institute.
Planning Executives Institute.
International Business Association of the Rockies.
Association for Global Business.

PROFESSIONAL/ACADEMIC ACTIVITIES

2009:  Sabbatical leave: Visiting Professor, Kansai Gaidai University, Osaka, Japan.

2005:  Visiting Professor, Kansai Gaidai University, Osaka, Japan.

2004:  Visiting Professor of Finance, Jiao Tong University, Shanghai, China taught International Business in Executive MBA program.

2002-2003:  Sabbatical leave:  Visiting Professor on Semester at Sea and at Kansai Gaidai University, Osaka, Japan.

1996-97: Member, Graduate Management Admissions Council (GMAC) Professional Development Advisory Board. Responsible for planning annual meetings.

1995-97: College representative to Institute for Collaborative Education, Research and Training (co-chair, Two and Four Year Faculty-to-Faculty Conference).

1995: Member of External Review Team for evaluation of self study by Department of Economics, University of Colorado at Colorado Spring.

1993: Sabbatical leave. Visiting Professor at Kansai Gaidai University, Osaka, Japan.

1991 - 1997: Consultant for Capital Allocation and Management, Inc. Responsible for providing the company with quarterly advice on conditions in overseas financial markets as well as macroeconomic trends in major foreign countries.

1990 - 1993: Member of the Boulder Faculty Assembly (BFA).

1989 - 1992: Local Program Chairman for 6th Hispanic Symposium on Business and the Economy ("Hispanic Issues in a Global Environment"). October 1992 (Boulder, Colorado).

WORK IN PROGRESS

“Case Study: Akita Nissan Motor Company,” (with Lacktorin)

“Capital Flight Measures as a Signal of Sovereign Debt Defaults,” (with Sanders)

“The Relationship of S&P Company Quality Ratings to Safe and Unsafe Firms,” (with Buchman and Sanders)

PUBLISHED ARTICLES: REFEREED JOURNALS

“Surprise! Most Blockbuster Jury Awards Are Ignored by the Stock Market,” (with Tom Sanders).  Review of Law and Economics, Vol. 6, Issue 2, 2010, pp. 145-166

“Going Concern Debt Ratios: Is the Firm Safe,” (with Tom Sanders), Corporate Finance Review. Vol. 13, No. 3, November/December 2008, pp. 25 – 33.

"A Model for Determining Mispricing of Sovereign Risk Loans," (with Barrett and Sanders).  The Journal of International Financial Markets, Institutions, and Money. 11 (2001), pp. 223-237. 

"A Model for Diversifying International Loan Portfolios," (with Tom Sanders). The Journal of Financial Services Research. Vol. 10, No. 4, December 1996, pp. 359-371.

"Corporate Strategies for Asia Pacific Companies in Dealing with Europe's Single Integrated Market." The Management Journal (Jurnal Pengurusan). Vol. 15, January 1996, pp. 27-43.

"Modeling International Loan Portfolios Through Linear Programming Discriminant Analysis," (with Fred Glover and Ken Gordon). The Journal of Policy Modeling. Vol. 15, No. 3, June 1993, pp. 297-312.

"The International Commercial Loan Rate," (with Tom Sanders), Journal of Economic Development. Vol. 17, No. 3, December 1992, pp. 181-195.

"The Profile-analytic Classification Methodology Applied to the Management of Country Risk in International Lending," (with Kenneth Gordon), Global Finance Journal. Volume 2, No. 3/4 Fall/Winter 1991, pp. 181-196.

"A Comparison of a Financial Institutions' View and a Market's View of Country Creditworthiness," (with Kenneth Gordon), Journal of Financial Services Research, Volume 2, June 1989, pp. 73-87.

"A Profile-analytic Approach for Classifying Debt Reschedulings in the Asia Pacific Region," (with Kenneth Gordon). Asia Pacific Journal of Management, Volume 6, No. 2, April, 1989, pp. 254-266.

"The External Indebtedness and Creditworthiness of Countries in the East Asia and Pacific Region," (with Kenneth Gordon), Asia Pacific Journal of Management, Volume 2, No. 1, October 1988, pp. 175-198.

"The Application of Financial Ratio Analysis to Country Risk in the Asia Pacific Region," (with Kenneth Gordon), Journal of Economics and International Relations, Volume 2, No. 1, Spring 1988, pp. 3-21.

"The Importance of Selected Financial Ratios in Assessing Country Creditworthiness and the Potential for Financial Distress," (with Kenneth Gordon), Akron Business and Economic Review, Volume 18, No. 1, Spring 1987, pp. 64-74.

"External Indebtedness and Debt Servicing Problems of Developing Countries: A Financial Profile of Debt Rescheduling and Non-rescheduling Countries Prior to Debt Relief," (with Kenneth Gordon), Columbia Journal of World Business, Volume 20, No. 1, Spring, 1985, pp. 37-45.

"Margin Requirement Changes and Stock Market Activity," Business Studies, Volume 10, No. 2, Fall 1971, pp. 49-54.

"The Application of Psychological Testing to Entrepreneurial Potential," California Management Review, Volume 13, No. 3, Spring 1971, pp. 32-38.

"Money Supply, Portfolio Adjustments and Stock Prices," Financial Analysts Journal, Volume 26, No 4, July-August 1970, pp. 19-22.

ARTICLES REPRINTED IN BOOKS

"The Application of Psychological Testing to Entrepreneurial Potential," Entrepreneurship and Venture Capital (in a book of readings by J. R. Mancuso, Prentice-Hall, 1974), pp. 22-31.

PUBLISHED PAPERS IN REFEREED PROCEEDINGS AND PAPERS PRESENTED AT PROFESSIONAL MEETINGS

“Going Concern Debt Ratios: An Empirical Test,” Decision Sciences Institute Conference, (New Orleans, November 2009)

"Commercial Loan Pricing Tradeoffs," Southern Finance Association, (Key West, November 1996).

"Japanese Corporate Strategies for Dealing with the Single European Market," The Association of University Business and Economics Research Conference, (Honolulu, October 1992).

"Predicting Debt Rescheduling for Developing Countries Using Neural Networks," Operations Research Society of America and The Institute of Management Science (ORSA/TIMS), 34th Joint National Meeting, (San Francisco, November 1992).

"Financial Liberalization and Reform in Mexico," National Association of Hispanic Professor of Business and Economics (NAHPBAE), 6th Annual Symposium (Boulder, October 1992).

"The Management of Pacific Rim Loan Portfolios," 1992 Pan-Pacific Conference, (Calgary, June 1992), pp. 83-85.

"Factors in Pricing International Loans," Academy of International Business Annual Meetings (Miami, October 1991).

"The International Commercial Loan Rate," 1991 BALAS (Business Association of Latin American Studies) Proceedings (Boston, April, 1991), pp. 89-94.

"A Classification Techniques for International Commercial Loan Portfolios," 1991 BALAS (Business Association of Latin American Studies) Proceedings (Boston, April, 1991), p.180

"The Potential Impact of a Protectionist Europe 1992 on Asia Pacific Economies, 1991 Proceedings of the International Symposium on Pacific Asian Business (Honolulu, January 1991), pp. 177-182.

"Linear Programming Discriminant Analysis For International Loan Portfolio Management," 1990 Proceedings of the Decision Science Institute (San Diego, November, 1990), pp. 720-722.

"A Methodology for Detecting Unique Economies Among Third World Countries," 1990 BALAS (Business Association of Latin American Studies) Proceedings (Albuquerque, April 1990), pp. 189-195.

"Methods for Classifying Debt Reschedulings," 1989 Proceedings of the Decision Science Institute (New Orleans, November, 1989), pp. 365-367.

"Early Warning Signals of the Philippines' Rescheduling of External Debt: A New Approach," 1989 Proceedings of the Pan-Pacific Conference (Sydney, May, 1989), pp. 103-105.

"An Examination of the Consistency of Country Risk Rating Services," 1989 Proceedings of the Pan-Pacific Conference (Sydney, May, 1989), pp. 5-7.

"Recent Trends in External Indebtedness and Country Risk Measures for Sovereign Borrowers in the Pacific Basin," 1989 Proceedings of the Pan-Pacific Conference (Sydney, May, 1989), pp. 2-4.

"Linear Programming Analysis for International Loan Portfolio Management," Mathematical Programming Approaches to Discriminant Analysis Workshop, (University of Florida, April 1989).

"The Use of Country Risk Rating Services as an Aid to International Lenders in Evaluating Country Lending Limits," Decision Sciences Institute (Las Vegas, November 1988).

"The International Commercial Loan Rate," Financial Management Association Meetings (New Orleans, October 1988).

"Factors Affecting Country Risk in the Pacific Basin: A Financial Ratio Approach," 1988 Proceedings of the Pan-Pacific Conference (Singapore, May, 1988), pp. 412-415.

"Systematic Risk in International Loan Pricing Factors: A Geographical Comparison," 1988 Proceedings of the Pan-Pacific Conference (Singapore, May, 1988), pp. 449-452.

"An Investigation of Country Risk Ratings for Developing Countries in the Asia Pacific Region," 1988 Proceedings of the Pan-Pacific Conference (Singapore, May, 1988), pp. 453-456.

"An Investigation of the External Debt and Debt Servicing Capabilities of Countries in the Pacific Asian Region," 1988 Proceedings of the International Symposium on Pacific Asian Business (Hawaii, January 1988), pp. 36-37.

"Non-Price Elements in Risk Adjustment by Financial Institutions: An Application to the International Loan Markets," Academy of International Business (Chicago, November 1987).

"The Role of Interest Rate Differentials and Inflation Differentials in the Exchange Rate Process: The U.S. Dollar Versus Six Foreign Currencies; January 1977- 1982," 1987 Proceedings of the Pan-Pacific Conference (Taipei, Taiwan, May 1987), pp. 452-455.

"An Examination of the External Debt of Selected East Asian and Pacific Region Countries: the Use of Financial Ratios in Assessing Their Creditworthiness and the Likelihood of Financial Distress," 1987 Proceedings of the Pan-Pacific Conference (Taipei, Taiwan, May 1987), pp. 534-543.

"Monitoring Financial Ratios to Supplement the International Debt Evaluation Process," 1986 Proceedings of the Decision Science Institute (Hawaii, November 1986), pp. 462-464.

"The Reliability of Internal Auditors' Working Papers," 1983 Proceedings of the Western American Accounting Association Francisco, April 1983), pp. 131-138.

"An Empirical Study of the Risk Exposure and Rates of Return of Small, Medium, and Large Firms," 1982 Proceedings Small Business Institute Association (San Francisco, February 1982), p. 10.

"The Cash Flow Effects of Alternative Depreciation Methods Under Conditions of Inflation and Growth: The Implications for Small Business," Small Business Institute Directors' Association (New Orleans, February 1981).

"Industrial Concentration Ratios, Price Changes and Economic Activity: 1965-1975," Midwestern Finance Association (St. Louis, April 1977).

"Long-Term Growth Related Changes in Stock Prices and Price Inertia," Midwestern Finance Association (St. Louis, April 1976).

PUBLISHED NOTES AND BOOK REVIEWS

"Overexposed: U.S. Banks Confront the Third World Debt Crisis," Book Review. Columbia Journal of World Business (Fall 1991), pp. 75-76.

"Doing Business in Developing Countries," Book Review. Columbia Journal of World Business (Fall 1991). pp. 73-74.

"Sensible Speculating in Commodities," Book Review. The Wall Street Review of Books (September 1973), pp. 326-328.

"Money Supply and Stock Prices -- A Reply," Financial Analysts Journal, Volume 28, No. 2, March 1972, pp. 108-109.

"Prospects for the Savings and Loan Industry," Book Review. Journal of Finance (March 1969), pp. 155-156.

"An Investigation of Factors Associated with Variations in the Relative Importance of Commercial Bank Residential Real Estate Loans," Note. Journal of Finance (September 1968), pp. 687-688.

CASE DEVELOPMENT (CLASSROOM USE; NOT PUBLISHED)

“Currency Attacks: Case Studies of Attacks on Currencies; Mexico, 1994, Russia, 1998, and Argentina, 2002” (Fall 2006)

“Foreign Exchange Transaction Exposure: A Case Study of Lufthansa Corporation” (Fall 2006)

Changing Foreign Exchange Regimes: Case Studies of China, 2005 and Venezuela,” (Fall 2006)

Livedoor Corporation:  A Case Study of a Hostile Takeover in Japan,” (Spring 2005).

“Lockheed Corporation and the 1973 U.S. Foreign Corrupt Practices Act: A Case Study in Business Ethics,” (Spring 2005).

“Seaweed Wars Between Japan and Korea: A Case Study of a Trade Dispute and the Resolution Process of the WTO,” (Spring 2005).

PRESENTATIONS TO ACADEMIC AND PROFESSIONAL GROUPS

“The Current Financial/Economic Crisis and the Outlook for the 2009,” Bravern Group, Bellevue, Washington, December 5, 2008

“The Current Financial and Economic Crisis,” Schnitzer West, LLC, Seattle, Washington, October 24, 2008

“Investing in Emerging Country Stock Markets,” Colorado Public Employees Retirement Systems Forum, Denver, Colorado, May 8, 2007

"Asian and European Economies and Investment Markets: Current Conditions and Prospects for the Future," Financial Network Investment Corporation, Rocky Mountain Region Meeting, Denver, Colorado, May 19, 1992.

"The International Economy: A Global Investment Strategy and Europe," Blue Ribbon Study Group Retreat, Vail, Colorado, August 9, 1991.

"An Economic Overview of the Emerging Tigers of Southeast Asia: Thailand, Malaysia, Singapore and Indonesia," A joint program sponsored by the United States Department of Commerce and the International Business Association of the Rockies, Denver, Colorado, November 14, 1989

"International Investment Opportunities: Europe 1992," Financial Network Investment Corporation, Rocky Mountain Region Meeting, Denver, Colorado, November 2, 1989.

"Europe 1992," Economics Institute, University of Colorado, June 1989.

"International Equity Markets for U.S. Investors," Rocky Mountain Chapter of the International Association for Financial Planners, Denver, Colorado, November 1988.

"The Application of Financial Ratio Analysis to Country Risk Assessment for Asia Pacific Borrowers," Economics Institute, University of Colorado, November 1988.

"Foreign Stock Markets and Their Interrelationships." Rocky Mountain Region Professional Development Association, Denver, Colorado, June 1988

"Japan in the World Today," Discussant.
Japan Foundation and the College of Arts and Sciences, University of Colorado, April 1988.

"The Use of Financial Ratios in Assessing Pacific Basin Country Risk," Economics Institute, University of Colorado, March 1988.

"Developing Financial Ratios for Monitoring Country Creditworthiness," Economics Institute, University of Colorado, April 1987.

"Debt Burdens of Developing Countries," Economics Institute, University of Colorado, November 1982.

"The Economic and Non-Economic Problems Facing Developing Countries and Proposed Solutions," Economics Institute, University of Colorado, October 1981.

"Monetary Policy and Its Effects on the Economy," Denver Chapter of the Planning Executives Institute, Denver, Colorado, November 1974.

"The Interpretation of Monetary Policy Actions," Credit Management Division of the United Bank of Denver, November 1974.

HONORS AND AWARDS

2007: Champion of International Education (CU-Boulder Office of International Education); University Teaching Award.

1992: Teaching Excellence Award (May D & F), College of Business, University of Colorado.

1992: University of Southern California Faculty Scholarship Award to attend the fifth annual Asia/Pacific Business Conference (award funded by the U.S. Department of Education).

1990: Selected by Center for British Studies and British Council to participate in two week seminar: "The City of London: Finance, Banking and Investing."

1988: Teaching Excellence Award (May D & F), College of Business, University of Colorado.

1973: Certificate of Recognition for Outstanding Contribution to Education, School of Business.

1972: Distinguished Teaching Award, University of Colorado.

ACADEMIC COMMITTEE ASSIGNMENTS (1990 - Present): UNIVERSITY OF COLORADO

1990-92: Boulder Faculty Assembly
1992-93: College Strategic Planning and Coordination Committee
1992-93: Product Line Task Force
1992-93: Undergraduate Program Sub-Committee (chair)
1992-93: Board, Center for International Research and Education Projects
1994-99: International Programs Committee (chair)
1994-99: College of Business Executive Committee
1994-99: Finance Division Executive Committee
1994-99: Undergraduate Curriculum and Policy Committee (chair)
1995-99: University Study Abroad Committee
1995-99: Masters Curriculum and Policy Committee (chair)
1995-98: Doctoral Curriculum and Policy Committee (chair)
1995-98: Full Professor Committee (chair)
1995-99: MBA Placement and Career Services Committee (chair)
1995-98: College of Business Computing Committee
1996-96: College AACSB Accreditation Committee
1996-96: College Strategic Planning Committee (chair of various sub-committees)
1996-97: MBA Differential Tuition Committee (chair)
1996-99: Technology and Computer Fee Committee (chair)
1996-99: Faculty Salary Appeals Committee (chair)
1996-99: College Executive Committee Budget Committee
1999-00: University Student Affairs Directors Committee (representing the Office of International Education)
2000-01: College New Building Committee (co-chair)

2002-    :  College of Business Scholarship Committee

2003-    :  Finance Division:  Personnel Committee, Senior Instructor Reappointments (co-chair)

2003-    :  College of Business Post Tenure Review Committee

2004-05:  College of Business Program Review Panel (PRP) Self Study Report Committee (co-chair)

2004-    :  College of Business AACSB Accreditation Committee (co-chair)

2004-    :  College of Business International Committee


TEACHING INTEREST & COURSES TAUGHT

Undergraduate Courses:


Graduate Courses: