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: