Dr. Timothy A. Manuel
Fall 2008 Vita
School of Business Administration5900 Jolinda Court
University of MontanaMissoula, MT 59803
Missoula, MT 59812Phone: (406)251-6526
Phone: (406) 243-2511Email:
FAX: (406) 243-2086
Email:
Web page: http://www.business.umt.edu/faculty/manuel
AREAS OF INTEREST
Teaching: I enjoy teaching markets and institutions, corporate finance, international finance, derivative securities, risk management, financial engineering and investments. My classes build knowledge of the business environment, critical thinking ability and problem solving skills. I also encourage the use of ethical principles and foster discussions of ethical decisions in my courses when appropriate. I am a demanding teacher, but I have the respect of my students because they learn a great deal in my classes.
Research: My research interests include asymmetric information, announcement effects, capital structure, dividend policy, corporate international financial issues, international policy, international business curricula, and development of international programs.
PERSONAL
I am a born again Christian. As such I must set an example for the students in and out of the classroom. My teaching, attitude, ethics and behavior must exemplify honoring God. I seek to obey the teachings of Jesus Christ, and to lovingly encourage others to do so while respecting the diverse backgrounds and beliefs of the students and the academic community. I have a lovely wife I have been married to for eighteen years and three wonderful children.
EDUCATION
University of South Carolina
Ph.D. in Business Administration, granted May 1988
Major: FinanceMinor: Banking
EDUCATION (continued)
Virginia Polytechnic Institute and State University
Master of Business Administration, granted 1984
Virginia Polytechnic Institute and State University
Bachelor of Science in Forestry, granted 1982
PROMOTIONS AND TENURE
Promoted to Full Professor in 2002 (University of Montana)
Awarded tenure in 1995 (University of Montana)
Promoted to Associate Professor in 1994 (University of Montana)
Promoted to Assistant Professor in 1988 (University of Wyoming)
HONORS AND RECOGNITIONS
Awarded the Rudyard B. Goode Endowed Professorship of Finance, Summer 2008
I taught in the APM Terminals Executive Education program, Summer 2008.
I was chosen to teach corporate finance and corporate governance to Chinese executives in the APM Terminals Executive Education program at UM in Summer 2007
Beta Alpha Psi, UM School of Business Administration Accounting & Finance Outstanding Faculty Award 2006-2007 (Teaching award granted by student vote)
2007 UM Faculty Development Grant to purchase materials needed to pursue the Certified Financial Professional (CFP) designation. This is pursuant to the possibility of teaching CFP classes, perhaps as continuing education and/or offering review classes for students and/or professionals in the community who wish to seek CFP certification. Some universities offer very visible and successful CFP coursework. The CFP designation would provide students with a professional designation that could enhance their employment opportunities.
2007 Summer SOBA Research Grant to work on the write up and data analysis of an ethics case I have been using in class for the last several years.
Merit Performance Award, University of Montana, 2006
Best Paper Award in Finance track at the 2005 Mountain Plains Conference.
Beta Alpha Psi, UM School of Business Administration Accounting & Finance Outstanding Faculty Award 2004-2005
Recipient of Northwest International Business Education CIBER grant to develop three ethical vignettes
Beta Alpha Psi, UM School of Business Administration Accounting & Finance Outstanding Faculty Award 2001
Chosen for 1999 Honors Student Faculty/Staff VIP Appreciation Reception, chosen by Honors College student as his most influential teacher
Silent Sentinel, Inspirational Teacher, Runner Up 1996
HONORS AND RECOGNITIONS (continued)
Merit Performance Award, University of Montana 1996
Excellence Fund donation and UM Foundation donation in my honor (different sources)
Nominated for University of Montana (campus wide) Outstanding Teacher Award 1995
Beta Alpha Psi, UM School of Business Administration Accounting & Finance Outstanding Faculty Award 1995
Merit Performance Award, University of Montana, 1993
University of Wyoming C&I Junior Faculty Teaching Award in 1991
Nominated for Alumni Outstanding Faculty Award in 1989
Nominated for Junior Faculty Teaching Award in 1989
Voted Mortar Board "Top Prof" in Fall 1989
Alpha Kappa Psi Outstanding Faculty Person for 1989-90
Member of Beta Gamma Sigma at VPI&SU Business
Member of Xi Sigma Pi at VPI&SU – Forestry
Kappa Alpha Fraternity Member
DISSERTATION
Title: Dividend Signals Under Information Asymmetry
The topic addresses the relationship between information asymmetry and share price reactions to dividend signals. Defended in March 1988.
ACADEMIC EXPERIENCE
Full/Associate/Assistant Professor - University of Montana (1991-Present)
Courses taught include Business Finance, Markets and Institutions, Investments, Multinational Financial Management, Maintaining Ethics in a Profit Maximization World (MBA Short Course)
Assistant Professor University of Wyoming (1987-1991)
Courses taught include Business Finance, Financial Institutions and Markets, Investment Management (graduate level), and Speculative Markets.
Lecturer University of South Carolina (1986-1987)
Courses taught include Business Finance and Investment Management (undergraduate).
REFEREED PUBLICATIONS
Developing and Testing an Ethical Vignette in International Business, by Timothy Manuel and Ather Bajwa, The Journal of Business Ethics Education, 2(2), 2005.
An International Capital Budgeting Experiential Exercise, by Lee Tangedahl and Timothy Manuel, in Developments in Business Simulation and Experiential Learning, Volume 31, 2004. pp. 71-72. Proceedings for ABSEL, the Association of Business Simulation and Experiential Learning.
Differences in the Effectiveness of Internationalization of Undergraduate Business Education in Achieving Job Placement Success, with Maureen Fleming and Nader Shooshtari, Journal of Teaching in International Business, Vol. 14, #3 2002.
Internationalization of the Business Curriculum at U.S. Colleges and Universities, 2001, Journal of Teaching in International Business, Volume 12, No. 3, pg. 43-70.
Internationalizing the Business Curriculum: Administrator’s Perspective, with Nader Shooshtari and Maureen Fleming, 1999 Association For Global Business Proceedings, Volume 11, pg. 171-179.
The changing role of government policy in the global economy, with Nader Shooshtari and Lori Taylor, 1999 International Association of Business Development Proceedings, Volume VI, pg. 370-374.
A review and examination of APEC's Investment Liberalization Policies, with C. Nitzsche, N. Shooshtari, M.J. Fleming and R.W. Hollman. Volume 5, 1998 Global Business Perspectives, pp. 370-374.
Investment Analysis Applications Using In-House Spreadsheet Models, with Lee Tangedahl, 1998 Proceedings of the Association for Business Simulation and Experiential Learning, pp. 9-12.
A test of the role of reputation in signaling via stock splits, with Dr. Eugene Pilotte, May 1996, Journal of Financial Economics 41, No. 1, pp. 111-127.
Developing an integrated international finance course, lead author, with Dr. Nader Shooshtari, Fall 1996, Journal of Financial Education 22, pp. 11-17.
Common stock price effects of security issues conditioned by earnings and dividend announcements, lead author, with Dr. Leroy Brooks and Dr. Fred Schadler. October 1993, Journal of Business 66, No.4, pp. 571-593.
REFEREED PUBLICATIONS (continued)
Production technology, non-debt tax shields and financial leverage, lead author, with Dr. Eugene Pilotte, Summer 1992, Journal Of Financial Research 15, No. 2, pp.167-180.
Underwriter choice and announcement effects for seasoned equity offerings, with Dr. Fred Schadler, Summer 1994, Journal of Financial and Strategic Decisions 7, No.2, pp. 53-65.
Unit value comparisons of unhedged international investment returns for ADRs, IMFs and MNCs, lead author, with Dr. Stanley Martin and Dr. Lee Tangedahl, 1996 Proceedings of the Western Decision Sciences Institute.
Required foundations of a financial system in Central and Eastern Europe, lead author, with Dr. Nader Shooshtari, delayed publication date but forthcoming, Proceedings of the 1995 Symposium of Economies in Transition: Europe to the Bering Strait.
Internationalization of the business curriculum: A new approach or a change in direction? (lead author) with Nader Shooshtari and Maureen Fleming, 1995 Proceedings of The Association For
Global Business.
Marketing strategy within the context of an integrated international business course, with Dr. Nader Shooshtari, 1995 Proceedings of The Association of Marketing Theory and Practice.
Internationalizing the individual's investment portfolio: The relative performance of investments in multinationals, ADRs and mutual funds, lead author, with Dr. Stanley A. Martin and Ng Eng Lock, 1994 Proceedings of The Association For Global Business.
Bank provision for loan loss and earnings announcements, lead author, with Dr. Oliver Wood and Steven Everheart, 1992 Proceedings of The Western Decision Sciences Institute.
OTHER PUBLICATIONS
Instructor’s Manual to accompany Financial Markets and Institutions: A Modern Perspective 4th Ed., by Anthony Saunders and Marcia Cornett, Irwin Publishing, 2008.
Test Bank to accompany Financial Markets and Institutions: A Modern Perspective 4th Ed., by Anthony Saunders and Marcia Cornett, Irwin Publishing, 2008.
Test Bank to accompany Essentials of Investments 7th ed., by Z. Bodie, A. Kane and A. Marcus, Irwin Publishing, prepared by Timothy A. Manuel in summer 2007.
OTHER PUBLICATIONS (continued)
Instructor’s Manual to accompany Financial Markets and Institutions: A Modern Perspective 3rded., by Anthony Saunders and Marcia Cornett, Irwin Publishing, 2005.
Test Bank to accompany Financial Markets and Institutions: A Modern Perspective 3rd ed., by Anthony Saunders and Marcia Cornett, Irwin Publishing, 2005
Test Bank to accompany Financial Markets and Institutions: A Modern Perspective 2nd ed., by Anthony Saunders and Marcia Cornett, Irwin Publishing, prepared by Timothy A. Manuel, 2004.
Instructor’s Manuel and Test Bank for the textbook Global Economic Issues and Policy, by Joseph Daniels and David VanHoose, South–Western Publishing/Thomson Learning, 2003.
Instructor’s Manual and Test Bank for the textbook Financial Markets and Institutions: A Modern Perspective, by Anthony Saunders and Marcia Cornett, McGraw-Hill/ Irwin Publishing, First and Second Editions.
As a result of my work integrating technology into the classroom I was hired by McGraw Hill/ Irwin to publish the following on their Corporate Finance Website (all are 1998/1999):
Resources For Corporate Finance Instructors:
Financial Leverage (PowerPoint (PPT) file)
A simple illustration of how increasing the percentage of debt financing affects the stockholder’s return in high and in low earning years.
TVM problems (PPT file)
Selected advanced time value of money problems drawn from the RWJ text (Chapter 6.) with detailed solutions.
Capital Budgeting Illustration (PPT file)
Two examples of the cost benefit analysis and time value of money applications involved in evaluating a business decision.
Capital Budgeting (Excel) Spreadsheet
Spreadsheet application providing a framework to decide whether starting a miniature golf course is worthwhile, including accounting and financial breakeven analysis.
OTHER PUBLICATIONS (continued)
NPV profiles (PPT file)
Graphical illustration of creating and using NPV profiles (NPV versus the discount rate) to compare the cost benefit of two mutually exclusive projects.
Stock & Bond quotes (PPT files)
Illustrating how to read stock and bond quotes in the Wall Street Journal.
Resources for Corporate Finance Students:
Cash flows & ratios spreadsheet
The spreadsheet illustrates basic financial statement analysis. Cash flows are categorized as to both source and use. Common size and common base year statements are constructed and various ratios are calculated.
Capital Budgeting spreadsheet
Spreadsheet application providing a framework to decide whether starting a miniature golf course is worthwhile, including accounting and financial breakeven analysis.
Retirement planning spreadsheet
Spreadsheet that allows the user to calculate how much they should be saving for retirement. The calculations incorporate expected income needs at retirement, and the expected inflation and investment rates of return during their work life and during retirement using growth annuities.
16 interactive quizzes: quizzes with solutions and indications why the answer chosen was correct or incorrect.
Test Your Knowledge Quiz: A humorous look at some basic finance questions.
RESEARCH IN PROGRESS
International Capital Budgeting Spreadsheet Model, with Lee Tangedahl, a spreadsheet for classroom use that teaches finance and ethical concepts in international capital budgeting applications. This paper received the Best Paper Award at the 2005 Mountain Plains Conference. It was under review at the Journal of Financial Education and was recently rejected. It is now under review at the Journal of Teaching Business Ethics.
Capital Investment in Sri Lanka: An International Business Ethics Case (Formerly titled: International Capital Budgeting and Shareholder Wealth). This paper discusses an interactive classroom case exercise that allows students to role play as a corporate manager who must decide between allegiance to the shareholder wealth goal and other stakeholders of the firm.
Modeling the value of ethical behavior: I have been investigating methods to model the value of ethical management behavior to demonstrate the costs of bonding tools such as the payment of stock options to senior managers. I am now attempting to learn artificial intelligence methods of modeling to see if I can adapt them to a simple corporate structure.
SELECTED PARTICIPATION IN PROFESSIONAL ACTIVITIES
In the past I have served as an ad-hoc reviewer for the following journals:
Quarterly Journal of Business and Economics
Financial Review
International Review of Economics and Finance
Journal of Applied Business Research
Financial Management
Journal of Financial Research
Mountain Plains Journal of Business and Economics
Focus group consulting for a new textbook in 2007
Member of the Financial Management Association
I presented a paper at the 2005 Mountain Plains Conference
Member of the Program Committee for the 1992, 1994, and 1995 Financial Management Association Meetings
Ad-hoc reviewer for 1993 and 1996 Western Decision Sciences Meetings
Ad-hoc reviewer for 1995 and 1996 Association of Marketing Theory and Practice Meetings
Numerous papers presentations
Served as discussant and session chair at numerous meetings.
Reviewed texts for Kolb; Little, Brown; Scott-Foresman Publishing; Harper Collins; Irwin and others.
SERVICE HIGHLIGHTS AND OTHER ACTIVITIES
2007 Chair of the Faculty Evaluation Committee
Duties include overseeing the evaluation process for all tenure track and adjunct faculty and ensuring compliance with all University procedures and deadlines in that process, including evaluating the Department Chair.
Lay preacher, New Hope Southern Baptist Church, Spring 2008
Fall 2006 member of University Academic Standards and Curriculum Review Committee (ASCRC)
Spring 2007 member of Math Literacy Review Committee
Member since 2006 of School of Business Undergraduate Assessment Committee
Member for three years of the University General Education Review Subcommittee of ASCRC; charged with developing a new model for general education classes.
I am the senior finance person at UM; as a result I have additional administrative experience than is usual for the typical professor. I lead the finance group each year in scheduling and in curriculum development. On my watch we added experiential components to course and added career oriented tracks to assist in student advising.
I recently developed a new MBA short course on ethics, MBA 694, “Maintaining Ethical Standards in a Profit Maximization World.”
Former chair of the Faculty Evaluation Committee for Accounting and Finance for three years
Member of School of Business Scholarship Committee that awards numerous graduate and undergraduate scholarships
Former Member of the School of Business Undergraduate Curriculum Committee
Former Faculty Senator
Former treasurer, University Faculty Development Awards Committee where I oversaw the development of an audit system to ensure compliance with University Award requirements
Former member University Unit Standards Committee
Former School of Business Academic Affairs Committee: Redesigned Accounting & Finance Standards for promotion and tenure including methods of teaching evaluations, research and service requirements.
Chaired four national searches for finance faculty
Received a CIBER grant to attend the Faculty Development in International Business Program at the University of South Carolina. From this I Developed the Multinational Corporate Finance course as a result and published several papers on international topics
Former Treasurer, and Stewardship Chair of Missoula Southern Baptist Church, occasional lay preacher, Bible study leader and Sunday School teacher.
Organized UM Faculty/Staff Christian Fellowship (sponsored by Campus Crusade for Christ and Christian Resource Ministries). This group was a small evangelical, inter-denominational prayer fellowship that prays for the needs of the campus community, assists the Christian student groups and occasionally hosts Christian events on campus.
REFERENCES
Available upon request
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