Michael F. Toyne
BUSINESS ADDRESS HOME ADDRESS
Department of
Accounting, 36720 S.
Oak Lane
Finance, and Business
Law
College of Business and
Technology
Northeastern State University
Tahlequah, OK 74464
(918) 456-5511 ext. 2908
E-Mail: toyne@nsuok.edu
AREAS OF INTEREST
Teaching: Corporate
Finance, Investments
Research: Corporate
Governance, Executive Compensation, Market Micro Structure
EDUCATIONAL HISTORY
Ph.D., 1992, University of
Arkansas; College of Business
Major field of
study: Finance
Minor fields of study: Economics,
Mathematical Statistics
Dissertation: An Analysis of Agent
Compensation for Risk Bearing
Committee Chairman: Prof. James A. Millar
M.B.A., 1985, University of
Missouri at Kansas City
Major field of
study: Finance
B.S.B.A., 1971, University
of Kansas
Major field of
study: Business Administration
ACADEMIC EMPLOYMENT
HISTORY
Associate Professor - Northeastern
State Univ., 2002 - Present
Assistant Professor -
Northeastern State Univ., 1997 - 2002
Assistant Professor - La
Salle University, 1990 - 1997
Teaching Assistant -
University of Arkansas, 1986 - 1990
Courses Taught
Introduction to Corporate Finance
(UGRAD)
Intermediate Corporate
Finance (GRAD, UGRAD)
Investments (GRAD,
UGRAD)
Securities Markets (UGRAD)
Mergers and Acquisitions
(GRAD, UGRAD)
Honors Research Seminar
(UGRAD)
Seminar In
Corporate Finance (UGRAD)
BUSINESS EMPLOYMENT
HISTORY
President, Discount Carpet
World, Inc., 1981 - 1988
General Manager, David
Cohen, Inc., 1976 - 1981
Manager of Marketing
Controls, Waddell & Reed, Inc., 1973 - 1976
Customer Service
Correspondent, Waddell & Reed, Inc., 1971 - 1973
PUBLICATIONS
"The Effect of CEO Control on the Risk of CEO
Compensation" (With James A. Millar and Bruce Dixon). The Journal of Corporate Finance , Vol. 6,
pp. 291-306.
AThe Impact of Bank Mergers on Shareholder Returns: A
Comparative Analysis of Interstate and Intrastate Activity During
the 1990s@ (with James D. Tripp). The Journal of Economic
Perspectives, Vol. XXV, No. 2, Fall/Winter 1999.
"Interstate
Bank Mergers and Acquisitions and Their Impact on Shareholder Returns: Evidence
from the '90s", (with James D. Tripp). Quarterly Journal of
Business and Economics, Vol. 37, No.4, Autumn
1998, pp.48-56.
"The
Effect of CEO control on Compensation Risk Management Through
Golden Parachute Adoption". (with James A.
Millar). Managerial Finance, vol. 24, No. 2, 1998, pp. 14-29.
"The
Impact of Golden Parachutes on Fortune 500 Stock Returns: A Re-examination of
the Evidence." (with Damian J. Mogavero). Quarterly Journal of Business and Economics, Vol. 34, No. 4,
Autumn 1995, pp. 30-38.
"Executive
Compensation and Corporate Acquisitions: A Test of the Managerialism
Hypothesis." (with Larry G. Perry). Journal of
Contemporary Business Issues, Vol. 1, No. 2, Spring
1994, pp. 48-60.
"Hostility
and Shareholder Returns Associated with Petrochemical Acquisition Targets and
Successful Bidders." (with Bruce M. Bradford and
H. David Robison). Petroleum Accounting and Financial Management Journal,
Vol. 12, No. 2, Summer 1993, pp. 95-108.
Other research in
progress
"Post
Acquisition Stock Price Performance of Bidding Banks in Interstate Mergers:
Evidence from the 1990s", with James D. Tripp and H. David Robison).
AAn Analysis of the Impact of Institutional Ownership
and Stock Valuation of Large Firms@, with Jessica Kinsey
CONFERENCE PRESENTATIONS
AAn Analysis of the Impact of
Institutional Ownership and Stock Valuation of Large Firms@, (with Jessica Kinsey). Presented at the Southwestern Finance Association
Meeting,
"The Effect of CEO Control on the Risk of CEO
Compensation" (with James A. Millar). Presented at the Southwestern Finance Association
Meeting,
"The
Price of Immediacy: Factors Affecting the Bid-Ask Spread", (with Craig A.
Peterson). Presented at the Southwestern Finance Association
Meeting,
"Differences in the Determinants of Economic
Value Changes in Interstate verses Intrastate Bank Mergers", (with James
D. Tripp). Presented
at the Southwestern Finance Association Meeting,
"The Price of Immediacy: Factors Affecting the
Bid-Ask Spread", (with Craig A. Peterson). Presented at
the Financial Management Association Meeting,
"Interstate Bank Mergers and Acquisitions and Their
Impact on Shareholder Returns: Evidence from the '90s", (with James D.
Tripp). Presented
at the Southwestern Finance Association Meeting,
"The Effect of CEO Control on the Risk of CEO
Compensation" (with James A. Millar). Presented at the Southwestern Finance Association
Meeting,
"The
Impact of Golden Parachutes on Stock Returns: A Re-examination of the
Evidence." (with Damian J. Mogavero).
Presented at the Southwestern Finance Association
Meeting,
"Hostility and Stockholder Returns Associated
with Petro-chemical Acquisition Targets and
Successful Bidders." (with Bruce M.
Bradford and H. David Robison). Presented at the Southwestern
Finance Association Meeting,
"Risk
and Influence as Determinants of CEO Compensation." (with
James A. Millar). Presented at the Southern Finance Association Annual Meeting,
Jacksonville, FL, 1992.
"A Test of the Managerialism
Explanation for Corporate Mergers." (with Larry G. Perry). Presented at the
Financial Management Association Annual Meeting, New Orleans, LA, 1988.
Other Conference
Activity
Vice President and Program Chair at the 2005
Southwestern Finance Association meeting. Elected President for 2005 - 2006.
Program
committee member and session chairman at the 2004 Southwestern Finance
Association meeting. Elected Vice President - 2005 Program.
Program
committee member and session chairman at the 2003 Southwestern Finance
Association meeting. Served as Secretary/Treasurer.
Program
committee member and session chairman at the 2002 Southwestern Finance
Association meeting. Elected Secretary/Treasurer.
Program committee member, session chairman, and
discussant at the 2001 Southwestern Finance Association meeting.
Program committee member, session chairman, and
discussant at the 2000 Southwestern Finance Association meeting. Served as a member of the Board
of Directors.
Program committee member, session chairman, and
discussant at the 1999 Southwestern Finance Association meeting. Elected as a member of the Board
of Directors.
Discussant at the 1998 Southwestern Finance
Association meeting.
Program committee member and discussant at the 1997
Southwestern Finance Association meeting.
Program committee member, session Chair, and
discussant at the 1996 Southwestern Finance Association meeting.
Discussant at the 1995 Southwestern Finance
Association meeting.
OTHER SCHOLARLY ACTIVITY
Reviewed Financial Institutions Management,
Saunders and Cornett, Fifth Edition, for McGraw Hill, 2003.
Associate
Editor for Journal of Business and Behavioral Sciences (1995-1997).
Reviewed Mergers, Restructuring, & Corporate
Control, Weston, Chung, and Hoag, Second Edition, for Prentice Hall, 1996.
PROFESSIONAL ASSOCIATION
MEMBERSHIP
Member: Financial Management Association
Eastern Finance Association
Southwestern Finance Association
(President 2005-2006)
SIGNIFICANT UNIVERSITY
SERVICE
Various College and Department
Ad Hoc Committees
University Faculty Research
Committee, 2002 - 2004
University NCAA Athletics
Committee, 1998-Present
University Student Research
Committee, 2002 - Present
College of Business Faculty
Research Committee, 2002 - 2004
College of Business
Curriculum Committee, 1999-Present
Oklahoma Regents Curriculum
Transfer Committee, 1997 - Present
Tolbert Chair Board Member,
2002 -Present
University Faculty Welfare
Committee - 2001 - 2003
University Circle of
Excellence Award Committee 2001-2002
University Athletic
Director Search Committee, 2000
College of Business Dean
Search Committee, 1999
Oklahoma Regents= Technology Development Committee, 1998-1999
University Distance
Learning Committee, 1997-Present
University Summer School
Reform Committee, 1999
AWARDS
2000 Circle of Excellence Award for Research, Northeastern
1988 The Key Award for Distinguished Service as
Faculty Advisor to the Phi Kappa Tau Fraternity, University of Arkansas.