uwadmnweb.uwyo.edu

COLLEGE OF BUSINESS STANDARD VITAEDate of Last Revision: February 6, 2003

NAME SHERRILL SHAFFER

ADDRESS Department of Economics and FinanceUniversity of WyomingLaramie, WY 82071-3985

PHONE (307) 766-2173E-MAIL [email protected]

EDUCATION

1981 Ph.D., Economics,Stanford University, Stanford, CA

1978 M.A., Economics,Stanford University, Stanford, CA

1974 B.A., Economics,Rice University, Houston, TX

ACADEMIC POSITIONS

1997 - John A. Guthrie, Sr. Distinguished Professor of Banking and Financial ServicesPresent Dept. of Economics and Finance, University of Wyoming,

Laramie, WY

1976-1980 Instructor, Economics of Information, Stanford University, Stanford, CA.

Teaching Assistant, Theory of Firms and Imperfect Markets, Stanford University, Stanford, CA.Research Assistant, organization of firms and mergers, government regulation and risk, labor supply curves. Stanford University, Stanford, CA.

OTHER EXPERIENCE

1996-1997 Executive Advisory Council, Department of Finance, Temple University, Philadelphia, PA

1995-present Editor, Journal of Economics and BusinessAssociate Editor, 1993-1994.

1988-1997 Assistant Vice President, Federal Reserve Bank of Philadelphia, Philadelphia, PA.

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1994-1997 Discount Officer and head of Special Studies Unit, Department Supervision, Regulation, and Credit, Federal Reserve Bank of Philadelphia, Philadelphia, PA.

1988-1994 Head of Banking and Financial Markets Section, Research Department

1980-1988 Chief & Senior Economist, Federal Reserve Bank of New York. New York, NY.

1978-1980 Economics Consulting Assistant, Rosse and Olszewski, Palo Alto, CA.

CURRENT JOB DESCRIPTION

50% Teaching 45% Research 5% Service

HONORS

2000, Top Ten Downloads on Market Structure, Social Sciences Research Network

1999, Anbar Citation of Excellence1996, Anbar Citation of Excellence 1995-2000, Who’s Who in the World1997-2001, Who’s Who in America1990-1995, 1998-2001, Who’s Who in Finance and Industry

1992-1993; 1996-1997; Millennium Edition; Who’s Who in Science and Engineering28th Edition, Dictionary of International Biography (entered 1999)2000, Outstanding Intellectuals of the 20th Century

1988-1998, Who’s Who in the East1988, Presidents Award for Excellence, Federal Reserve Bank of New York

RESEARCH AWARDS

Article nominated for Rosabeth Moss Kanter Award for Excellence in Work-Family Research (Purdue University, 12/02), in top 56 of over 2000 articles reviewed: "Flextime, Productivity, and Compensating Wage Differentials," with Bonnie Gariety, Monthly Labor Review, March 2001.

TEACHING

Year Semester Course Number and Title Credit HoursEnrollment

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2002 Fall Fin 4510 Bank Management 3 572002 Fall Fin 4520 Financial Markets & Institutions 3 692002 Fall Fin 4900 Probs: Fin 3 22002 Summer Fin 4900 Probs: Fin 3 12002 Spring Fin 4520 Financial Markets & Institutions 3 842002 Spring Fin 4540 Banking Policy 3 372002 Spring Fin 4900 Probs: Fin 3 102001 Fall Fin 4900 Probs: Fin 3 32001 Fall Fin 4520 Financial Markets & Institutions 3 802001 Fall Fin 4510 Bank Management 3 652001 Summer Fin 4900 Probs: Fin 3 12001 Spring Fin 4540 Banking Policy 3 542001 Spring Fin 4520 Financial Markets & Institutions 3 952000 Fall Fin 4520 Financial Markets & Institutions 3 712000 Fall Fin 4510 Bank Management 3 662000 Fall Fin 5890 Advanced Problems in Finance 3 12000 Fall Fin 4900 Probs: Fin 3 22000 Spring Fin 4900 Probs: Fin 3 22000 Spring Fin 4540 Banking Policy 3 542000 Spring Fin 4520 Financial Markets & Institutions 3 951999 Fall Fin 4900 Probs: Fin 3 21999 Fall Fin 4520 Financial Markets & Institutions 3 751999 Fall Fin 4510 Bank Management 3 581999 Summer Fin 4900 Probs: Fin 3 11999 Spring Fin 4900 Probs: Fin 3 11999 Spring Fin 4910 Sel Topics: Bank Policy 3 261999 Spring Fin 4520 Financial Markets & Institutions 3 651998 Fall Fin 4510 Bank Management 3 401998 Fall Fin 4520 Financial Markets & Institutions 3 471998 Fall Fin 4900 Probs: Fin 3 21998 Fall Fin 5890 Adv. Problems Finance 3 11998 Spring Fin 4520 Financial Markets & Institutes 3 491998 Spring Fin 4910 Sel Topics: Bank Policy 3 131997 Fall Fin 4510 Bank Management 3 351997 Fall Fin 4520 Financial Markets & Institutes 3 49

TEMPLE UNIVERSITY1996 Fall Fin 213 Bank Management 3 31

STANFORD UNIVERSITY1980 Winter Econ 194 Economics of Information 3 12*1979 Winter Econ 194 Economics of Information 3 8*1978 Fall Econ 157 Theory of Firms and Imperfect Markets

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TA position 3 40(* These classes had class limits of 15)

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PUBLICATIONS

Refereed Journal Articles:

*"Using Prior Bias to Improve Forecast Accuracy," Applied Economics Letters, accepted September 2002.

*"Firm Size and Economic Growth," Economics Letters, accepted January 2002, published in Vol. 76 (2), July 2002, pages 195-203.

*"Cost Efficiency Among Credit Card Banks," with Sivakumar Kulasekaran, Journal of Economics and Business 54 (6), November/December 2002, 595-614, accepted January 2002.

"Competitive Bank Pricing and Adverse Selection, with Implications for Testing the SCP Hypothesis," Quarterly Review of Economics and Finance 42 (3), Autumn 2002, 633-647.

"Ownership Structure and Market Conduct Among Swiss Banks," Applied Economics, 2002.

"Structure-Pricing Linkages Among Single-Market Banks, Controlling for Credit Quality" (with Soumya Srinivasan), Applied Economics Letters 9, 2002.

"Conduct in a Banking Monopoly," Review of Industrial Organization 20 (3), May 2002.

"Local Bank Office Ownership, Deposit Control, Market Structure, and Economic Growth" (with Robert Collender), Journal of Banking and Finance 26 (12), December 2002.

"Flextime, Productivity, and Compensating Wage Differentials," with Bonnie Gariety, Monthly Labor Review, March 2001, Vol. 124, No. 3, pp. 68-75.

"Local Bank Office Ownership, Deposit Control, Market Structure, and Economic Growth," coauthored with Robert N. Collender (USDA); funded by cooperative agreement number 43-3AEM-8-80119 between the Economic Research Service of the USDA and the University of Wyoming. Accepted for publication in the Journal of Banking and Finance.

*"Conduct in a Banking Monopoly," accepted for publication in the Review of Industrial Organization.

*"Ownership Structure and Market Conduct Among Swiss Banks," accepted for publication in Applied Economics.

*"Structure-Pricing Linkages Among Single-Market Banks, Controlling for Credit Quality," with Soumya Srinivasan, accepted for publication in Applied Economics Letters.

"Competitive Bank Pricing and Adverse Selection, with Implications for Testing the SCP

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Hypothesis," Quarterly Review of Economics and Finance, forthcoming. "Banking Conduct before the European Single Banking License: A Cross-Country Comparison," North American Journal of Economics and Finance 12 (1), March 2001, 79-104.

"Investors' Preferences and Dividend Payouts," Applied Economics Letters 8 (7), July 2001, 489-491.

"Structural Regulation of Polluting Oligopoly," Atlantic Economic Journal 29 (1), March 2001, 117.

"Special Issue Introduction: Deregulation: Theory and Practice," Journal of Economics and Business, to appear in 2001.

0+Article reprinted: "Credit Union Policies and Performance in Latin America" (with Glenn Westley): reprinted in Safe Money: Building Effective Credit Unions in Latin America (Johns Hopkins University Press, Washington, D.C. for the Inter-American Development Bank and the World Council of Credit Unions, 2000).

"Correlation Tests for Competitive and Cournot Conduct," Review of Industrial Organization, 16 (3), May 2000.

"The Discount Window and Credit Availability," Journal of Banking and Finance, 23 (9), September 1999.

"Credit Union Policies and Performance in Latin America" (with Glenn Westley), Journal of Banking and Finance, 23 (9), September 1999 (lead article).

"The Competitive Impact of Disclosure Requirements in the Credit Card Industry," Journal of Regulatory Economics 15 (2), March 1999, 183-198.

“Capital Requirements and Rational Discount Window Borrowing,” Journal of Money, Credit, and Banking 30 (4), November 1998, 849-863.

"The Winner's Curse in Banking," Journal of Financial Intermediation, 7 (4), 1998.

"Functional Forms and Declining Average Costs," Journal of Financial Services Research 14 (2), October 1998, 91-116 (lead article). Anbar Citation of Excellence.

"Market Share Quotas and Community Reinvestment," Journal of Regulatory Economics 14 (1), July 1998.

“Information Content of Forecast Errors,” Economics Letters 59 (1), 1998, 45-48.

"Deposit Insurance Pricing: The Hidden Burden of Premium Rate Volatility,"

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Cato Journal 17 (1), Spring/Summer 1997."Evidence of Discrimination in Lending: An Extension," Journal of Finance 51 (4), September 1996. Received Anbar Citation of Excellence.

"Viability of Traditional Banking Activities: Evidence from Shifts in Conduct and Excess Capacity," International Journal of the Economics of Business 3 (2), July 1996.

"Structural Screens in Stochastic Markets," Southern Economic Journal 63 (1), July 1996.

"Stable Cartels with a Cournot Fringe," Southern Economic Journal 61 (3), January 1995.

"Optimal Linear Taxation of Polluting Oligopolists," Journal of Regulatory Economics 7 (1), January 1995.

"Conduct in a Banking Duopoly," Journal of Banking and Finance 18 (6), December 1994 (with James DiSalvo).

"A Revenue-Restricted Cost Study of 100 Large Banks," Applied Financial Economics 4, 1994.

"Pooling Intensifies Joint Failure Risk," Research in Financial Services: Private and Public Policy 6, 1994.

"Market Value Accounting: A Guide for Safe and Sound Banking?", Cato Journal 13 (3), Winter 1994.

"Structure, Conduct, Performance, and Welfare," Review of Industrial Organization 9 (4), August 1994.

"Banking and Financial Services in the 1990s," Pennsylvania Economic Review, Fall 1993.

"Indifference to Profit-Sharing is Consistent," Review of Industrial Organization 8 (4), August 1993.

"Can Megamergers Improve Bank Efficiency?" Journal of Banking and Finance 17 (2/3), April 1993.

"A Test of Competition in Canadian Banking," Journal of Money, Credit, and Banking 25 (1), February 1993.

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"Efficient Two-Part Tariffs with Uncertainty and Interdependent Demand," Journal of Economics and Business 44 (4), November 1992.

"Structural Shifts and the Volatility of Chaotic Markets," Journal of Economic Behavior and Organization 15 (2), March 1991.

"Capital Requirements and the Securitization Decision," Quarterly Review of Economics and Business 31 (4), Winter 1991 (with Kathleene Donahoo).

"Aggregate Deposit Insurance Funding and Taxpayer Bailouts," Journal of Banking and Finance 15 (4/5), September 1991.

"Economies of Superscale in Commercial Banking," Applied Economics 23 (2), February 1991 (with Edmond David).

"Consistent Conjectures in a Value-Maximizing Duopoly," Southern Economic Journal 57 (4), April 1991.

"Regulatory Compliance with Nonlinear Penalties," Journal of Regulatory Economics 2, March 1990.

"Consistent Linkages Across Markets," Economics Letters 32 (3), 1990.

"Abatement vs. Cleanup: Where Less is More," Economics Letters 32 (4), 1990.

"Optimal Regulation of a Consistent-Conjectures Duopoly," Economics Letters 31 (1), 1989.

"A First-Best Regulatory Tax for Oligopoly," Journal of Regulatory Economics 1 (4), December 1989.

"Structuring an Option to Facilitate Replication with Transaction Costs," Economics Letters 31 (2), 1989.

"Predatory Entrapment," Economics Letters 29 (1), 1989.

"Volatility-Invariant Hedging," Economics Letters 29 (3), 1989.

"Competition in the U.S. Banking Industry," Economics Letters 29 (4), 1989.

“Regulatory Control Over Quantity Risk," Australian Economic Papers 27, December 1988.

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"Two-Part Tariffs in a Contestable Natural Monopoly," Economica 54, August 1987.

"An Alternative Theory of Upward Sloping Age-Earnings Profiles," Australian Economic Papers 25, June 1986.

"Small Firm Expansion and Demand Uncertainty," Scottish Journal of Political Economy 33 (2), May 1986.

"Does Competition Imply Frequent Rank Turnover?" The Scandinavian Journal of Economics 88 (3), 1986.

"Price Leadership without Collusion," Australian Economic Papers 24, June 1985.

"Competition, Economies of Scale, and Diversity of Firm Sizes," Applied Economics 17, 1985.

"Regulatory Inertia and Risk Reduction," Review of Industrial Organization 2 (1), 1985.

"Scale Economies in Multiproduct Firms," Bulletin of Economic Research 36 (1), 1984.

"The Economics of Deposit Insurance: A Critical Evaluation of Proposed Reforms," Yale Journal on Regulation (with Laurie S. Goodman) 2 (1), 1984.

"Cross-Subsidization in Checking Accounts," Journal of Money, Credit and Banking 16 (1), February 1984.

"Selective Cost-Reducing Innovation," Review of Industrial Organization 1 (3), 1984.

"Consistent Conjectures in Utility-Maximizing Firms with Constant Marginal Cost," Economics Letters 15 (1-2), 1984.

"Regulation and Risk Preferences," Journal of Industrial Economics 32 (3), March 1984."Chaos, Naivete and Consistent Conjectures," Economics Letters 14 (2), 1984.

"Demand-Side Determinants of Natural Monopoly," Atlantic Economic

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Journal 11 (4), December 1983.

"Firm Size and the Incentive to Differentiate," Economics Letters 14 (1), 1983.

"Market Power and Output Stability," Economics Letters 13 (1), 1983.

"Non-Structural Measures of Competition: Toward a Synthesis of Alternatives," Economics Letters 12 (4), 1983.

"The Rosse-Panzar Statistic and the Lerner Index in the Short Run," Economics Letters 11 (2), 1983.

"Strategic Middlemen and the Neutralization of Monopoly Power," Recherches Economiques de Louvain, 49 (2), 1983.

"Monopoly Rationing and Two-Part Tariffs," Economics Letters 10 (1/2), 1982.

"Competition, Conduct and Demand Elasticity," Economics Letters 10 (1/2), 1982.

"Monopoly Rationing Revisited," Economics Letters 9 (1), 1982.

PAPERS SUBMITTED FOR PUBLICATION

"Lending with Endogenous Screening, Credit Crunches, and Competition in Laxity," with Scott

Hoover, submitted to the Journal of Money, Credit, and Banking.

Wage Differentials Associated with Flextime" (with Bonnie Gariety), revision resubmitted to the

Monthly Labor Review.

"Conduct in a Banking Monopoly," submitted to the Journal of Banking and Finance.

"Ownership Structure and Market Conduct Among Swiss Banks," submitted to Applied

Economics.

"Banking Regulation in the U.S.," submitted to the Journal of Regulatory Economics.

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"Using Prior Bias to Improve Forecast Accuracy," submitted to Economics Letters.

"Firm Size and Economic Growth," submitted to Economics Letters.

PAPERS UNDER REVISION

"The Financial and Operational Impacts of FERC Order 636 on the Interstate Natural Gas Pipeline Industry , " with David Finnoff and Curt Cramer. Revision invited at the Journal of Regulatory Economics.

"External versus Internal Economics in Banking," revision invited at the Journal of Banking and Finance.

"Cost Efficiency Among Credit Card Banks," with Sivakumar Kulasekaran. Revision invited at the Journal of Economics and Business.

Working paper, "Local Bank Office Ownership, Deposit Control, Market Structure, and Economic Growth" coauthored with Robert N. Collender (USDA), funded by cooperative agreement number 43-3AEM-8-80119 between the Economics Research Service of the USDA and the University of Wyoming. Issued as USDA Technical Memorandum No. 1886, May 2000. Appeared on the Social Science Research Network's Top Ten download list for the topic "Market Structure" in September and October 2000. Revision requested at the Journal of Banking and Finance.

WORKING PAPERS

"Rent-Seeking Supergames," with Jason Shogren.

"Liscensing Requirements as a Coordination Mechanism for Entry."

"Interfirm Networking, Localization Diseconomies, and Optimal Structure, with a Theoretical Application to Banking."

PAPERS IN PROGRESS

"The Financial and Operational Impacts of FERC Order 636 on the Interstate Natural Gas Pipeline Industry," with David Finnoff and Curtis Cramer, revision resubmitted to the Journal of Regulatory Economics.

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"Contests with Interdependent Preferences and Endogenous Prizes," submitted to the Journal of Economic Behavior and Organization.

"Banking Structure and Employment Growth," with Robert Collender, submitted to Journal of Financial Services Research; funded by cooperative agreement number 43-3AEM-8-80119 between the Economic Research Service of the USDA and the University of Wyoming.

"Lending with Endogenous Screening, Credit Crunches, and Competition in Laxity," with Scott Hoover, submitted to Journal of Financial Services Research.

"Establishment Size and Local Employment Growth," submitted to Review of Industrial Organization.

"Profit Efficiency vs. Selected Risk Indicators of Large U.S. Commercial Banks," with Linbo Fan, submitted to Managerial Finance.

"A Cross-Country Comparison of Banking Profit Efficiency," with Julia Ermolenko, submitted to North American Journal of Economics and Finance.

"Licensing Requirements as a Coordination Mechanism for Entry," submitted to Review of Industrial Organization.

"The Impact of USDA Credit Programs on Local Economic Growth," with Robert Collender: funded by ERS/USDA Cooperative Research Agreement Number 43-3AEM-1-80065 (August 2001 - 3/31/03).

"Asset Valuation, Risk Premia, and Failure Rates," submitted to the 2003 Financial Management Association conference.

"Conduct of Monopoly Banks: Some Further Results," in progress.

"Infinitely Repeated Contests," with Jason Shogren, under revision.

"Interfirm Networking, Localization Diseconomies, and Optimal Structure: An Application to Banking," under revision.

“Wage Differentials Associated with Telecommuting,” underway with Bonnie Gariety.

”The Price of Power,” underway with Anne Alexander and Rob Godby.

“Banking Structure and Employment Growth” (with Robert Collender), funded by a cooperative research agreement with the USDA/ERS. Draft completed.

“Federal Credit Programs and Local Economic Growth” (with Robert

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Collender), funded by a cooperative research agreement with the USDA/ERS, underway.

"Valuation and Optimal Exercise of the Option to Borrow from the Discount Window," with Vassil Konstantinov, underway.

"Signaling and Screening in the Market for Loans," with Tommy Stamland, underway.

"The Relationship between Concentration and the Loan Rates, Correcting for Credit Quality," with Soumya Srinivasan, underway.

"Banking Regulations in the U.S.," invited survey paper for the Journal of Regulatory Economics, underway.

"Wage Differentials Associated with Working at Home" (with Bonnie Gariety), underway.

CONTRIBUTIONS TO COLLECTIONS AND BOOKS

"Credit Union Policies and Performance in Latin America" (with Glenn Westley), reprinted in Safe Money: Building Effective Credit Unions in Latin America (Johns Hopkins University Press, Washington, D.C. for the Inter-American Development Bank and the World Council of Credit Unions, 2000).

"Rethinking Disclosure Requirements," reprinted in Readings on Financial Institutions and

Markets, Eighth Edition, edited by Peter S. Rose (Richard D. Irwin, Inc., 1996).

"Rethinking Disclosure Requirements," reprinted in The Financial Institutions and Markets

Reader, Third Edition, edited by Robert W. Kolb (Blackwell Publishers, Cambridge, MA,

Winter 1996).

"Structural Shifts and the Volatility of Chaotic Markets," reprinted as Chapter 5 in Chaos Theory and Nonlinear Dynamics, edited by Robert R. Trippi, Irwin Professional Publishing, 1995.

"Chaos, Taxes, Stabilization, and Turnover," Chapter 23 in Chaos Theory and Nonlinear Dynamics, edited by Robert R. Trippi, Irwin Professional Publishing, 1995.

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"Marking Banks to Market," reprinted in Readings in Financial Institutions and Markets, edited by Peter S. Rose (Richard D. Irwin, 1994).

"Interest Rate Risk: What's a Bank to Do?" reprinted in Readings for the Economics of Money, Banking, and Financial Markets (1994 edition), James W. Eaton, Editor (HarperCollins Publishers).

"Interest Rate Risk: What's a Bank to Do?" reprinted in Financial Institutions and Markets: A

Reader (second edition), R. W. Kolb, Editor (Miami: Kolb Publishing Company, 1993).

"Challenges to Small Banks' Survival," reprinted in The Commercial Bank Management Reader, R. W. Kolb, Editor (Miami: Kolb Publishing Company, 1992).

"Interest Rate Risk: What's a Bank to Do?" reprinted in The Commercial Bank Management Reader, R. W. Kolb, Editor (Miami: Kolb Publishing Company, 1992).

"Competitiveness in Banking," The New Palgrave Dictionary of Money and Finance (1992), 414-16.

"Market Value Accounting," The New Palgrave Dictionary of Money and Finance (1992), 672-73.

"Challenges to Small Banks' Survival," reprinted in Financial Institutions and Markets: A Reader, R. W. Kolb, Editor (Miami: Kolb Publishing Company, 1991).

Appendix to Chapter One of The Regulation Game by Bruce M. Owen and Ronald R. Braeutigam (Cambridge: Ballinger, 1978).

ANTHOLOGIES, ABSTRACTS AND COMMENTS

"Unprofitable Collusion," Atlantic Economic Journal 21 (3), September 1993.

"Countercyclical Markups," Atlantic Economic Journal 20 (2), June 1992.

"Duopoly Conjectures," Atlantic Economic Journal 19 (2), June 1991.

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"Testing for Shifts in Variability," Atlantic Economic Journal 18 (1), March 1990.

"Annuities and Inflation," Atlantic Economic Journal 17 (1), March 1989.

"Competitive Rationing," Atlantic Economic Journal 16 (1), March 1988."Necessary Divisors of Perfect Integer Cuboids," Abstracts of the American Mathematical Society, 8 (6), October 1987.

"Myopic Monopoly," Atlantic Economic Journal 15 (1), March 1987.

"A Reverse Structural Test for the Degree of Monopoly Power," Atlantic Economic Journal 14 (1), March 1986.

"Counterproductive Risk Pooling," Atlantic Economic Journal 13 (1), 1985.

"Production and Contingent Contracts: Comment," Journal of Post Keynesian Economics 6 (4), Summer 1984.

FEDERAL RESERVE PUBLICATIONS AND OTHER PUBLICATIONS

"Local Bank Office Ownership, Deposit Control, Market Structure, and Economic Growth," coauthored with Robert Collender and funded by the USDA/ERS, to be published it the Proceedings of a Conference on Bank Structure and Compeititon, Federal Reserve Bank of Chicago, May 2001.

"Rethinking Disclosure Requirements," Federal Reserve Bank of Philadelphia Business Review, May/June 1995, 15-29.

Excerpted in American Banker, June 20, 1995, page 15.

"Inferring Viability of the U.S. Banking Industry from Shifts in Conduct and Excess Capacity," Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, May 1994, 130-44.

"Bank Competition in Concentrated Markets," Federal Reserve Bank of Philadelphia Business Review, March/April 1994.

"Marking Banks to Market," Federal Reserve Bank of Philadelphia Business Review, July/August 1992.

"The Impact of Premium Rates and Rebates on the Solvency of the FDIC Reserve Fund: An Empirical Approach," Proceedings of a Conference on

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Bank Structure and Competition, Federal Reserve Bank of Chicago, May 1991, 466-85.

"Interest Rate Risk: What's a Bank to Do?" Federal Reserve Bank of Philadelphia Business Review, May/June 1991:

Summarized in Bank Letter 15 (27), July 8, 1991 (New York: Institutional Investor);

Translated into Spanish and reprinted by KPMG Peat Marwick (Colombia), 1992;

Reprinted in Ohio Record 47 (5) (Ohio Savings & Loan League), September/October 1991, 8-13.

Selected for inclusion in McGraw-Hill's Primis Catalog.

"Challenges to Small Banks' Survival," Federal Reserve Bank of Philadelphia Business Review, September/October 1989:

Translated into Spanish by the Valencia Federation of Savings Banks, 1990;

Reprinted in Independent Banker, February 1990;

Selected for inclusion in McGraw-Hill's Primis Catalog.

"Capitalization, Off-Balance Sheet Liabilities and the Cost of Bank Failures," Proceedings of a Conference on Bank Structure and Competition (with Richard W. Nelson), Federal Reserve Bank of Chicago, May 1986.

"New Findings on Brokered Deposits: Economic Capsule," Federal Reserve Bank of New York Quarterly Review 9 (3), 1984 (with Catherine Piché).

"A Nonstructural Test for Competition in Financial Markets," Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, April 12-14, 1982.

OTHER ACTIVITIES / ACCOMPLISHMENTS

Coordinated department's finance recruiting, Fall 2002.

Was nominated for Interim Graduate School Dean.

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Faculty Advisor, Financial Management Association, UW chapter.

Development meetings with bankers and COB development officer:Don Sturm, Denver, 12/2/02.Stig Hallingbye, Bank of Laramie, 12/18/02.Dan Furphy, First National Bank of Wyoming, 2/18/02.

Presentation to Business Advisory Council, Broomfield, CO, 4/17/02 on my research on firm size and income growth.

Met with Diane Wolverton, Director, Wyoming Small Business Development Center (April 18) to discuss my research on firm size and income growth.Met with Don Wilson, President and CEO, Association of Small Business Development Centers, Washington, DC (April 30), to discuss my research on firm size and income growth.

Presentation to annual retreat of the Wyoming Small Business Development Centers, Thermopolis, June 10 (invited / prepared, but cancelled because of illness).

Presentation to Jackson business leaders' luncheon, July 10, at request of Dick Scarlett. Subsequently led to scheduling campus visits by Dick Scarlett and Foster Friess.

Submitted substantive comment to the Federal Reserve on its proposed change to Regulation A (discount window policy), Docket R-1123, August 2002.

Submitted substantive comment to the Federal Reserve on its Draft Guidance on Account Management and Loss Allowances for Credit Card Lending, September 2002.

Met with Roy Schroer of Union Pacific, August 20, 2002 to discuss their recruiting of our graduates.

Telephone interview with Jeff May, New Jersey business reporter (973-392-4282) on the topic of interest rates and stock prices, July 24.

Was interviewed by reporter Amy Richards (307-632-4400) of Clear Channel Radio, Cheyenne, on March 20 and again on April 18 for comments about the FOMC rate cuts.

Was interviewed by Jim Kearns for Wyoming Public Radio on March 20 for comment about the FOMC rate cuts and the market's reaction.

Was interviewed on April 17 by a Boomerang reporter (Michelle, no last name given) on the subject of credit card marketing to college students and proposed federal legislation to require parental consent for cardholders under the age of 21.

Was interviewed on August 17 by Tim Lockwood of the Wyoming Tribune-Eagle regarding

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consumers' uses of their federal income tax rebate.

Was interviewed several times during the week of Sept. 10-14 regarding the impact of terrorism on financial markets and the economy, by reporters from the Laramie Boomerang, the Casper Star-Tribune, the Cowboy News Network, and Wyoming Public Radio.

Granted brief interview on October 10 to Laura Perry of Money Magazine concerning flextime (motivated by my recent Monthly Labor Review article with Bonnie Gariety.

Was interviewed by phone Nov. 1 by Dale Nelson, writer for the Wyoming Business Report, regarding the Wyoming banking outlook and economic situation.

Was interviewed by reporter Amy Richards (307-632-4400) of Clear Channel Radio, Cheyenne, on November 26 for comments about the current recession.

Participated on The Morning Zone (Cheyenne Clear Channel radio show), November 27.

Provided comments, as requested, to Rick Miller concerning a draft legislative proposal to address Wyoming bank liquidity issues and related matters (June 2001).

Participated by invitation in a market audit of the UW Fine Arts programs conducted by JohnstonWells of Denver (November 28, 2001).

Discussant, "Monetary Policy and Financial Conglomerates," by Andreas Lehnert and Wayne Passmore, at the annual meeting of the Financial Management Association, Seattle, October 2000.

Annual national meeting of the Conference of State Bank Supervisors: San Francisco, May 2000. My registration was sponsored by Sherrod France, President Bank of Commerce, Rawlins.

Board of Directors meeting, Denver branch of the Federal Reserve Bank of Kansas City: Fort Collins, May 2000.

Federal Reserve Bank of Kansas City's Economic Forum, Cheyenne, September 28, 2000. Took two graduate students to the meeting.

Attended a luncheon of the Board of Directors of the Denver Branch of the Federal Reserve Bank of Kansas City, May 10, 2000 in Fort Collins.

Attended the annual meeting of the Conference of State Bank Supervisors, San Francisco, May 2000.

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By special invitation of the FDIC and at their expense, attended a selective Roundtable on Deposit Insurance held in Washington, DC on July 10, 2000. Five representatives of the FDIC attended, including their Director of the Insurance Division (Art Murton) and Director of Research (Roger Watson). Was one of five external participants; others included Jim Wilcox (of the University of California at Berkeley and the OCC) and Mark Flannery (of the University of Florida). The purpose of the meeting was to develop ideas and analysis for an Options Paper on Deposit Insurance Reform which the FDIC subsequently issued for public comment.

As a followup to the July 10 FDIC meeting, Professor Shaffer was interviewed by Robert Blackwell of the American Banker on July 14 and by Jim Kearns of UW on August 8.

Was quoted in Euromoney magazine on the topic of banking consolidation in the U.S. and Europe, February 2000 issue, pages 116-120 (quotes on page 120).

Granted telephone interview to Jim Kearns concerning monetary policy, February 3, 2000.Granted interview to Heather Feeney of National Public Radio concerning monetary policy, February 2000. Material was used for two broadcasts.

Granted telephone interview to Jim Kearns concerning the FDIC's Roundtable and Options Paper on deposit insurance reform, August 8, 2000 with followup by telephone and e-mail on August 9. Article published in the Laramie Boomerang on August 10.

At the FDIC's request, traveled again to their headquarters in Washington, DC on October 4, 2000 to discuss deposit insurance issues and explore the possibility of further collaboration, including research on related topics.

COMMITTEES

Department:Undergraduate Curriculum CommitteeSandberg Speakers CommitteeDepartment Macro/Game Theory Graduate Comprehensive Exam

CommitteeAd Hoc Graduate Program Committee

College:COB T&P Committee

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MBA Advisory CommitteeReview Committee for the renewal for the Stroock Distinguished Professorship, 2000College Committee for Review for Graduate Programs, 2000Search Committee, COB Dean.College Tenure and Promotion Committee, 2001.

University:Search Committee for Dean of the College of Business, 2000-2001University Tenure and Promotion Committee, 1998-2001 (Chairman, 2000-2001; Secretary, 1999-2000)University Graduate CouncilUniversity Graduate Admissions Committee (Spring 2000)

PROFESSIONAL ACTIVITIES

Joined the Editorial Board of the Journal of Regulatory Economics.

Editor, Journal of Economics and Business. In addition to normal editorial duties, in the year 2000 I edited a special issue of this journal on the topic of "Deregulation: Theory and Practice," for publication in the year 2001.

Member, Financial Management Association Awards Committee, 2000-2001.Member, Financial Management Association Program Committee, 2001.

AD HOC REVIEWER FOR THE FOLLOWING JOURNALS:

International Journal of the Economics of BusinessJournal of Industrial EconomicsManagerial and Decision EconomicsAmerican Economic ReviewJournal of FinanceEconomic JournalThe Rand Journal of EconomicsQuarterly Journal of EconomicsJournal of Public EconomicsJournal of Regulatory EconomicsReview of Economics and StatisticsJournal of Money, Credit, and BankingJournal of Banking and FinanceZeitschrift fur Nationalokonomie (Journal of Economics) Economica

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Canadian Journal of EconomicsScandinavian Journal of EconomicsInternational Economic ReviewInternational Journal of Industrial OrganizationJournal of Institutional and Theoretical EconomicsJournal of Economic Behavior and OrganizationJournal of Environmental Economics and ManagementJournal of Productivity AnalysisJournal of International Financial Markets, Institutions, and MoneyRegional Science and Urban EconomicsReview of Financial EconomicsSouthern Economic JournalFinancial ManagementJournal of Financial ResearchJournal of Financial Services ResearchApplied EconomicsApplied Financial EconomicsAustralian Economic PapersReview of Industrial OrganizationNorth American Journal of Economics and FinanceQuarterly Journal of Business and EconomicsContemporary Policy IssuesManagerial and Decision Economics

By special request, formal review of a working paper for Instituto Valencia de Investigaciones Economicas (Valencia, Spain), 1/02.Member, 2000 National Awards Committee, Financial Management Association.Reviewer, National Science Foundation, 1998.Reviewer, Social Sciences and Humanities Research Council of Canada--multiple occasions.Reviewer, latest edition of Tim Koch's bank management textbook, 1998.Member, 1996 Program Committee, Southern Finance Association.Member, 1991 Program Committee, Financial Management Association.External Reader, Ph.D. dissertation committee for Alli Nathan, Queen's University (Ontario), 1990.External Reviewer, promotion and tenure committees at Boston University, Temple University, Texas A&M University, University of Michigan - Flint, and University of Missouri - Columbia.

Paper Presentations:

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A. At Professional Meetings:

Presented paper, "Firm Size and Economic Growth in the U.S.," at World Bank conference on economic development, April 30, 2002, Washington, DC.

Accepted invitation to discuss paper at a joint Federal Reserve / World Bank conference in Cleveland, May 2003 (expenses paid), with likely publication in the Journal of Money, Credit, and Banking.

"Local Bank Office Ownership, Deposit Control, Market Structure, and Economic Growth,"

coauthored with Robert Collender and funded by the USDA/ERS, accepted for the Conference

on Bank Structure and Competition, Federal Reserve Bank of Chicago, May 2001.

"Local Bank Office Ownership, Deposit Control, Market Structure, and Economic Growth"

(with Robert Collender), funded by a cooperative research agreement with the USDA/ERS.

Presented at the Western Economic Association conference, Vancouver, June 2000 (presented by

coauthor). Also accepted for presentation at the Financial Management Association, Seattle,

October 2000.

"Local Bank Office Ownership, Deposit Control, Market structure, and Economic Growth" (with Robert Collender), funded by a cooperative research agreement with the USDA/ERS. Presentedat a workshop of the Rocky Mountain Region Banking Researchers, Colorado State University, October20, 2000.

"Local Bank Office Ownership, Deposit Control, Market Structure, and Economic Growth"

(with Robert Collender), funded by a cooperative research agreement with the USDA/ERS.

Accepted for presentation at the Financial Management Association, Seattle, October 2000.

"Lending with Endogenous Screening, Credit Crunches, and Competition in Laxity" (with Scott

Hoover). Accepted for presentation at the Financial Management Association, Seattle, October

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2000.

Financial Management Association, Orlando October 1999, “Adverse Selection, Market Structure, and Competitive Pricing of Bank Loans.”

Seminar for the Research Department of the Federal Reserve Bank of Kanasas City, July 29, 1999, “Interfirm Networking, Localization Diseconomies, and Optimal Structure: An Application to Banking.”

Federal Reserve Bank of Chicago Conference on Bank Structure and Competition, Chicago, May 1999, “Adverse Selection, Market Structure, and Competitive Pricing of Bank Loans.”

American Economic Association, Chicago, January 1998, “The Winner’s Curse in Banking.”

North American Economics and Finance Association, Chicago, January 1998, “Credit Union Policies and Performance in Latin America.”

North American Economics and Finance Association, San Francisco, January 1996, “Evidence of Monopoly Power Among Credit Card Banks.”

Financial Management Association, New York, October 1995, “Evidence of Monopoly Power Among Credit Card Banks.”

Financial Management Association, St. Louis, October 1994 (presented by discussant Alton Gilbert due to schedule conflict). “Market Conduct and Excess Capacity in Banking: A Cross-country Comparison.”

Federal Reserve Bank of Chicago Conference on Bank Structure and Competition, Chicago, May 1994, “Inferring Viability of the U.S. Banking Industry form Shifts in conduct and Excess Capacity.”

Cato Institute Eleventh Annual Monetary Conference, Washington, DC, March 1993, “Market Value Accounting: A guide for Safe and sound Banking?”

American Finance Association/North American Economics and Finance Association joint session, Anaheim, January 1993.

Conference on Efficiency in the Financial Services Industry, Atlanta, September 1992, “Can Megamergers Improve Bank Efficiency?”

North American Economics and Finance Association, New Orleans, January 1992.

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Financial Management Association, Chicago, October 1991.North American Summer Meeting of the Econometric Society, Philadelphia, June 1991, “Privately and Socially Optimal Acceptance Policies for Journals” (presented by co-author Leonard Nakamura).

Conference on Deposit Insurance Reform, New York University, May 1991, “Aggregate Deposit Insurance Funding and Taxpayers Bailouts.”

Federal Reserve Bank of Chicago Conference on Bank Structure and Competition, Chicago, May 1991, “The Impact of Premium Rates and Rebates on the Solvency of the FDIC Reserve Funds: An Empirical Approach.”

Financial Management Association, Orlando, October 1990.

American Economic Association, Atlanta, December 1989, “Pooling Intensifies Joint Failure Risk.”

Financial Management Association, Boston, October 1989, “Chaos, Taxes, Stabilization, and Turnover.”

Federal Reserve Bank of Chicago Conference on Bank Structure and Competition, Chicago, May 1989, “Pooling Intensifies Joint Failure Risk.”

Southern Economic Association, San Antonio, November 1988.

Federal Reserve Bank of Chicago Conference on Bank Structure and Competition, Chicago, May 1986, “Capitalization, Off-Balance Sheet Liabilities and the Cost of Bank Failures.”

Atlantic Economic Society, Boston, August 1986.

Financial Management Association, Denver, October 1985.

Federal Reserve Bank of Chicago Conference on Bank Structure and Competition, Chicago, May 1982, “A Nonstructural Test for Competition in Financial Markets.”

Various Federal Reserve System Committee Conferences, various years.

B. At Universities:

Informal presentation of current research, CSU, 9/20/02.

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University of Wyoming, Department of Economics and Finance, “The Discount Window and Credit Availability.”

University of North Carolina, Department of Finance, “The Competitive Impact of Disclosure Requirements in the Credit Card Industry.”

University of Maryland, Department of Finance, “The Competitive Impact of Disclosure Requirements in the Credit Card Industry.”

Colorado State University, Department of Economics, “Network Diseconomies and Optimal Structure.”

University of Missouri, Department of Economics: “Antitrust in Stochastic Markets.”

Lehigh University, Department of Economics, “The Competitive Impact of Disclosure

Requirements in the Credit Card Industry.”

University of Calgary, Department of Finance.

Purdue University, Department of Finance, “The Competitive Impact of Disclosure

Requirements in the Credit Card Industry.”Queen's University (Ontario), Department of Finance, “Chaos, Taxes, Stabilization, and Turnover.”

Temple University, Department of Finance; Department of Economics.

New York University, Graduate School of Business.

University of Houston, Department of Finance.

University of Florida, Department of Finance.Columbia University, Department of Finance.

C. At Nonacademic Institutions:

GTE Labs.American Enterprise Institute for Public Policy Research.

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PROFESSIONAL MEMBERSHIPS

Applied to join CREG (Consensus Revenue Estimating Group), State of Wyoming.American Economic AssociationFinancial Management AssociationIndustrial Organization SocietyNorth American Economics and Finance AssociationAmerican Mathematical SocietyMathematical Association of AmericaNew York Academy of SciencesAmerican Association for the Advancement of Science

STUDENT ADVISING

Faculty Advisor, Financial Management Association, UW Student Chapter.

Graduate Committee Chair/Co-Chair, 10 students since 1998.Graduate Committee Member (inc1 Math & MBA): 11 masters and 6 Ph.D. since 1998, plus more than a dozen non-Plan-B MBA students.Undergraduate advising: 43 Banking Minors as of Spring 2000.

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