Thomas J. Zwirlein
Professor of Finance
Address:
College of Business and Administration
University of Colorado at Colorado Springs
1420 Austin Bluffs Parkway
Colorado Springs, CO 80918
Phone: (719) 255-3241
Fax: (719) 255-3494
Email: tzwirlei@uccs.edu
Education:
Ph.D. (Finance) University of Oregon, 1985
M.B.A. University of Wisconsin-La Crosse, 1977
B.S. (Economics) University of Wisconsin-La Crosse, 1975
Professional Experience:
May 2001 - present
Professor of Finance
University of Colorado at Colorado Springs
January 2003 - June 2008
Department Chair of Accounting and Finance
University of Colorado at Colorado Springs
January 2002 - June 2014
Faculty Director of the Southern Colorado
Economic Forum
University of Colorado at Colorado Springs
May 1992 - 2001
Associate Professor of Finance
University of Colorado at Colorado Springs
June 1994 - August 1996
Department Chair of Accounting and Finance
October 1993 - July 1994
(while on sabbatical)
Visiting Fellow
Aston University
Birmingham, England
August 1984 - May 1992
Assistant Professor of Finance
University of Colorado at Colorado Springs
Sept. 1980 - June 1984
Graduate Teaching Fellow
University of Oregon
August 1978 - May 1980
Instructor
University of Wisconsin-La Crosse
January 1978 - August 1978
Assistant Analyst
Wisconsin Telephone Company
Milwaukee, Wisconsin
Sept. 1976 - December 1977
Graduate Assistant
Bureau of Business and Economic Research
University of Wisconsin-La Crosse
September 1975 - May 1976
Planning Analyst
Western Wisconsin Health Planning Organization
La Crosse, Wisconsin
Peer Reviewed Publications:
“A Smooth Transition Autoregressive Approach to Investigating the Market Timing Ability of Fund
Managers,” with George Woodward and Larry Prather, Journal of International Finance Studies,
Volume 13, Number 3, 2013.
“The Business Case for Commitment to Diversity,” with Stanley F. Slater and Robert Weigand,
Business Horizons, Volume 51, Number 3, May-June 2008, pp 201-209.
“The Information Content of Dividend Resumptions,” with Larry Gorman and Robert Weigand,
Studies in Economics and Finance, Volume 22, Number 2, Autumn 2004, pp 70-99.
“Stock Selection Based on Mutual Fund Holdings: Evidence From Large-Cap Funds,” with Robert
Weigand and Susan Belden, Financial Services Review, Volume 13, No. 2, June 2004.
“Timing Patterns in Effective Periodic Investment Strategies,” with Venkat Reddy, Journal of
Financial Planning, August 2000, pp 106-114.
“Evaluating Strategic Investments: Complementing Discounted Cash Flow Analysis with Options
Analysis,” with Stanley Slater and Venkat Reddy, Industrial Marketing Management, 27, 1998.
"The Structure of Financial Strategy: Patterns in Financial Decision Making," with Stanley F. Slater,
Managerial and Decision Economics, Vol. 17, 1996.
"Follow the Winner: Periodic Investing Strategies," with Venkat Reddy and Barry Doyle, Journal of
Financial Planning, October 1995.
"ESOPs in Publicly Held Companies: Evidence on Productivity and Firm Performance," with Lisa
Borstadt, Journal of Financial and Strategic Decision Making, Volume 8, Number 1, 1995.
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"A Job Satisfaction Approach to Internal Marketing: The Case of the Financial Planning Industry,"
with Robert Zawacki and Jeffery Ferguson, Journal of Customer Service in Marketing and
Management, Volume 1, Number 1, 1995.
"Environmental Protection and Forward Contracts: A Note on the New Sulfur Dioxide Emission
Allowances," with John Byrd, Journal of Applied Corporate Finance, Fall 1993, Vol. 6, No. 5.
"The Wealth Effects of Proactive and Reactive Corporate Names Change Strategies," with Nils-Erik
Aaby and Lisa Borstadt, Journal of Business Strategies, Spring 1993, Vol. 10, No 1.
"The Efficient Monitoring Role of Proxy Contests: An Empirical Analysis of Post Contest Control
Changes and Firm Performance," with Lisa Borstadt, Financial Management, Fall 1992.
"Shareholder Value and Investment Portfolio Strategy Using the General Portfolio Model," with
Stanley Slater, Journal of Management, 1992, Vol. 18, No. 4.
"Defending Against Hostile Takeovers: A Review of the Existing Empirical Literature," with Lisa
Borstadt and James Brickley, Management Finance, 1991, Vol. 17, No. 1.
"Positive Feedback," with Robert Zawacki, Financial Planning, May 1989.
Non-Refereed Publications/Monographs:
“Economic Impact and Financial Analysis of Stormwater Options in El Paso County,” with Fred
Crowley, June 2014, pp 1-53.
“An Analysis of SMART Options: Reinstatement of the Section 218 Option,” with Fred Crowley,
February 2014, pp 1-63.
“Seventeenth Annual Southern Colorado Economic Forum,” with Fred Crowley, University of
Colorado at Colorado Springs, 2013
“Sixteenth Annual Southern Colorado Economic Forum,” with Fred Crowley, University of Colorado
at Colorado Springs, 2012
“Fifteenth Annual Southern Colorado Economic Forum,” with Fred Crowley, University of Colorado
at Colorado Springs, 2011
“Fourteenth Annual Southern Colorado Economic Forum,” with Fred Crowley, University of
Colorado at Colorado Springs, 2010
“Colorado Data Mining Project,” Colorado Workforce Centers, with Gary Horvath, University of
Colorado at Boulder, Martin Shields, Colorado State University and Fred Crowley, University of
Colorado at Colorado Springs, August 2009.
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“Thirteenth Annual Southern Colorado Economic Forum,” with Fred Crowley, University of
Colorado at Colorado Springs, 2009
“Twelfth Annual Southern Colorado Economic Forum,” with Fred Crowley, University of Colorado
at Colorado Springs, October, 2008
“Eleventh Annual Southern Colorado Economic Forum,” with Fred Crowley, University of Colorado
at Colorado Springs, October, 2007
“Tenth Annual Southern Colorado Economic Forum,” with Fred Crowley, University of Colorado at
Colorado Springs, October, 2006
“Ninth Annual Southern Colorado Economic Forum,” with Fred Crowley, University of Colorado at
Colorado Springs, November 2005.
“Eighth Annual Southern Colorado Economic Forum,” with Fred Crowley, University of Colorado at
Colorado Springs, October 2004.
“Seventh Annual Southern Colorado Economic Forum,” with Fred Crowley, University of Colorado
at Colorado Springs, October 2003.
“Sixth Annual Southern Colorado Economic Forum,” with Fred Crowley, University of Colorado at
Colorado Springs, October 2002.
“Fifth Annual Southern Colorado Economic Forum,” with Jeffery Ferguson, University of Colorado
at Colorado Springs, October 2001.
“Fourth Annual Southern Colorado Economic Forum,” with Jeffery Ferguson, University of
Colorado at Colorado Springs, October 2000.
“Third Annual Southern Colorado Business Economic Outlook Forum,” with Jeffery Ferguson,
University of Colorado at Colorado Springs, October 1999.
“Second Annual Southern Colorado Business Economic Outlook Forum,” with Jeffery Ferguson,
University of Colorado at Colorado Springs, October 1998.
“First Annual Southern Colorado Business Economic Outlook Forum,” with Jeffery Ferguson,
University of Colorado at Colorado Springs, September 1997.
"CAI Materials for Introductory Microeconomics Course Volume 1," with Michael H. Schellenger
and Richard E. Schoenberger, Center for Economic Education, University of Wisconsin-La Crosse,
La Crosse, Wisconsin, June 1980.
"1979 Update of Area Economic and Demographic Information, La Crosse, Wisconsin," with
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Clarence Newberry, Bureau of Business and Economic Research, University of Wisconsin-La
Crosse, La Crosse, Wisconsin, 1979.
"Economic Feasibility Study of Development Potential Within Tax Incremental Finance District La
Crosse, Wisconsin," with Douglas Sweetland and Clarence Newberry, Prepared for the City of La
Crosse, Wisconsin, December 1978.
Conference Proceedings and Abstracts:
“Prediction Errors in the Dividend Discount Model Using Time Varying Cost of Equity and Perfect
Foresight,” with George Woodward and Ping Wang, Proceedings of International Association of
Business and Economics, Verona Summer Conference, Verona, Italy, June 2014, pp 50-63.
“Effective Periodic Investment Strategies in Mutual Fund Performance,” with Venkat Reddy,
Abstract Proceedings of the Academy of Financial Services Conference, October 1997.
“Short Run VS Long Run Performance of Mutual Funds,” with Venkat Reddy and Margaret Gagne,
Abstracts of the American Academic of Accounting and Finance Annual Meeting, New Orleans,
Louisiana, December 1995.
“New Equity Issues, Dividend Changes and Managerial Choice,” with Barry Doyle and Daniel
Blakley, Proceedings of the Western Decision Sciences Institute, March 1994.
"Organizational Issues Underlying Technical Software Quality," with Scott McIntyre and Donald
Gardner, Proceedings of the Association of Management Conference, August 1993.
"Whose Interests are Served by District Bank Presidents?" with Susan Belden and Lance Girton,
Proceedings of the Western Economic Association International, San Francisco, California, July
1992.
"Employee Stock Ownership Plans: An Empirical Study of Productivity and Firm Performance," with
Lisa Borstadt, Proceedings of the Western Decision Sciences Institute, March 1991.
"Dividend Changes and New Equity Issues: Leverage and Signaling," with Barry Doyle, Proceedings
of the Western Decision Sciences Institute, March 1991.
"The Role of Proxy Contests as a Disciplinary Mechanism: Internal Labor Market Competition
Versus External Capital Market Competition," with Lisa Borstadt, Proceedings of the Western
Decision Sciences, March, 1990.
"Evaluating Alternative Methodologies in Event Studies: The Case of Regulation," with Barry Doyle,
Proceedings of the Western Decision Sciences Institute, March 1989.
"The Impact of Seasonal Prepayments on the Pricing of GNMA Securities," with Susan Belden, Lisa
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Borstadt, and Stanley Taylor, Proceedings of the Western Decision Sciences Institute, March 1989.
"International Diversification as an Opportunity for Reducing Risk," with Stanley F. Slater,
Proceedings of the NEBA Association, November 1988.
"Motivation Levels of Financial Planners: Research and Management Implications," with Robert
Zawacki, Proceedings of the Academy of Financial Services, October 1988.
"A Cross-Disciplinary Approach for Measuring Perceptions of Investor Risk," with Lexis Higgins,
Proceedings of the Midwest Decision Sciences Institute, May 1988.
Conference Presentations:
“Prediction Errors in the Dividend Discount Model Using Time Varying Cost of Equity and Perfect
Foresight,” with George Woodward and Ping Wang, International Association of Business and
Economics, Verona Summer Conference, Verona, Italy, June 27-29, 2014.
“A Smooth Transition Autoregressive Approach to Investigating the Market Timing Ability of Fund
Managers,” with George Woodward and Larry Prather, International Academy of Business and
Economics, Las Vegas, NV, October 13-15, 2013.
“Did the ECB Abandon Its Inflation Mandate to Fuel the Housing Bubble? Evidence Using a Nonlinear Taylor Rule?,” with Suvad Kopic and George Woodward, Southwest Finance Association
Conference, Albuquerque, NM, March 12-16, 2013.
“A Smooth Transition Autoregressive Approach to Investigating the Market Timing Ability of
Mutual Fund Managers,” with George Woodward and Larry Prather, Midwest Finance Association
Conference, New Orleans, February 23-25, 2012.
“Optimizing Employment Growth in a Fiscally Constrained Environment: The Case of Colorado and
the Tax Payer’s Bill of Rights,” with Fred Crowley and Tony Loviscek, The Mid-Continent Regional
Science Association 39th Annual Conference, Colorado Springs, June 5-7, 2008.
“The Information Content of Dividend Resumptions,” with Larry Gorman and Robert Weigand,
presented at the Southern Finance Association Meeting, Keywest, FL, November 2005.
“The Information Content of Dividend Resumptions,” with Larry Gorman and Robert Weigand,
presented at the Financial Management Association Meeting, Chicago, Illinois, October 2005.
“Effective Periodic Investment Strategies in Mutual Fund Performance,” with Venkat Reddy,
presented at the Academy of Financial Services Conference, Honolulu, Hawaii, October 1997.
"Consider Strategic Options When Evaluating New Products," with Stan Slater and Venkat Reddy,
presented at the 1996 AMA Educators Conference, San Diego, CA, Summer 1996.
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“Short Run VS Long Run Performance of Mutual Funds,” with Venkat Reddy and Margaret Gagne,
presented at the American Academic of Accounting and Finance Annual Meeting, New Orleans,
Louisiana, December 1995.
"Adopting Performance Measures that Count: Changing to a Shareholder Value Focus," with Jeff
Coates, Ted Davis, and Amir Zafar, presented at the European Accounting Association Conference,
Birmingham, UK, May 1995.
"Alternatives to Simple Dollar-Cost Averaging," with Venkat Reddy and Barry Doyle, presented at
the Academy of Financial Services 1993 Annual Meeting, Toronto, Canada, October 1993.
"Whose Interests are Served by District Bank Presidents?" with Susan Belden and Lance Girton,
presented at the Western Economic Association International, San Francisco, California, July 1992.
"Dividend Changes and Equity Issues Under Asymmetric Information: A Sequential Signaling
Model," with Barry Doyle, presented at the Southwest Finance Association Meetings, San Antonio,
Texas, March 1992.
"Employee Stock Ownership Plans in Publicly Held Companies: Evidence on Productivity and Firm
Performance," with Lisa Borstadt, presented at the Southwest Finance Association Meetings, San
Antonio, Texas, March 1992.
"The Efficient Monitoring Role of Proxy Contests: An Empirical Analysis of Post Contest Control
Changes and Firm Performance," with Lisa Borstadt, presented at the Financial Management
Association Meeting, Orlando, Florida, October 1990.
"Shareholder Value and Investment Strategy Using the General Portfolio Model," with Stanley F.
Slater, presented at the Business Policy and Planning Division of the Academy of Management,
August 1990.
"Measuring the Wealth Effects of Regulation: A Simulation of Two Methodologies," with Barry
Doyle, presented at the Financial Management Association Meeting, Boston, Massachusetts, October
1989.
"Capital Allocation Strategies and Shareholder Value," with Stanley Slater, presented at the Financial
Management Association Meeting, Boston, Massachusetts, October 1989.
"The Behavioral Dimensions of Risk Perceptions of Individual Investors: Implications for the Stock
Market," with Stanley Slater, presented at the Academy of Financial Services, Boston,
Massachusetts, October 1989.
"Defensive Tactics Against Hostile Takeovers: The Empirical Evidence and Implications," with Lisa
Borstadt and Nils-Erik Aaby, Conference on: The Wave of Mergers, Acquisitions, and Alliances:
Toward a European or Global Firm, Paris, France, June 1989.
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"Identifying Acquisition Candidates Using the Consistency Index," with Nils-Erik Aaby and Stan
Slater, Conference on: The Wave of Mergers, Acquisitions, and Alliances: Toward a European or
Global Firm, Paris, France, June 1989.
"Teaching Concepts of Risk in Business Courses: Orientations in Finance Versus Orientations in
Marketing," with Lexis F Higgins, presented at the Mountain/Plains Management Conference, Cedar
City, Utah, September 1987.
Selected Non-Peer Reviewed Presentations
“Seventeenth Annual Southern Colorado Economic Forum,” with Fred Crowley, University of
Colorado Colorado Springs, Antlers Hilton Hotel, Colorado Springs, September 26, 2013.
“Sixteenth Annual Southern Colorado Economic Forum,” with Fred Crowley, University of Colorado
Colorado Springs, Antlers Hilton Hotel, Colorado Springs, September 28, 2012
“Fifteenth Annual Southern Colorado Economic Forum,” with Fred Crowley, University of Colorado
at Colorado Springs, Antlers Hilton Hotel, Colorado Springs, October 14, 2011
“Fourteenth Annual Southern Colorado Economic Forum,” with Fred Crowley, University of
Colorado at Colorado Springs, Antlers Hilton Hotel, Colorado Springs, October 1, 2010
“How the Generations Shaped the Economic System and What that Means for the Future,” Panelist,
UCCS Library, November 12, 2009
“The Colorado Data Mining Report,” Pikes Peak Workforce Investment Board, Colorado Springs,
November 6, 2009.
“Using the Colorado Data Mining Report,” Pueblo Work Force Center, Pueblo, November 5, 2009.
“Using the Colorado Data Mining Report,” Upper Arkansas Work Force Center, Canyon City,
November 3, 2009.
“13th Annual Southern Colorado Economic Forum Report and Analysis,” Antlers Hilton Hotel,
Colorado Springs, October 30, 2009.
“Thinking Strategically About Workforce Development,” Economic Development Council of
Colorado Fall Conference 2009, Hilton Hotel, Fort Collins, October 22, 2009.
“Towards Sustainable Funding in the City of Colorado Springs,” College of Business Alumni Event,
October 16, 2009.
“Data Mining and Other Workforce Intelligence Panel and Presentation,” Colorado Sector Grant
Academy, Renaissance Boulder at Flatiron, Broomfield, September, 15, 2009.
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“Digging Deeper into State Data Mining Report Breakout Session,” Rocky Mountain Workforce
Development Association, Vail, July 16, 2009.
“The Economy and ARRA,” Southern Colorado Financial Planning Association, Garden of the Gods
Club, May 20, 2009.
“The Economy and ARRA,” Leadership Pikes Peak, City Hall, May 7, 2009.
“The Economy and ARRA,” Adams Bank and Trust, Cheyenne Mountain Resort, April 28, 2009.
Working Papers:
“Empirical Tests of the Dividend Discount Model,” with George Woodward and Ping Wang
Professional Activities:
External Review of the College of Business, Southern Oregon University, March 2002.
Session reviewer for Financial Management Association Meeting, San Antonio, 2002.
Discussant Academy of Financial Services, Honolulu, Hawaii, 1997.
Discussant Western Decision Sciences Institute, Lihue, Kauai, Hawaii, 1991.
Discussant Western Decision Sciences Institute, Vancouver, British Columbia, 1990.
Discussant Financial Management Association, Boston, Massachusetts, 1989.
Discussant Academy of Financial Services, Boston, Massachusetts, 1989.
Session Chair Western Decision Sciences Institute, Monterey, California, 1989.
Discussant Western Decision Sciences Institute, Monterey, California, 1989.
Discussant Academy of Financial Services, New Orleans, Louisiana, 1988.
Discussant Midwest Decision Sciences Institute, Louisville, Kentucky, 1988.
Discussant Financial Management Association Meetings, Las Vegas, Nevada, 1987.
Research Grants
UCCS, College of Business DMBA Grant, Fall 2004
UCCS, College of Business Research Grant, Summer 2000.
UCCS, College of Business Research Grant, Summer 1998.
UCCS, College of Business Research Grant, Summer 1996.
UCCS Research and Creative Works Grant, Summer 1995.
UCCS, College of Business Research Grant, Summer 1993.
UCCS, College of Business Research Grant, Summer 1992.
UCCS Research and Creative Works Grant, Summer 1991.
UCCS, College of Business Research Grant, Summer 1991.
UCCS Research and Creative Works Grant, Summer 1990.
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UCCS, College of Business Research Grant, Summer 1990.
UCCS Research and Creative Works Grant, Summer 1988.
UCCS, College of Business Research Grant, Summer 1988.
UCCS Research and Creative Works Grant, Summer 1987.
Teaching Experience:
Undergraduate Courses: Corporate Finance, Investments, Markets and Institutions, Bank
Management, International Finance, Case Courses in Corporate Finance, Personal Finance, Business
Statistics, Managerial Economics, Macroeconomics, Microeconomics
Graduate Courses: Managerial Finance, International Finance, Investments, Case Courses in
Corporate Finance, Distance MBA
Service:
Member of the College of Business Graduate Team, August - December 2013.
Drake Task Force, City of Colorado Springs, January - December 2013.
Sustainable Funding Committee, City of Colorado Springs, June 2008 - August 2009.
El Pomar Search Committee, July 2008 - May 2009.
University Compensation Enhancement Committee, August 2007 - May 2008.
Member of the Faculty Assembly Executive Team, January 2005- January 2009, July 2012-present.
Member of the College of Business Strategy Team, June 1999-June 2008.
Chair of Accounting and Finance Department, 1994-1996, 2003-June 2008.
Member of the Intercollegiate Athletics Advisory Committee, August 2001-June 2006.
Secretary of the University of Colorado System-Wide Faculty Council, July 2000-July 2002.
Chair of the University Budget Advisory Committee, July 2001 - July 2002, July 2003-July 2004.
Member of the Audit Committee, University of Colorado, 2000-2002.
President of the Faculty Assembly of the University of Colorado at Colorado Springs, 1998-1999.
UCCS Participant in the Summer Institute for Collaborative Leadership for Academic Change,
Association of American Colleges and Universities, Burlington, Vermont, July 15-19.
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Vice-President/President-Elect of the Faculty Assembly of the University of Colorado at Colorado
Springs, 1997-1998.
Member of the University of Colorado Faculty Council, 1998-2002.
Member of the University of Colorado Faculty Council Budget Committee, 1998-2000.
Member of the University of Colorado at Colorado Springs Budget Advisory Committee, 1998-April
2008.
Member of the University of Colorado TLE Implementation Committee, 1998-2000.
Member of the University of Colorado at Colorado Springs TLE Implementation Committee, 19981999.
Member of the University of Colorado at Colorado Springs Graduate School Policy Committee,
1998-1999.
Member of the University of Colorado at Colorado Springs Service and Outreach Committee, 19971999.
Member of the University of Colorado at Colorado Springs Mascot Committee, 1998.
Member of the Rocky Mountain Micro-Brewing Symposium Organizing Committee, 1998-99.
Co-Chair of the International Perspective Task Force, 1996-97.
Member of the Global Strategic Team of the Global Advisory Council of the Mayor and City
Council, City of Colorado Springs Office of Economic Development, 1996-2000.
Member of the Financial Services Advisory Committee, 1996-2000.
Chair of Faculty Council Personnel Committee, University of Colorado System-Wide Committee,
University of Colorado, 1992-93.
Member of Faculty Council Personnel Committee, University of Colorado System Committee,
University of Colorado, 1988-1993.
Chair of the Faculty Assembly Personnel and Benefits Committee, University of Colorado at
Colorado Springs, 1987-1989, 1995-1997, 2005-present.
Member of Faculty Assembly Personnel and Benefits Committee, University of Colorado at
Colorado Springs, 1985-1998, 2000-present.
Faculty Advisor to Delta Sigma Pi Professional Business Fraternity, 1992-2008.
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Member of Benefits Oversight Committee, University of Colorado System Committee, 1989-1991.
Member of Long-term Parking Committee, University of Colorado at Colorado Springs, 1988-1989.
Chair of Finance Department Search Committee, University of Colorado at Colorado Springs, 198687, 1987-1988, 1990-1991, 1995-1996, 1996-97, 2005-2006, 2006-2007, 2008.
Member of El Pomar Chair in Finance Search Committee, College of Business, University of
Colorado at Colorado Springs, 1990-1991, 2008-2009.
Member of College of Business Information Technology Committee, University of Colorado at
Colorado Springs, 1990-1996.
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