• Phone: 617-353-4167
  • E-Mail:  amichel@bu.edu
  • Website: http://management.bu.edu
  • Office: 522D
  • Office Hours: By Appointment
  • Address: Boston University School of Management
    595 Commonwealth Avenue
    Boston, MA 02215
  • Education Open or Close

    Ph D, Cornell University, Management Economics, 1972.

    MA, Yale University, Operations Research, 1969.

    BS, Carnegie Mellon University, Physics, 1967.

  • PublicationsOpen or Close

    Journal Articles:

      Michel, A., Shaked, I., (2014). Ownership Structure and Performance: Evidence from the Public Float in IPOs. Journal of Banking and Finance, 40(January 2014), 54-61. Cambridge.


      Oded, J., Michel, A., Shaked, I., (2011). Distortion in Corporate Valuation: Implications of Capital Structure Changes. Managerial Finance, 37(8), 681-696. Surrey.


      Michel, A., Oded, J., (2010). Extended Abstract - Why Does DCF Undervalue Equities?. CFA Digest, Charlottesvile, Va.


      Michel, A., Oded, J., Shaked, I., (2010). Not all Buybacks are Created Equal: The Case of Accelerated Stock Repurchases. Financial Analysts Journal, 66(6), 55-73. Charlottesville, Virginia.


      Michel, A., Oded, J., (2009). Why Does DCF Undervalue Equities?. Journal of Applied Finance,

      Michel, A., Oded, J., (2008). Stock Repurchases and the EPS Enhancement Fallacy. Financial Analysts Journal, 64(4), 62-75.

      Michel, A., Oded, J., (2008). Reconciling DCF Valuation Methodologies. Journal of Applied Finance,

      Michel, A., Oded, J., (2008). Avoiding Distortion in Corporate Valuation Litigation. Journal of Forensic Economics, XX(1), 31-48.

      Shaked, I., Michel, A., McHugh, C., (1998). Emerging from Bankruptcy: Can an Ugly Duckling Turn into a Swan?. Financial Analysis Journal,

      Shaked, I., Michel, A., Landy, G., (1992). A Survival Kit for Recovering Funds from Junk Bonds Defaults. Financial Analysis Journal,

      Shaked, I., Michel, A., Hamid, S., (1992). Insider Trading: Does SEC Enforcement Have an Effect?. Commercial Lending Review,

      Shaked, I., Michel, A., (1992). Valuation of Damage Claims: An Application of Corporate Finance. Journal of Business Finance and Accounting, Oxford.


      Shaked, I., Michel, A., (1991). RJR Nabisco: A Case Analysis of a Complex Leveraged Buyout. Financial Analysts Journal, New York, NY.


      Shaked, I., Michel, A., Lee, Y., (1991). An Evaluation of Investment Banker Acquisition Advice: The Shareholders' Perspective. Financial Management,

      Shaked, I., Michel, A., McClain, D., (1991). The Foreign Acquirer Bonanza: Myth or Reality?. Journal of Business Finance and Accounting, Oxford.


      Shaked, I., Michel, A., (1990). The LBO Nightmare: Fraudulent Conveyance Risk. Financial Analysts Journal, New York, NY.


      Shaked, I., Michel, A., (1988). Corporate Takeovers: Excess Returns and the Multiple Bidding Phenomena. Journal of Business Finance and Accounting, Oxford.


      Shaked, I., Michel, A., (1988). Leveraged Buyouts: The Financial Issues. Journal of Corporate Finance,

      Shaked, I., Michel, A., (1987). Trucking Deregulation and Motor-Carrier Performance: The Stockholders' Perspective. Financial Review,

      Shaked, I., Michel, A., (1987). Airline Deregulation and the Probability of Air-Carrier Insolvency. Financial Review,

      Shaked, I., Michel, A., (1987). Multinational Corporations vs. Domestic Corporations: Financial Performance and Characteristics. Journal of International Business Studies, Atlanta, GA.


      Shaked, I., Michel, A., (1986). Country and Industry Influence on Dividend Policy: Evidence from Japan and the U.S.. Journal of Business Finance and Accounting, Oxford.


      Shaked, I., Michel, A., (1986). Industry Influence on Pension Funding. Journal of Portfolio Management,

      Shaked, I., Michel, A., (1985). Japanese Leverage: Myth or Reality?. Financial Analysts Journal, New York, NY.


      Shaked, I., Michel, A., (1985). Does Business Diversification Affect Performance?. Financial Management,

      Shaked, I., Michel, A., (1985). Evaluating Merger Performance. California Management Review, Berkeley, CA.


      Shaked, I., Michel, A., (1985). Are Conglomerates Safer?. Research in Finance, edited by H. Levy, JAI Press, Inc.,, Greenwich, CT.


      Shaked, I., Michel, A., Daley, J., (1985). The Proprietary Hospital Industry: A Financial Analysis 1972-1982. Social Science and Medicine,

      Shaked, I., Michel, A., (1984). Airline Performance Under Deregulation: The Shareholders' Perspective. Financial Management,

      Michel, A., Norris, J., (1982). On the Determination of Appropriate Profit Margins in Insurance Industry Regulation. Journal of Risk and Insurance, Mount Vernon, NY.


      Michel, A., (1979). Industry Influence on Dividend Policy. Financial Management,

      Michel, A., (1977). Municipal Bond Ratings: A Discriminant Analysis Approach. Journal of Financial and Quantitative Analysis,

      Michel, A., Permut, S., Joseph, M., (1976). The Researcher's Sample: A Critical review of the Choice of Respondents in Marketing Research. Journal of Marketing Research, Chicago, IL.


      Michel, A., Permut, S., (1976). Implementation in Operational Research: A Review of Operational Research Quarterly. Operational Research Quarterly,

      Albuquerque, R., Michel, A., Gaspar, R., (Accepted). Investment Analysis of Autocallable Contingent Income Securities. Financial Analysts Journal,

    Books:

      Michel, A., Shaked, I., (1995). The Complete Guide to a Successful Leveraged Buyout. : Legal Financial Press.


      Michel, A., Shaked, I., (1986). Takeover Madness. NY, NY: Wiley.


      Michel, A., Shaked, I., Finance and Accounting for Lawyers.

    Book Chapters:

      Michel, A., Mitchell, C., (1977). The Valuation of a Baseball Player, in Optional Strategies in Sports, Edited by S. Ladany and R. Machol, New York: North Holland Publishing Company.


    Working Papers:

      Shaked, I., Michel, A., Rainy Day Investing: Do We Have It Wrong?.

  • General ServiceOpen or Close

    Service to the School:

      Boston University, Finance & Economics Department, Administrative Assignment, Other, Humphrey Fellow Advisor. (October 2011 - Present).

      Local, School of Management, MBA Program, Faculty Director, Finance Club. (September 2013 - May 2014).
      Faculty Director of the Finance Club


      National, School of Management, Other SMG Service Area, Development Office. (January 2013 - May 2014).
      Met with alumni in Milwaukee and Chicago and gave a presentation about my current research at BU.


      International, Boston University, Media relations. (January 2013 - May 2014).
      Was interviewed for TV, newspapers (WSJ), etc


      Local, Boston University, Member, Academic Program Review Committee. (October 2011 - May 2014).
      Review academic programs throughout the university


      Local, School of Management, Finance Department, Member, Academic Conduct Committee. (January 2011 - May 2014).

      Local, School of Management, Undergraduate Program, Member, FEI Scholarship Committee. (March 2013 - April 2014).
      Evaluate resumes to determine the Financial Executives Institute scholarship winner


      Boston University, UPT Member, University Appointments,Promotion and Tenure Committee. (October 2011 - May 2013).

      School of Management, Undergraduate Program Office. (April 2013 - April 2013).
      Met with students and parents


      School of Management, MBA Program, MBA Finance Club. (November 12, 2012 - November 12, 2012).
      Ran a technical workshop on Investment Banking so students would be facile in talking to recruiters


      School of Management, Finance Department, Course Coordinator. (May 2008 - May 2012).
      Coordinate various offerings of FE449


      Regional, Boston University, Finance Department, Financial Executives Institute. (January 5, 2012 - December 30, 2012).
      Responsible for selecting the recipient of an FEI scholarship.


      Student Organization, MBA Program, Student Org Advisor (Professional Org), Finance Club. (September 5, 2012 - December 18, 2012).
      Advise the MBA Finance Club


      Local, Boston University, Finance Department, Alumni. (December 14, 2012 - December 14, 2012).
      Attended an alumni gathering


      International, provided comments to media . (January 2010 - December 2011).
      Often provided input to reporters and appeared on radio and television.


    Service to the Profession:

      Professional, Tenure Reviewer for Another Institution, Tenure Committee. (December 2013 - Present).
      Tenure reviewer of a faculty candidate at another university


  • Conference ActivitiesOpen or Close

      Eastern Finance Annual Meeting, Eastern Finance Association, Euro Cross Futures, Airline Hedging sand the QQ-Plot, Discussant (work of others). (April 13, 2012 - April 13, 2012).

  • ConsultingOpen or Close

    Academic, Harvard University, Cambridge. (July 14, 2014 - July 14, 2014).

    Executive Education Session


    Academic, Harvard University, Cambridge. (February 10, 2014 - February 10, 2014).
    Executive Education session


    Academic, Harvard University, Cambridge. (July 8, 2013 - July 8, 2013).
    Presented a session on valuation to an executive audience.


    Academic, Harvard University, Cambridge. (February 11, 2013 - February 11, 2013).
    Presented a session on valuation to an executive audience.


    Management, Financial Supervisory Authority, Reykjavik, Iceland. (November 2011 - November 2011).
    Speech


    Speech, Islandsbanki, Reykjavik, Iceland. ( - November 5, 2009).
    The Icelandic Minister of Commerce and I gave talks about the Icelandic economy to several hundred of the bank's clients.


    Valuation, Fidelity Investments, Boston. (May 15, 2008 - June 13, 2008).
    Valuation of thinly traded securities on a foreign exchange


  • Editorial And Review ActivitiesOpen or Close

    Michel, A., Financial Analysts Journal, Ad Hoc Reviewer, Papers, International, Academic. (February 1, 2013 - December 1, 2014).

    Ad hoc reviewer


    Michel, A., Managerial Finance, Ad Hoc Reviewer, Papers, International. (November 2011 - November 2011).

  • Awards and HonorsOpen or Close

    Recipient of an Alumni Research Gift of $10,000, Development, Research. (March 1, 2013).

    I received a $10,000 gift for research from one of my past students, Steve Ross.


    2013 Professor of the Year, 2nd year MBA students, Teaching. (April 20, 2013).
    I won the second year MBA Professor of the Year Award. (2nd year in a row)


    2012 Professor of the Year, 2nd Year MBA Students, Teaching. (May 12, 2012).
    "In recognition of teaching effectiveness and academic service"


    Graham and Dodd Award of Excellence, CFA Institute, Research. (July 2009).
    "Outstanding article published in Financial Analysts Journal during the year 2008"


    Nominated for "Metcalf Award," the highest teaching honour at Boston University. (1996).
    Quarterfinalist


    Listed 9th on the list of the "Most Frequently Cited Financial Management Articles" over the previous 25 years. (1995).
    1970-1995


    Winner of Outstanding Article of 1982, Journal of Risk and Insurance. (1982).
    (with J. Norris)