SIMON J. PAK, Ph.D.

Professor-in-Charge, Master of Finance Program

Associate Professor of Finance

Penn State University, Great Valley
School of Graduate Professional Studies
30 E. Swedesford Road, Malvern, PA 19335

Tel: (610)725-5343 (b) (484)364-0015 (m)

Personal Website: http://www.personal.psu.edu/sjp14/

EDUCATION:

Ph.D. Economics   University of California, Berkeley, CA. 1980
M.A.    Economics   George Washington University, Washington, D.C. 1976
M.S.    Physics        University of North Carolina, Chapel Hill, NC. 1972
B.S.    Physics        Seoul National University, Korea. 1970

POSITIONS HELD:

2008 - Professor-in-Charge, Master of Finance program

2006 – 2008 Academic Division Head (interim), Management Division, Penn State University, School of Graduate Professional Studies

2002 - Associate Professor of Finance, Penn State University, School of Graduate Professional Studies

1984 – 2001 Associate Professor of Finance, Florida International University

1997 – 2001 Associate Director, Center for Banking and Financial Institutions, Florida International University

1981 – 1984 Assistant Professor of Economics, New York University, Graduate School of Business Administration

1979 – 1981 Instructor of Economics, New York University, Graduate School of Business Administration

1977 – 1978 Teaching/Research Assistant, University of California, Berkeley, Department of Economics

1972 – 1976 Research Assistant, World Bank, Office of Science & Technology

1970 – 1972 Teaching/Research Assistant, University of North Carolina, Chapel Hill, Department of Physics

TEACHING INTERESTS:

Corporate finance

Financial modeling and valuation

Financial derivatives & risk management

Real options and capital budgeting

Cases in corporate finance

Financial markets

RESEARCH INTERESTS:

International trade data analysis & transfer pricing
capital flight and tax avoidance & international trade pricing analysis

FUNDED RESEARCH: Co-principal Investigator of a pilot study on transfer pricing through international trade, 2003-2005

Project Title: Pilot Study - Analysis of the U.S. merchandise trade data base: the detection of abnormal transfer pricing and the collection of under-payments of U.S. income taxes

Funding: The U.S. Treasury/The U.S. Congress, $2,000,000

ADMINISTRATIVE EXPERIENCE:

· Academic Division Head of Management Division (2006 – 2008): Led the Management Division with 23 full-time faculty members. Graduate enrollment grew significantly reaching annual headcounts of over 730 management graduate students during the two academic year period while I was serving as the interim Academic Division Head.

· A new Master of Finance program: Developed a program proposal in 2005 and launched in 2007 an innovative Master of Finance (MSF) degree program, an accelerated weekend 15-month cohort program

SELECTED PUBLICATIONS:

"Thailand Capital Flight through Trade with the US During Times of Political and Economic Instability." Review of Pacific Basin Financial Markets and Policies, Vol 11, No. 3, September, 2008, pp 363-387. (with Chunhachinda, P. and de Boyrie, M.E.)
“Capital Movement through Trade Misinvoicing: The Case of Africa,” Journal of Financial Crime, Vol 14, No. 4, 2007, pp 474 – 489. (with de Boyrie, M.E., Nelson, J.A.)
"Capital Flight and Tax Avoidance Through Abnormal Pricing in International Trade - the issue and solutions," Chapter 11 of a report, Closing the Floodgates - Collecting tax to pay for development, Commissioned by The Norwegian Ministry of Foreign Affairs. Tax Justice Network International Secretariat Ltd, London, UK 2007
Price Risk and Bid/Ask Spreads of Currency Options, Derivatives Use, Trading and Regulation, Vol 12, No. 1 and 2, 2006, pp.115-125. (with de Boyrie, M.E. and Kim, Yong O.)
Estimating the magnitude of capital flight due to abnormal pricing in international trade: The Russia-USA case, Accounting Forum, 29, 2005, pp 249-270. (with de Boyrie, M.E. and Zdanowicz, J. S.)
The Impact of Switzerland’s Money Laundering Law on Capital Flows through Abnormal Pricing in International Trade, Applied Financial Economics, Vol. 15, No. 4, February 2005, pp 217-230 (with de Boyrie, M.E. and John S. Zdanowicz, J.S.)
Money Laundering and Income Tax Evasion: The Determination of Optimal Audits and Inspections to Detect Abnormal Prices in International Trade, Journal of Financial Crime, Vol. 12, No. 2, 2004. (with de Boyrie, M.E. and Zdanowicz, J. S.)
Are High Stock Market Prices Justified? Journal of Investing, Vol. 13, No. 4, Winter 2004, pp 67-73 (with Maria E. de Boyrie and William W. Welch)
Evaluation of Black-Scholes and GARCH Models Using Currency Call Options Data, Review of Quantitative Finance and Accounting, Vol. 23, No. 4, Dec 2004, pp 299-312 (with T. Harikumar and Maria E. de Boyrie) -
Detecting Abnormal Pricing in International Trade: The Greece – USA Case, Interfaces 33(2), March-April 2003, pp. 54-64 (with Zanakis, S. H. and Zdanowicz, S. J)

RECENT CONFERENCES & MEETINGS:

The World Bank Conference on the Dynamics of Illicit Flows from Developing Countries. September 14-15, 2009, World Bank, Washington, D.C. Invited discussant of a paper, “Trade Mispricing and Illicit Flows” by Volker Nitsch

The 2009 Annual Convention of Allied Social Science Associations. National Economic Association Meeting, January 2 -5, 2009. San Francisco, CA. Presented a paper, “Estimating Capital Transfers from Trade Mispricing and Double Invoicing”

The Norwegian Ministry of Foreign Affairs. The Third Meeting of the Task Force on the Development Impact of Illicit Financial Flows, Oct 21-22- Norway, Oslo, Norway. Invited participant on “Examining the illicit financial flows from developing countries”

The World Bank. Research Workshop on “Examining the illicit financial flows from developing countries” October 23, 2008, Oslo, Norway. Invited discussant on “a study on mis-pricing of trade between Jamaica and Norway” by Steinar Strøm (University of Torino)

United Nations Department of Economic and Social Affairs. Invited expert participant at the Ad Hoc Expert Group Meeting on Transfer Pricing - A Discussion of the practical issues for developing countries, August 27-28, 2008, Amsterdam, The Netherlands. Organized by the UNDESA Financing for Department Office. Cosponsored by International Bureau of Fiscal Documentation (IBFD)

The 2008 International Trade and Finance Association's eighteenth International Conference. May 21-24, 2008, Lisbon, Portugal. Cosponsored by Universidade Nova de Lisboa. Paper presented de Boyrie, “The Effect of Trade Misinvoicing on African Capital Flight.” (with Maria de Boyrie and Karen Duhala)

The Norwegian Ministry of Foreign Affairs. Meeting of the Task Force on the Development Impact of Illicit Financial Flows, 1-2 April 2008, Oslo, Norway. Invited speaker on “Trade Mis-Pricing as a Channel for Illicit Financial Flows”

The 20th Australian Finance & Banking Conference 2007, Sydney, New South Wales, Australia. December 12-14, 2007. “Thailand Capital Flight Through Trade With the U.S. During Times of Political and Economic Instability” presented by Chunhachinda (with Chunhachinda, P. and de Boyrie, M.E.)

Global Financial Integrity program and the Hills Program on Governance at the Center for Strategic and International Studies (CSIS). Invited Panelist at the Conference on Illicit Financial Flows: The Missing Link in Development, cosponsored by GFI and CSIS, June 28, 2007, CSIS Conference Center, Washington, D.C. Presented “Estimates of Capital Movements from African Countries to the U.S. through Trade Misspricing”

International Trade Data Users Conference and Workshop, cosponsored by International Trade Center. December 5 -6, 2006, Ronald Reagan Building, Washington, D.C. Invited speaker on "Abnormally High and Low Valuation for U.S. Export and Import Transactions”

Workshop on Tax, Poverty And Finance For Development, University of Essex. July 6 – 7, 2006. Colchester, England. Presented a paper, “Estimates of Capital Flights from African Countries to the U.S. through Trade Mispricing.”

The 16^th International Conference of International Trade and Finance Association. May 10 - 13, 2006, Lodz, Poland. “Does Trade Invoicing Contribute to Poland’s Capital Flight? A Systematic Estimate of Capital Movement through Merchandise Trade between Poland and the U.S. (1990 – 2005).” Presented by de Boyrie (With de Boyrie, M.E.)

Christian Aid UK & International Tax Justice Network. Capital Flight Expert Discussion and Seminar, April 2-3, 2006. London, United Kingdom. Invited speaker on “Capital Flight through Mispricing of Trade – The U.S. Export and Import.”

PROFESSIONAL ORGANIZATION AFFILIATIONS:

Member, American Finance Association
Member, Financial Management Association
Member, Korea-America Finance Association (life-time member)
Member, Korea-America Economic Association (life-time member)

OTHER ACTIVITIES:

Leading Master of Finance students Ringing NYSE Closing Bell on 10/10/2007

Leading Master of Finance students Ringing NASDAQ Opening Bell on 12/21/2010