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Publications

  • “Measuring Firm Complexity,” with Tim Loughran, Lead article in Journal of Financial and Quantitative Analysis, Vol. 59:6, September 2024, pp. 2487-2514.
    SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3645372
    DOI: https://doi.org/10.1017/S0022109023000716
    Data: https://sraf.nd.edu/complexity/
  • “Management Disclosure of Risk Factors and COVID-19,” with Tim Loughran, Financial Innovation, forthcoming.
    SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3575157
    DOI: https://doi.org/10.1186/s40854-023-00459-5
  • “How Have Corporate Codes of Ethics Responded to an Era of Increased Scrutiny?”, with Tim Loughran and James Otteson, Journal of Business Ethics, 2022.      
    SSRN: https://ssrn.com/abstract=3887743
    DOI:    https://doi.org/10.1007/s10551-022-05104-2
  • “Textual Analysis in Finance,” with Tim Loughran, Annual Review of Financial Economics, Vol. 12, 2020, 357-375.   
    SSRN: https://ssrn.com/abstract=3744667
    DOI:    https://doi.org/10.1146/annurev-financial-012820-032249
  • “Designing a Global Digital Currency,” with Ron Balvers, Journal of International Money and Finance, Vol. 111, 2020, 1-18.      
    SSRN: https://ssrn.com/abstract=3049000
    DOI: https://doi.org/10.1016/j.jimonfin.2020.102317
  • “Deviations from Time Priority on the NYSE,” with Robert Battalio and Robert Jennings, Journal of Financial Markets, Vol. 53, 2021.
    SSRN: https://ssrn.com/abstract=3302774
    DOI:   https://doi.org/10.1016/j.finmar.2020.100567
  •  “Assimilation of Oil News into Prices,” with Tim Loughran and Ioannis Pragidis, International Review of Financial Analysis, Vol. 63, 2019, 105-118.
    SSRN: https://ssrn.com/abstract=3074808
    DOI: https://doi.org/10.1016/j.irfa.2019.03.008
  • “Using Annual Report Sentiment as a Proxy for Financial Distress in U.S. Banks,” with Priyank Gandhi and Tim Loughran, Journal of Behavioral Finance, Vol. 30:4, 2019, 424-436.
    SSRN: https://ssrn.com/abstract=2905225
    DOI:    https://doi.org/10.1080/15427560.2019.1553176
  •  “The Use of EDGAR Filings by Investors,” with Tim Loughran, Journal of Behavioral Finance, Vol. 18:2, 2017, 231-248.
    SSRN: https://ssrn.com/abstract=2493941
    DOI:    https://doi.org/10.1080/15427560.2017.1308945
  • “Textual Analysis in Accounting and Finance:  A Survey,” with Tim Loughran, Journal of Accounting Research, Vol. 54:4, 2016, 1187-1230.
    SSRN: https://ssrn.com/abstract=2504147
    DOI: https://doi.org/10.1111/1475-679X.12123
  • “The Use of EDGAR Filings by Investors,” with Tim Loughran, Journal of Behavioral Finance, Vol. 18:2, 2017, 231-248.
    SSRN: https://ssrn.com/abstract=2493941
    DOI: https://doi.org/10.1080/15427560.2017.1308945
  •  “Trust, but Verify:  MD&A Language and the Role of Trust in Corporate Culture,” with Robert Audi and Tim Loughran, Journal of Business Ethics, Vol. 139, 2016, 551-561.
    SSRN: https://ssrn.com/abstract=2480766
    DOI:    https://doi.org/10.1007/s10551-015-2659-4
  •  “Using 10-K Text to Gauge Financial Constraints,” with Andriy Bodnaruk and Tim Loughran, Journal of Financial and Quantitative Analysis, August 2015, 1-24 (lead article).
    SSRN: https://ssrn.com/abstract=2331544
    DOI:    https://doi.org/10.1017/S0022109015000411
  •  “Old Glass Ceilings are Hard to Break:  Gender Usage Trends in Annual Reports,” with Tim Loughran, Studies in Communication Sciences, (lead article), Vol. 15:1, 2015, 5-11.
    SSRN: https://ssrn.com/abstract_id=2576803
    DOI: https://doi.org/10.1007/s10551-015-2612-6   
  • “Financial Disclosure and Customer Satisfaction:  Do Companies Talking the Talk Actually Walk the Walk?,” with Ron Balvers and John Gaski, Journal of Business Ethics, Vol. 138:1, November 2016, 29-45.
    SSRN: https://ssrn.com/abstract_id=2576803
    DOI: https://doi.org/10.1007/s10551-015-2612-6
  • “The Use of Word Lists in Textual Analysis,” with Tim Loughran, Journal of Behavioral Finance, (lead article), 16:1, Jan-Mar 2015, 1-11.
    SSRN:  https://ssrn.com/abstractId=2467519
    DOI: https://doi.org/10.1080/15427560.2015.1000335
  • “Measuring Readability in Financial Disclosures,” with Tim Loughran, Journal of Finance, Vol. 69:4, August 2014, 1643-1671.
    SSRN: https://ssrn.com/abstract_id=1920411
    DOI: https://doi.org/10.1111/jofi.12162
  • “Regulation and Financial Disclosure:  The Impact of Plain English,” with Tim Loughran, Journal of Regulatory Economics, Vol. 45:1, December 2013, 94-113.
    SSRN: https://ssrn.com/abstract_id=1131643
    DOI: https://doi.org/10.1007/s11149-013-9236-5
  •  “IPO First-Day Returns, Offer Price Revisions, Volatility, and Form S-1 Language,” with Tim Loughran, Journal of Financial Economics, Vol. 109:2, August 2013, 307-326.
    SSRN: https://ssrn.com/abstract_id=2128766
    DOI: https://doi.org/10.1016/j.jfineco.2013.02.017
  • “When is a Liability not a Liability?  Textual Analysis, Dictionaries, and 10-Ks,” with Tim Loughran, Journal of Finance, Vol. 66:1, February 2011, 67-97.
    SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1331573
    DOI: https://doi.org/10.1111/j.1540-6261.2010.01625.x
  • “Barron’s Red Flags:  Do They Actually Work?,” with Tim Loughran, Journal of Behavioral Finance, Vol. 12 Issue 2, 2011, 90-97.
    SSRN: https://ssrn.com/abstract_id=1510188
    DOI: https://doi.org/10.1080/15427560.2011.575971
  •  “Commonality in Codes of Ethics,” with Margaret Forster and Tim Loughran, Journal of Business Ethics, Vol. 90, November 2009, 129-139.
    SSRN: https://ssrn.com/abstract_id=1251482
    DOI: https://doi.org/10.1007/S10551-010-0380-X

  •  “A Wolf in Sheep’s Clothing:  The Use of Ethics-Related Terms in 10-K Reports,” with Timothy Loughran and Hayong Yun, Journal of Business Ethics, Vol. 89, May 2009, 39-49.
    SSRN:  https://ssrn.com/abstract_id=1007727
    DOI: https://doi.org/10.1007/s10551-008-9910-1
  •  “What’s Different Among Banks?,” with Thomas F. Cosimano, Journal of Monetary Economics, Vol. 41, 1998, pp.57-70.
    DOI: https://doi.org/10.1016/S0304-3932(97)00060-3
  • “Predicting Stock Returns in an Efficient Market,” with Ronald J. Balvers and Thomas F. Cosimano, Journal of Finance, Vol. 45, September 1990, pp. 1109-1128.
    DOI: https://doi.org/10.1111/j.1540-6261.1990.tb02429.x
  • “Multivariate Tests of Asset Pricing:  The Comparative Power of Alternative Statistics,” with John Affleck-Graves, Journal of Financial and Quantitative Analysis, Vol. 25, June 1990, pp. 163-185.
  • “Nonnormalities and Tests of Asset Pricing Theories,” with John Affleck-Graves, Journal of Finance, Vol. 44, September 1989, pp. 889-908.
  • “Additional Evidence on the Nature of Size-Related Anomalies,” with Robert E. Miller, Journal of Economics and Business, Vol. 41, February 1989, pp. 61-68.
  • “An Analysis of Nonlinearities, Heteroskedasticity, and Functional Form in the Market Model,” with Cheng-Few Lee, Journal of Business & Economic Statistics, Vol. 6, October 1988, pp. 505-509.
  • “Underpricing of New Issues and the Choice of Auditor as a Signal of Investment Banker Reputation,” with Ronald J. Balvers and Robert E. Miller, The Accounting Review, Vol. 63 October 1988, pp. 605-622.
  • “Event Studies and Systems Methods:  Some Additional Evidence,” Journal of Financial and Quantitative Analysis, Vol. 22, December 1987, pp. 496-504.
  • “A Reexamination of Economies of Scale in Banking Using a Generalized Functional Form,” with Bernard J. Kilbride and Robert E. Miller, Journal of Money, Credit and Banking, Vol. 18, November 1986, pp. 519-526.
  • “On the Informational Role of Treasury Bill Futures,” with Shantaram P. Hegde, The Journal of Futures Markets, Vol. 6, Winter 1986, pp. 629-643.
  • “Relevance of Inflation-Adjusted Earnings Measures in the Security-Valuation Process,” with Michael H. Morris, Journal of Business Research, Vol. 14, October 1986, pp. 411-422.
  • “Estimating Market Model Betas:  A Comparison of Random Coefficient Methods and Their Ability to Correctly Identify Random Variation,” Management Science, Vol. 31, November 1985, pp. 1403-1408.
  •  “Income Averaging Benefits from Income Growth:  The Gradual Elimination of an Inequity,” with Michael H. Morris, Public Finance Quarterly, April 1986, pp. 199-208.
  • “Capitalization of Interest Costs:  Security Price Reaction to SFAS No. 34 Disclosures,” with Michael H. Morris and William D. Nichols, Review of Business and Economic Research, Vol. 20, Spring 1985, pp. 78-88.
  • “The Functional Specification of Financial Ratios:  An Empirical Examination of the Ratio Method,” with Michael H. Morris, Accounting and Business Research, Vol. 59, Summer 1985, pp. 223-238.
  • “Making Sense Out of Unstable Alphas and Betas,” Journal of Portfolio Management, Vol. 11, Winter 1985, pp. 19-22.
  • “Nonstationarity of Beta and Tests of Market Efficiency,” with William D. Nichols, Journal of Financial Research, Vol. 7, Winter 1984, pp. 315-322.
  • “The Relevance of SFAS 33 Inflation Accounting Disclosures in the Adjustment of Stock Prices to Inflation,” with Michael H. Morris, The Accounting Review, Vol. 59, July 1984, pp. 432-446.
  • “Income Growth and Income Averaging:  An Analysis of Eligibility and Resultant Tax Savings,” with Michael H. Morris, The Tax Executive, Vol. 36, January 1984, pp. 432-446.
  • “The Statistical Validity of the Ratio Method in Financial Analysis:  An Empirical Examination,” with Michael H. Morris, Journal of Business Finance and Accounting, Vol. 11, Spring 1984, pp. 89-97.
  • “Functional Forms and the Capital Asset Pricing Model,” Journal of Financial and Quantitative Analysis, Vol. 18, September 1983, pp. 318-330.
  • “Stock Splits and Market Anomalies,” with William D. Nichols, The Financial Review, Vol. 18, November 1983, pp. 237-256.
  • “Beta Nonstationarity and the Use of the Chen and Lee Estimator:  A Note,” Journal of Finance, Vol. 38, June 1983, pp. 1005-1009.
  • “The Existence of Heteroskedasticity and Its Effects on Estimates of the Market Model Parameters,” with Michael H. Morris, Journal of Financial Research, Vol. 6, Summer 1983, pp. 115-126.
  • “Beta Nonstationarities:  An Empirical Test of Stochastic Forms,” The Financial Review, Vol. 18, May 1983, pp. 175-183.
  • “An Empirical Examination of the Preference Structure for the Distribution of Earnings,” Journal of Economics & Business, Vol. 35, 1983, pp. 441-451.
  • “Asset Pricing and Financial Reporting with Changing Prices,” with Michael H. Morris, Journal of Business Finance and Accounting, Vol. 9, Autumn 1982, pp. 383-396.
  • “Unfunded Pension Liabilities and Investors’ Perception of Risk,” with Robert P. Kemp and William D. Nichols, in Issues in Unfunded Pension Liabilities, monograph, published by the International Foundation of Employee Benefit Plans, pp. 35-61, 1981.
  • “Unfunded Vested Pension Liabilities:  The Investor’s Dilemma,” with Robert P. Kemp and William D. Nichols, Employee Benefits Journal, Vol. 6, September 1981, pp. 20-25.
  • “Job Satisfaction and Life Satisfaction:  An Empirical Evaluation of Their Relationship,” with Thomas L. Keon, Human Relations, Vol. 35, March 1982, pp. 167-180.  Selected for inclusion in Sociological Abstracts.
  • “Tourism:  An Arizona Growth Industry,” with M.E. Bond, Arizona Business, June 1978, pp. 3-12.
  • “Tourism Barometers:  The Arizona Case,” with M.E. Bond, Journal of Travel Research, Fall 1978, pp. 14-18.