Publications

Selected Publications

• Measuring Firm Complexity (with Bill McDonald), forthcoming in the Journal of Financial and Quantitative Analysis. (with Bill McDonald)
• Do Factors Matter?, forthcoming in Critical Finance Review. Data programs
• Management Disclosure of Risk Factors and COVID-19 (with Bill McDonald),forthcoming in Financial Innovation.
• How Have Corporate Codes of Ethics Responded to an Era of Increased Scrutiny? (with Bill McDonald and James Otteson), Journal of Business Ethics, vol. 83, 2023, 1029–1044
• Textual Analysis in Finance (with Bill McDonald), Annual Review of Financial Economics, vol. 12, 2020, 357-375.
• Using Annual Report Sentiment as a Proxy for Financial Distress in U.S. Banks, (with Priyank Gandhi and Bill McDonald), Journal of Behavioral Finance, vol. 20, 2019, 424-436.
• Dissemination of Oil News into Prices, (with Bill McDonald and Ioannis Pragidis), International Review of Financial Analysis, vol. 63, 2019, 105-118.
• Linguistic Tone and the Small Trader: Measurement Issues, Regulatory Implications, and Directions for Future Research, Accounting, Organizations and Society, vol. 68-69, 2018, 38-41.
• The Use of EDGAR Filings by Investors, (with Bill McDonald), Journal of Behavioral Finance, vol. 18, 2017, 231-248.
• Textual Analysis in Accounting and Finance: A Survey, (with Bill McDonald), Journal of Accounting Research, vol. 54, 2016, 1187-1230.
• Trust, but Verify: MD&A Language and the Role of Trust in Corporate Culture, (with Robert Audi and Bill McDonald), Journal of Business Ethics, vol. 139, 2016, 551-561.
• Using 10-K Text to Gauge Financial Constraints, (with Andriy Bodnaruk and Bill McDonald), Journal of Financial and Quantitative Analysis, vol. 50, 2015, 623-646.
• The Use of Word Lists in Textual Analysis, with Bill McDonald, Journal of Behavioral Finance, vol. 16, 2015, 1-11.
• Old Glass Ceilings are Hard to Break: Gender Usage Trends in Annual Reports, with Bill McDonald, Studies in Communication Sciences, vol. 15, 2015, 5-11.
• Measuring Readability in Financial Disclosures, with Bill McDonald, Journal of Finance, vol. 69, 2014, 1643-1671.
• Regulation and Financial Disclosure: The Impact of Plain English, with Bill McDonald, Journal of Regulatory Economics, vol. 45, 2014, 94-113.
• IPO First-Day Returns, Offer Price Revisions, Volatility, and Form S-1 Language, with Bill McDonald, Journal of Financial Economics, vol. 109, August 2013, 307-326.
• When is a Liability not a Liability? Textual Analysis, Dictionaries, and 10-Ks, with Bill McDonald, Journal of Finance, vol. 66, February 2011, 35-65. Here is the link to the Loughran-McDonald (2011) Dictionaries (word lists).
• New Evidence on the Relation between the Enterprise Multiple and Average Stock Returns, with Jay Wellman, Journal of Financial and Quantitative Analysis, December 2011. Here is the EM factor (July 1963 to December 2009) in an excel spreadsheet. The three variables are the calendar date, CRSP Month, and EM factor.
• Who Benefited from the Disclosure Mandates of the 1964 Securities Acts Amendments?, with Robert Battalio and Brian Hatch, Journal of Corporate Finance, vol. 17, 2011, 1047-1063.
• Barron’s Red Flags: Do They Actually Work?, with Bill McDonald, Journal of Behavioral Finance, vol. 12, 2011, 90-97.
• Commonality in Codes of Ethics, with Margaret Forster and Bill McDonald, Journal of Business Ethics, vol. 90, 2009, 129-139.
• A Wolf in Sheep’s Clothing: The Use of Ethics-Related Terms in 10-K Reports, with Bill McDonald and Hayong Yun, Journal of Business Ethics, vol. 89, 2009, 39-49.
• The Impact of Firm Location on Equity Issuance, Financial Management, vol. 37, 2008, 1-21.
• Does Payment for Order Flow to Your Broker Help or Help You?, with Robert H. Battalio, Journal of Business Ethics, vol. 80, 2008, 37-44.
• Geographic Dissemination of Information, Journal of Corporate Finance, vol. 13, 2007, 675-694.
• The Geography of S&P 500 Stock Returns (with David Barker), Journal of Behavioral Finance, vol. 8, 2007, 177-190.
• Mutual Fund Incubation and the Role of the Securities and Exchange Commission, with Carl Ackermann, Journal of Business Ethics, vol. 70, 2007, 33-37.
• Do Investors Capture the Value Premium?, with Todd Houge, Financial Management, vol. 35, 2006, 5-19.
• Liquidity: Urban versus Rural Firms, with Paul Schultz, Journal of Financial Economics vol. 78, 2005, 341-374.
• NASD Rule 2110 and the VA Linux IPO, Journal of Business Ethics, vol. 62, 2005, 141-146.
• The Timing Ability of Newly Listed NYSE Firms, 1926-1962, (with Jennifer Marietta-Westberg), Journal of Behavioral Finance, vol.6, 2005, 44-56.
• Why Has IPO Underpricing Changed Over Time? (with Jay R. Ritter), Financial Management, vol. 33, Autumn 2004, 5-37.  Copyright © 2004 Financial Management Association International, an affiliate of the Finman Corporation. Composed and printed by Dartmouth Printing Company, Hanover, NH. Printed in the U.S.A.
• Weather, Stock Returns, and the Impact of Localized Trading Behavior, (with Paul Schultz), Journal of Financial and Quantitative Analysis, vol. 39, June 2004, 343-364.
• Discounting and Clustering in Seasoned Equity Offering Prices, (with Simona Mola), Journal of Financial and Quantitative Analysis, vol. 39, March 2004, 1-23.
• Why Don’t Issuers get Upset about Leaving Money on the Table in IPOs? (with Jay Ritter), Review of Financial Studies, vol. 15, 2002, 413-443.
• Divergence of Opinion, Uncertainty, and the Quality of Initial Public Offerings (with Todd Houge, Gerry Suchanek and Xuemin Yan), Financial Management, vol. 30, Winter 2001, 5-23.
• Cash Flow is King? Cognitive Errors by Investors (with Todd Houge), Journal of Psychology and Financial Markets, vol. 1, 2000, 161-175.
• Uniformly Least Powerful Tests of Market Efficiency (with Jay R. Ritter), Journal of Financial Economics, vol. 55, March 2000, 361-389.
• Performance Following Convertible Bond Issuance (with Inmoo Lee), Journal of Corporate Finance, vol. 4, June 1998, 185-207.
• The Operating Performance of Firms Conducting Seasoned Equity Offerings (with Jay R. Ritter), Journal of Finance, vol. 52, December 1997, 1823-1850.
• Do Long-Term Shareholders Benefit from Corporate Acquisitions?  (with Anand M. Vijh),  Journal of Finance, vol. 52, December 1997, 1765-1790.
• Book-to-Market Across Firm Size, Exchange, and Seasonality: Is There an Effect?, Journal of Financial and Quantitative Analysis, vol. 32, September 1997, 249-268.
• Long-Term Market Overreaction: The Effect of Low-Priced Stocks, (with Jay R. Ritter), Journal of Finance, vol. 51, December 1996, 1959-1970.
• The New Issues Puzzle (with Jay R. Ritter), Journal of Finance, vol. 50, no. 1, March 1995, 23- 51.
• Initial Public Offerings: International Insights, (with Jay R. Ritter and Kristian Rydqvist), Pacific-Basin Finance Journal, vol. 2, 1994, 165-199.
• NYSE vs NASDAQ Returns: Market Microstructure or the Poor Performance of Initial Public Offerings?, Journal of Financial Economics, vol. 33, no. 2, 1993, 241-260.