{"id":55,"date":"2021-11-04T12:17:40","date_gmt":"2021-11-04T16:17:40","guid":{"rendered":"https:\/\/sites.nd.edu\/tim-loughran\/?page_id=55"},"modified":"2025-01-21T10:46:20","modified_gmt":"2025-01-21T15:46:20","slug":"publications","status":"publish","type":"page","link":"https:\/\/sites.nd.edu\/tim-loughran\/publications\/","title":{"rendered":"Publications"},"content":{"rendered":"<p><b>Selected Publications<\/b><\/p>\n<ul style=\"font-weight: 400\">\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3645372\">Measuring Firm Complexity (with Bill McDonald)<\/a>, <em>Journal of Financial and Quantitative Analysis<\/em>, vol. 59, 2024, 2487-2514.<\/li>\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3907523\">Do Factors Matter?<\/a>, forthcoming in <em>Critical Finance Review<\/em>. <a href=\"https:\/\/mcob-resources.s3.us-east-2.amazonaws.com\/for_Critical_Finance_Review.zip\">Data programs<\/a><\/li>\n<li><a href=\"https:\/\/rdcu.be\/c5N0v\">Management Disclosure of Risk Factors and COVID-19<\/a> (with Bill McDonald), forthcoming in <em>Financial Innovation<\/em>.<\/li>\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3887743\">How Have Corporate Codes of Ethics Responded to an Era of Increased Scrutiny?<\/a> (with Bill McDonald and James Otteson), <em>Journal of Business Ethics<\/em>, vol. 83, 2023, 1029\u20131044<\/li>\n<li>Textual Analysis in Finance (with Bill McDonald), <em>Annual Review of Financial <\/em><em>Economics<\/em>, vol. 12, 2020, 357-375.<\/li>\n<li>Using Annual Report Sentiment as a Proxy for Financial Distress in U.S. Banks, (with Priyank Gandhi and Bill McDonald), <em>Journal of Behavioral Finance,<\/em> vol. 20, 2019, 424-436.<\/li>\n<li>Dissemination of Oil News into Prices, (with Bill McDonald and Ioannis Pragidis), <em>International Review of Financial Analysis<\/em>, vol. 63, 2019, 105-118.<\/li>\n<li>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.<\/li>\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2493941\">The Use of EDGAR Filings by Investors<\/a>, (with Bill McDonald),\u00a0<em>Journal of Behavioral Finance<\/em>, vol. 18, 2017, 231-248.<\/li>\n<li><a href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2504147\">Textual Analysis in Accounting and Finance: A Survey<\/a>, (with Bill McDonald),\u00a0<em>Journal of Accounting Research<\/em>, vol. 54, 2016, 1187-1230.<\/li>\n<li><a href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2480766\">Trust, but Verify: MD&amp;A Language and the Role of Trust in Corporate Culture<\/a>, (with Robert Audi and Bill McDonald),\u00a0<em>Journal of Business Ethics<\/em>, vol. 139, 2016, 551-561.<\/li>\n<li><a href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2331544\">Using 10-K Text to Gauge Financial Constraints<\/a>, (with Andriy Bodnaruk and Bill McDonald),\u00a0<em>Journal of Financial and Quantitative Analysis<\/em>, vol. 50, 2015, 623-646.<\/li>\n<li><a href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2467519\">The Use of Word Lists in Textual Analysis<\/a>, with Bill McDonald,\u00a0<em>Journal of Behavioral Finance<\/em>, vol. 16, 2015, 1-11.<\/li>\n<li><a href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2529633\">Old Glass Ceilings are Hard to Break: Gender Usage Trends in Annual Reports<\/a>, with Bill McDonald,\u00a0<em>Studies in Communication Sciences<\/em>, vol. 15, 2015, 5-11.<\/li>\n<li><a href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=1920411\">Measuring Readability in Financial Disclosures<\/a>, with Bill McDonald,\u00a0<em>Journal of Finance<\/em>, vol. 69, 2014, 1643-1671.<\/li>\n<li><a href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=1131643\">Regulation and Financial Disclosure: The Impact of Plain English<\/a>, with Bill McDonald,\u00a0<em>Journal of Regulatory Economics<\/em>, vol. 45, 2014, 94-113.<\/li>\n<li><a href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2128766\">IPO First-Day Returns, Offer Price Revisions, Volatility, and Form S-1 Language<\/a>, with Bill McDonald,\u00a0<em>Journal of Financial Economics<\/em>, vol. 109, August 2013, 307-326.<\/li>\n<li><a href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=1331573\">When is a Liability not a Liability? Textual Analysis, Dictionaries, and 10-Ks<\/a>, with Bill McDonald,\u00a0<em>Journal of Finance<\/em>, vol. 66, February 2011, 35-65. Here is the link to the\u00a0<a href=\"http:\/\/www.nd.edu\/~mcdonald\/Word_Lists.html\">Loughran-McDonald (2011) Dictionaries (word lists)<\/a>.<\/li>\n<li><a href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=1481279\">New Evidence on the Relation between the Enterprise Multiple and Average Stock Returns<\/a>, with Jay Wellman,\u00a0<em>Journal of Financial and Quantitative Analysis<\/em>, 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\u00a0<a href=\"https:\/\/www3.nd.edu\/~tloughra\/EM_factor.xls\">EM factor<\/a>.<\/li>\n<li><a href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=1104743\">Who Benefited from the Disclosure Mandates of the 1964 Securities Acts Amendments?<\/a>, with Robert Battalio and Brian Hatch,\u00a0<em>Journal of Corporate Finance<\/em>, vol. 17, 2011, 1047-1063.<\/li>\n<li><a href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=1510188\">Barron&#8217;s Red Flags: Do They Actually Work?<\/a>, with Bill McDonald,\u00a0<em>Journal of Behavioral Finance<\/em>, vol. 12, 2011, 90-97.<\/li>\n<li><a href=\"http:\/\/www.nd.edu\/~tloughra\/CodeofEthics2008.pdf\">Commonality in Codes of Ethics<\/a>, with Margaret Forster and Bill McDonald,\u00a0<em>Journal of Business Ethics<\/em>, vol. 90, 2009, 129-139.<\/li>\n<li><a href=\"https:\/\/www3.nd.edu\/~tloughra\/WolfSheep.pdf\">A Wolf in Sheep&#8217;s Clothing: The Use of Ethics-Related Terms in 10-K Reports<\/a>, with Bill McDonald and Hayong Yun,\u00a0<em>Journal of Business Ethics<\/em>, vol. 89, 2009, 39-49.<\/li>\n<li><a href=\"http:\/\/www.nd.edu\/~tloughra\/impact%20of%20geographic%20location.pdf\">The Impact of Firm Location on Equity Issuance<\/a>,\u00a0<em>Financial Management<\/em>, vol. 37, 2008, 1-21.<\/li>\n<li><a href=\"http:\/\/www.nd.edu\/~tloughra\/Orderflow.pdf\">Does Payment for Order Flow to Your Broker Help or Help You?<\/a>, with Robert H. Battalio,\u00a0<em>Journal of Business Ethics<\/em>, vol. 80, 2008, 37-44.<\/li>\n<li><a href=\"http:\/\/www.nd.edu\/~tloughra\/dissemination.pdf\">Geographic Dissemination of Information<\/a>,\u00a0<em>Journal of Corporate Finance<\/em>, vol. 13, 2007, 675-694.<\/li>\n<li><a href=\"http:\/\/www.nd.edu\/~tloughra\/sgeo.pdf\">The Geography of S&amp;P 500 Stock Returns<\/a>\u00a0(with David Barker),\u00a0<em>Journal of Behavioral Finance,\u00a0<\/em>vol. 8, 2007, 177-190.<\/li>\n<li>Mutual Fund Incubation and the Role of the Securities and Exchange Commission, with Carl Ackermann,\u00a0<em>Journal of Business Ethics<\/em>, vol. 70, 2007, 33-37.<\/li>\n<li><a href=\"http:\/\/www.nd.edu\/~tloughra\/stylepaper.pdf\">Do Investors Capture the Value Premium?<\/a>, with Todd Houge,\u00a0<em>Financial Management<\/em>, vol. 35, 2006, 5-19.<\/li>\n<li><a href=\"http:\/\/www.nd.edu\/~tloughra\/Urbanrural.pdf\">Liquidity: Urban versus Rural Firms<\/a>, with Paul Schultz,\u00a0<em>Journal of Financial Economics\u00a0<\/em>vol. 78, 2005, 341-374.<\/li>\n<li><a href=\"http:\/\/dx.doi.org\/10.1007\/s10551-005-0179-3\">NASD Rule 2110 and the VA Linux IPO<\/a>,\u00a0<em>Journal of Business Ethics<\/em>, vol. 62, 2005, 141-146.<\/li>\n<li><a href=\"http:\/\/www.nd.edu\/~tloughra\/newlistingpaper.pdf\">The Timing Ability of Newly Listed NYSE Firms, 1926-1962<\/a>, (with Jennifer Marietta-Westberg),\u00a0<em>Journal of Behavioral Finance,<\/em>\u00a0vol.6, 2005, 44-56.<\/li>\n<li><a href=\"http:\/\/www.nd.edu\/~tloughra\/whynew.pdf\">Why Has IPO Underpricing Changed Over Time?<\/a>\u00a0(with Jay R. Ritter),\u00a0<em>Financial Management<\/em>, vol. 33, Autumn 2004, 5-37.\u00a0 Copyright \u00a9 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.<\/li>\n<li><a href=\"http:\/\/www.nd.edu\/~tloughra\/weatherpaper.pdf\">Weather, Stock Returns, and the Impact of Localized Trading Behavior<\/a>, (with Paul Schultz),\u00a0<em>Journal of Financial and Quantitative Analysis<\/em>, vol. 39, June 2004, 343-364.<\/li>\n<li><a href=\"http:\/\/www.nd.edu\/~tloughra\/discount.pdf\">Discounting and Clustering in Seasoned Equity Offering Prices,<\/a>\u00a0(with Simona Mola),\u00a0<em>Journal of Financial and Quantitative Analysis<\/em>, vol. 39, March 2004, 1-23.<\/li>\n<li><a href=\"http:\/\/www.nd.edu\/~tloughra\/moneyonthetable.pdf\">Why Don&#8217;t Issuers get Upset about Leaving Money on the Table in IPOs?<\/a>\u00a0(with Jay Ritter),\u00a0<em>Review of Financial Studies<\/em>, vol. 15, 2002, 413-443.<\/li>\n<li><a href=\"http:\/\/www.nd.edu\/~tloughra\/Divergence_of_Opinion.PDF\">Divergence of Opinion, Uncertainty, and the Quality of Initial Public Offerings\u00a0<\/a>(with Todd Houge, Gerry Suchanek and Xuemin Yan),\u00a0<em>Financial Management<\/em>, vol. 30, Winter 2001, 5-23.<\/li>\n<li><a href=\"http:\/\/www.nd.edu\/~tloughra\/hougeloughran.PDF\">Cash Flow is King? Cognitive Errors by Investors<\/a>\u00a0(with Todd Houge),\u00a0<em>Journal of Psychology and Financial Markets,<\/em>\u00a0vol. 1, 2000, 161-175.<\/li>\n<li>Uniformly Least Powerful Tests of Market Efficiency (with Jay R. Ritter),\u00a0<em>Journal of Financial Economics<\/em>, vol. 55, March 2000, 361-389.<\/li>\n<li>Performance Following Convertible Bond Issuance (with Inmoo Lee), Journal of Corporate Finance, vol. 4, June 1998, 185-207.<\/li>\n<li>The Operating Performance of Firms Conducting Seasoned Equity Offerings (with Jay R. Ritter),\u00a0<em>Journal of Finance<\/em>, vol. 52, December 1997, 1823-1850.<\/li>\n<li>Do Long-Term Shareholders Benefit from Corporate Acquisitions?\u00a0 (with Anand M. Vijh),\u00a0\u00a0<em>Journal of Finance<\/em>, vol. 52, December 1997, 1765-1790.<\/li>\n<li>Book-to-Market Across Firm Size, Exchange, and Seasonality: Is There an Effect?,\u00a0<em>Journal of Financial and Quantitative Analysis<\/em>, vol. 32, September 1997, 249-268.<\/li>\n<li>Long-Term Market Overreaction: The Effect of Low-Priced Stocks, (with Jay R. Ritter),\u00a0<em>Journal of Finance<\/em>, vol. 51, December 1996, 1959-1970.<\/li>\n<li>The New Issues Puzzle (with Jay R. Ritter),\u00a0<em>Journal of Finance<\/em>, vol. 50, no. 1, March 1995, 23- 51.<\/li>\n<li>Initial Public Offerings: International Insights, (with Jay R. Ritter and Kristian Rydqvist),\u00a0<em>Pacific-Basin Finance Journal,<\/em>\u00a0vol. 2, 1994, 165-199.<\/li>\n<li>NYSE vs NASDAQ Returns: Market Microstructure or the Poor Performance of Initial Public\u00a0Offerings?,\u00a0<em>Journal of Financial Economics<\/em>, vol. 33, no. 2, 1993, 241-260.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Selected Publications Measuring Firm Complexity (with Bill McDonald), Journal of Financial and Quantitative Analysis, vol. 59, 2024, 2487-2514. 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? 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