Tim Loughran

University of Notre Dame

C.R. Smith Professor of Finance

Department of Finance

245 Mendoza College of Business

Notre Dame, IN 46556-5646

United States

SCHOLARLY PAPERS

31

DOWNLOADS
Rank 566

SSRN RANKINGS

Top 566

in Total Papers Downloads

28,722

CITATIONS
Rank 584

SSRN RANKINGS

Top 584

in Total Papers Citations

841

Scholarly Papers (31)

1.
Downloads 6,301 ( 696)
Citation 396

Why Has IPO Underpricing Changed Over Time?

AFA 2003 Washington, DC Meetings
Number of pages: 55 Posted: 18 Sep 2002
Tim Loughran and Jay R. Ritter
University of Notre Dame and University of Florida - Department of Finance, Insurance and Real Estate
Downloads 6,285 (689)
Citation 396

Abstract:

Initial public offerings, internet bubble, underwriter reputation, spinning

Why Has IPO Underpricing Changed Over Time?

Financial Management, Vol. 33, No. 3, 2004
Number of pages: 34 Posted: 20 Aug 2004
Tim Loughran and Jay R. Ritter
University of Notre Dame and University of Florida - Department of Finance, Insurance and Real Estate
Downloads 16 (463,051)
Citation 396

Abstract:

2.

When is a Liability not a Liability? Textual Analysis, Dictionaries, and 10-Ks

Journal of Finance, Forthcoming
Number of pages: 46 Posted: 23 Jan 2009 Last Revised: 05 Mar 2010
Tim Loughran and Bill McDonald
University of Notre Dame and University of Notre Dame - Mendoza College of Business - Department of Finance
Downloads 2,893 (1,381)
Citation 66

Abstract:

Textual analysis, Harvard Dictionary, negative word counts, term weighting

3.

Why Don't Issuers Get Upset About Leaving Money on the Table in IPOs?

AFA 2001 New Orleans Meetings
Number of pages: 35 Posted: 29 Sep 2000
Tim Loughran and Jay R. Ritter
University of Notre Dame and University of Florida - Department of Finance, Insurance and Real Estate
Downloads 1,882 (5,506)
Citation 256

Abstract:

Initial public offerings, prospect theory, behavioral finance, hot issue markets

4.

New Evidence on the Relation Between the Enterprise Multiple and Average Stock Returns

Number of pages: 43 Posted: 01 Oct 2009 Last Revised: 07 Sep 2010
Tim Loughran and Jay W. Wellman
University of Notre Dame and Cornell University School of Hotel Administration
Downloads 1,597 (5,351)
Citation 2

Abstract:

Enterprise Multiple, Fama French factors, book-to-market

5.

Measuring Readability in Financial Disclosures

Journal of Finance, Forthcoming
Number of pages: 44 Posted: 01 Sep 2011 Last Revised: 16 Jul 2013
Tim Loughran and Bill McDonald
University of Notre Dame and University of Notre Dame - Mendoza College of Business - Department of Finance
Downloads 1,559 (4,704)
Citation 10

Abstract:

Readability, Fog Index, textual analysis

6.

Textual Analysis in Accounting and Finance: A Survey

Number of pages: 56 Posted: 03 Oct 2014 Last Revised: 21 May 2016
Tim Loughran and Bill McDonald
University of Notre Dame and University of Notre Dame - Mendoza College of Business - Department of Finance
Downloads 1,046 (2,398)

Abstract:

Textual analysis; sentiment analysis; bag-of-words; readability; word lists; Zipf’s law; cosine similarity; Naïve Bayes

7.

IPO First-Day Returns, Offer Price Revisions, Volatility, and Form S-1 Language

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 57 Posted: 13 Aug 2012 Last Revised: 08 Feb 2013
Tim Loughran and Bill McDonald
University of Notre Dame and University of Notre Dame - Mendoza College of Business - Department of Finance
Downloads 920 (11,037)
Citation 2

Abstract:

IPOs, first-day returns, bookbuilding, S-1 filings, textual analysis

Divergence of Opinion, Uncertainty, and the Quality of Initial Public Offerings

University of Notre Dame Working Paper
Number of pages: 35 Posted: 15 Jun 2001
University of Iowa, University of Notre Dame, University of Missouri - Columbia and University of Iowa - Department of Finance
Downloads 877 (19,433)
Citation 36

Abstract:

Initial public offerings, IPOs, Divergence of opinion, Uncertainty, Long-run returns, Flipping, Opening spread, Time of First Trade

Divergence of Opinion, Uncertainty, and the Quality of Initial Public Offerings

Financial Management, Vol. 30, No. 4, Winter 2001
Posted: 10 Dec 2001
University of Iowa, University of Notre Dame, University of Missouri - Columbia and University of Iowa - Department of Finance

Abstract:

9.

Regulation and Financial Disclosure: The Impact of Plain English

Forthcoming, Journal of Regulatory Economics
Number of pages: 34 Posted: 13 May 2008 Last Revised: 15 Oct 2013
Tim Loughran and Bill McDonald
University of Notre Dame and University of Notre Dame - Mendoza College of Business - Department of Finance
Downloads 791 (17,844)
Citation 1

Abstract:

Plain English, market regulation, disclosure, textual analysis

10.

Barron’s Red Flags: Do They Actually Work?

Journal of Behavioral Finance, Forthcoming
Number of pages: 22 Posted: 21 Nov 2009 Last Revised: 12 May 2011
Tim Loughran and Bill McDonald
University of Notre Dame and University of Notre Dame - Mendoza College of Business - Department of Finance
Downloads 766 (21,415)
Citation 3

Abstract:

textual analysis, fraud, red flag phrases, Madoff

11.
Downloads 643 ( 30,755)
Citation 12

Do Investors Capture the Value Premium?

Number of pages: 26 Posted: 30 Jan 2006
Tim Loughran and Todd Houge
University of Notre Dame and University of Iowa
Downloads 622 (31,704)
Citation 12

Abstract:

value premium, mutual funds, style, index returns, expense ratios

Do Investors Capture the Value Premium?

Financial Management, Vol. 35, No. 2, Summer 2006
Number of pages: 16 Posted: 17 Sep 2006
Tim Loughran and Todd Houge
University of Notre Dame and University of Iowa
Downloads 21 (434,620)
Citation 12

Abstract:

12.

The Use of Word Lists in Textual Analysis

Forthcoming in the Journal of Behavioral Finance
Number of pages: 33 Posted: 17 Jul 2014 Last Revised: 02 Feb 2015
Tim Loughran and Bill McDonald
University of Notre Dame and University of Notre Dame - Mendoza College of Business - Department of Finance
Downloads 450 (20,619)

Abstract:

Diction; word lists; sentiment analysis; Form 10-Ks; textual analysis

13.
Downloads 385 ( 59,091)
Citation 6

Divergence of Opinion Surrounding Extreme Events

Number of pages: 37 Posted: 29 Jan 2002
Tim Loughran and Jennifer Marietta-Westberg
University of Notre Dame and U.S. Securities and Exchange Commission
Downloads 360 (63,379)
Citation 6

Abstract:

IPO, long-run performance, extreme event, divergence of opinion, turnover

Divergence of Opinion Surrounding Extreme Events

European Financial Management, Vol. 11, No. 5, pp. 579-601, November 2005
Number of pages: 23 Posted: 08 Dec 2005
Tim Loughran and Jennifer Marietta-Westberg
University of Notre Dame and U.S. Securities and Exchange Commission
Downloads 25 (412,647)
Citation 6

Abstract:

14.

Using 10-K Text to Gauge Financial Constraints

Forthcoming in the Journal of Financial and Quantitative Analysis
Number of pages: 43 Posted: 28 Sep 2013 Last Revised: 27 Aug 2015
Andriy Bodnaruk, Tim Loughran and Bill McDonald
University of Illinois at Chicago, University of Notre Dame and University of Notre Dame - Mendoza College of Business - Department of Finance
Downloads 329 (14,939)

Abstract:

Financial constraints; textual analysis; dividend omissions; equity recycling; underfunded pensions

15.

A Wolf in Sheep's Clothing: The Use of Ethics-Related Terms in 10-K Reports

Number of pages: 26 Posted: 21 Aug 2007
Tim Loughran, Bill McDonald and Hayong Yun
University of Notre Dame, University of Notre Dame - Mendoza College of Business - Department of Finance and Michigan State University - Department of Finance
Downloads 262 (79,333)
Citation 3

Abstract:

ethics, 10-K filings

16.

Liquidity: Urban Versus Rural Firms

Number of pages: 48 Posted: 30 Sep 2004
Tim Loughran and Paul H. Schultz
University of Notre Dame and University of Notre Dame - Department of Finance
Downloads 246 (93,708)
Citation 46

Abstract:

Liquidity, trading costs, geographic location, spreads, volume

17.

Who Benefited from the Disclosure Mandates of the 1964 Securities Acts Amendments?

Journal of Corporate Finance, Forthcoming
Number of pages: 52 Posted: 13 Mar 2008 Last Revised: 17 May 2011
University of Notre Dame - Department of Finance, University of Cincinnati - Department of Finance - Real Estate and University of Notre Dame
Downloads 240 (99,020)

Abstract:

mandated disclosure, 1964 Securities Acts Amendments, Greenstone, Oyer, and Vissing-Jorgensen

18.

The Use of EDGAR Filings by Investors

Journal of Behavioral Finance, Forthcoming
Number of pages: 47 Posted: 10 Sep 2014 Last Revised: 04 Dec 2016
Tim Loughran and Bill McDonald
University of Notre Dame and University of Notre Dame - Mendoza College of Business - Department of Finance
Downloads 225 (47,452)

Abstract:

EDGAR; fundamental research; information decay; web traffic; Form 10-K

19.

Commonality in Codes of Ethics

Number of pages: 27 Posted: 27 Aug 2008 Last Revised: 14 May 2014
Margaret Forster, Tim Loughran and Bill McDonald
University of Notre Dame, University of Notre Dame and University of Notre Dame - Mendoza College of Business - Department of Finance
Downloads 219 (97,385)
Citation 3

Abstract:

Code of Ethics, Textual Analysis, Plagiarism, Regulation

20.

The Impact of Venture Capital Investments on Public Firm Stock Performance

Number of pages: 38 Posted: 16 Apr 2009 Last Revised: 19 Oct 2010
Tim Loughran and Sophie Shive
University of Notre Dame and University of Notre Dame - Department of Finance
Downloads 210 (106,175)

Abstract:

Venture capital, patents, misvaluations

21.

Trust, But Verify: MD&A Language and the Role of Trust in Corporate Culture

Forthcoming in the Journal of Business Ethics
Number of pages: 32 Posted: 16 Aug 2014 Last Revised: 17 Apr 2015
Robert Audi, Tim Loughran and Bill McDonald
University of Notre Dame - Mendoza College of Business, University of Notre Dame and University of Notre Dame - Mendoza College of Business - Department of Finance
Downloads 157 (96,548)

Abstract:

Trust; ethics; corporate culture; corporate governance; audit; disclosures; textual analysis; monitoring

22.

Old Glass Ceilings are Hard to Break: Gender Usage Trends in Annual Reports

Number of pages: 25 Posted: 23 Nov 2014 Last Revised: 11 Mar 2015
Tim Loughran and Bill McDonald
University of Notre Dame and University of Notre Dame - Mendoza College of Business - Department of Finance
Downloads 79 (246,659)

Abstract:

EDGAR; gender; firm age; annual reports; textual analysis.

23.

Using Annual Report Sentiment as a Proxy for Financial Distress in U.S. Banks

Number of pages: 34 Posted: 25 Jan 2017
Priyank Gandhi, Tim Loughran and Bill McDonald
Mendoza College of Business, University of Notre Dame, University of Notre Dame and University of Notre Dame - Mendoza College of Business - Department of Finance
Downloads 0 (219,632)

Abstract:

Financial Distress; Textual Analysis; Negative Sentiment; Distressed Delisting; Financial Institutions

24.

Weather, Stock Returns, and the Impact of Localized Trading

Journal of Financial and Quantitative Analysis, Forthcoming
Posted: 26 May 2003
Tim Loughran and Paul H. Schultz
University of Notre Dame and University of Notre Dame - Department of Finance

Abstract:

market efficiency, weather, location, behavioral finance, intraday volume

25.

Uniformly Least Powerful Tests of Market Efficiency

Journal of Financial Economics, Vol. 55, No. 3, March 2000
Posted: 15 Aug 2001
Tim Loughran and Jay R. Ritter
University of Notre Dame and University of Florida - Department of Finance, Insurance and Real Estate

Abstract:

Market efficiency, Anomalies, New issues puzzle, Risk factors

26.

The New Issues Puzzle

JOURNAL OF FINANCE, VOL. 50, NO. 1, MARCH 1995
Posted: 03 May 2000
Tim Loughran and Jay R. Ritter
University of Notre Dame and University of Florida - Department of Finance, Insurance and Real Estate

Abstract:

27.

Is There a Book-to-Market Effect?

Posted: 16 Jun 1998
Tim Loughran
University of Notre Dame

Abstract:

28.

Book-to-Market across Firm Size, Exchange, and Seasonality: Is There an Effect?

J. OF FINANCIAL AND QUANTITATIVE ANALYSIS, September 1997
Posted: 19 Nov 1997
Tim Loughran
University of Notre Dame

Abstract:

29.

Do Long-Term Shareholders Benefit from Corporate Acquisitions?

Journal of Finance, Vol. 52, No. 2, December 1997
Posted: 18 Jul 1997
Anand M. Vijh and Tim Loughran
University of Iowa - Department of Finance and University of Notre Dame

Abstract:

30.

A Spline Analysis of the Small Firm Effect: Does Size Really Matter?

Posted: 22 Oct 1996
Joel L. Horowitz, Tim Loughran and N. Eugene Savin
Northwestern University, University of Notre Dame and University of Iowa - Henry B. Tippie College of Business - Department of Economics

Abstract:

The Operating Performance of Firms Conducting Seasoned Equity Offerings

Journal of Finance, Vol. 52 No. 4, December 1997
Posted: 12 Apr 1998
Tim Loughran and Jay R. Ritter
University of Notre Dame and University of Florida - Department of Finance, Insurance and Real Estate

Abstract:

The Operating Performance of Firms Conducting Seasoned Equity Offerings

Posted: 07 Feb 1995
Tim Loughran and Jay R. Ritter
University of Notre Dame and University of Florida - Department of Finance, Insurance and Real Estate

Abstract: