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

32

DOWNLOADS
Rank 451

SSRN RANKINGS

Top 451

in Total Papers Downloads

38,927

CITATIONS
Rank 585

SSRN RANKINGS

Top 585

in Total Papers Citations

843

Scholarly Papers (32)

1.
Downloads 7,116 ( 748)
Citation 395

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 7,099 (743)
Citation 395

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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 17 (528,686)
Citation 395
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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 6,503 (878)
Citation 67

Abstract:

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

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 5,318 (1,216)

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

Textual Analysis in Accounting and Finance: A Survey

Journal of Accounting Research, Vol. 54, No. 4, 2016
Posted: 27 Apr 2017
Tim Loughran and Bill McDonald
University of Notre Dame and University of Notre Dame - Mendoza College of Business - Department of Finance

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

4.

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 2,853 (3,646)
Citation 10

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Readability, Fog Index, textual analysis

5.

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 2,292 (5,299)
Citation 2

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

6.

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 2,053 (6,358)
Citation 257

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

7.

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 1,935 (7,049)

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

8.

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 1,683 (8,924)
Citation 2

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

9.

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 1,238 (14,593)

Abstract:

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

10.

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 1,204 (15,231)

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

11.

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 1,110 (17,246)
Citation 1

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Plain English, market regulation, disclosure, 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 919 (22,424)
Citation 36

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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

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13.

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 902 (23,454)
Citation 3

Abstract:

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textual analysis, fraud, red flag phrases, Madoff

14.
Downloads 712 ( 32,707)
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 690 (33,588)
Citation 12

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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 22 (498,052)
Citation 12
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15.

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

Number of pages: 35 Posted: 25 Jan 2017 Last Revised: 03 Oct 2018
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 676 (35,102)

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Financial distress; textual analysis; negative sentiment; distressed delisting; financial institutions.

16.
Downloads 390 ( 70,301)
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 364 (75,626)
Citation 6

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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 26 (474,510)
Citation 6
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17.

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 368 (75,292)

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

18.

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 361 (76,971)
Citation 3

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ethics, 10-K filings

19.

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 268 (107,050)
Citation 46

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Liquidity, trading costs, geographic location, spreads, volume

20.

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 263 (109,124)
Citation 3

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Code of Ethics, Textual Analysis, Plagiarism, Regulation

21.

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 249 (115,601)

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

22.

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 247 (116,546)

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Venture capital, patents, misvaluations

23.

Assimilation of Oil News Into Prices

Number of pages: 43 Posted: 27 Nov 2017 Last Revised: 11 Jan 2018
Tim Loughran, Bill McDonald and Ioannis Pragidis
University of Notre Dame, University of Notre Dame - Mendoza College of Business - Department of Finance and Democritus University of Thrace
Downloads 140 (195,048)

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Textual analysis; news stories; oil prices; overreaction; tone

24.

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 127 (210,785)

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

25.

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

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

26.

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

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Market efficiency, Anomalies, New issues puzzle, Risk factors

27.

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

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28.

Is There a Book-to-Market Effect?

Posted: 16 Jun 1998
Tim Loughran
University of Notre Dame

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29.

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

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30.

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

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31.

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

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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

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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

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