Michelle Lowry

Drexel University

3141 Chestnut St

Philadelphia, PA 19104

United States

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 Brussels

Belgium

SCHOLARLY PAPERS

36

DOWNLOADS
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SSRN RANKINGS

Top 1,543

in Total Papers Downloads

31,522

SSRN CITATIONS
Rank 1,034

SSRN RANKINGS

Top 1,034

in Total Papers Citations

783

CROSSREF CITATIONS

598

Scholarly Papers (36)

1.

Initial Public Offerings: A Synthesis of the Literature and Directions for Future Research

Forthcoming Foundations and Trends in Finance
Number of pages: 186 Posted: 07 Feb 2017 Last Revised: 28 Aug 2017
Michelle Lowry, Roni Michaely and Ekaterina Volkova
Drexel University, The University of Hong Kong and University of Melbourne - Faculty of Business and Economics
Downloads 4,754 (3,333)
Citation 45

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2.
Downloads 2,741 ( 8,233)
Citation 92

Biases in the IPO Pricing Process

Number of pages: 40 Posted: 22 Feb 2001
Michelle Lowry and G. William Schwert
Drexel University and University of Rochester - Simon Business School
Downloads 2,641 (8,596)
Citation 2

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IPO, Underpricing, Private Information, Learning

Biases in the IPO Pricing Process

NBER Working Paper No. w8586
Number of pages: 43 Posted: 10 Nov 2001 Last Revised: 19 Jun 2022
Michelle Lowry and G. William Schwert
Drexel University and University of Rochester - Simon Business School
Downloads 100 (440,687)
Citation 24

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3.
Downloads 2,320 (10,749)
Citation 17

IPO Market Cycles: Bubbles or Sequential Learning?

Number of pages: 29 Posted: 18 Jan 2001
Michelle Lowry and G. William Schwert
Drexel University and University of Rochester - Simon Business School
Downloads 2,146 (11,928)
Citation 18

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IPO, Underpricing, Cycles, Private Information, Learning

IPO Market Cycles: Bubbles or Sequential Learning?

NBER Working Paper No. w7935
Number of pages: 35 Posted: 30 Sep 2000 Last Revised: 09 Mar 2022
Michelle Lowry and G. William Schwert
Drexel University and University of Rochester - Simon Business School
Downloads 174 (285,382)
Citation 1

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IPO Market Cycles: Bubbles or Sequential Learning?

Posted: 29 Nov 2003
Michelle Lowry and G. William Schwert
Drexel University and University of Rochester - Simon Business School

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4.
Downloads 1,770 (16,514)
Citation 86

The Variability of IPO Initial Returns

Simon School Working Paper No. FR 06-06, forthcoming, Journal of Finance
Number of pages: 37 Posted: 07 Jul 2006 Last Revised: 13 Feb 2009
Micah S. Officer, Michelle Lowry and G. William Schwert
Loyola Marymount University - Department of Finance, Drexel University and University of Rochester - Simon Business School
Downloads 1,648 (18,125)

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IPO, Underpricing, Cycles, Information Asymmetry, Conditional Heteroskedasticity, Volatility

The Variability of IPO Initial Returns

NBER Working Paper No. w12295
Number of pages: 54 Posted: 16 Jun 2006 Last Revised: 07 Aug 2022
Micah S. Officer, Michelle Lowry and G. William Schwert
Loyola Marymount University - Department of Finance, Drexel University and University of Rochester - Simon Business School
Downloads 122 (381,037)
Citation 14

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5.

Does Common Ownership Really Increase Firm Coordination?

Journal of Financial Economics (JFE), Forthcoming, Tuck School of Business Working Paper No. 3336343, European Corporate Governance Institute – Finance Working Paper No. 741/2021
Number of pages: 83 Posted: 04 Mar 2019 Last Revised: 19 Mar 2021
Katharina Lewellen and Michelle Lowry
Dartmouth College - Tuck School of Business and Drexel University
Downloads 1,535 (20,539)
Citation 53

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common ownership, institutional investors, corporate governance

6.

ES Risks and Shareholder Voice

Review of Financial Studies, Forthcoming, European Corporate Governance Institute – Finance Working Paper No. 786/2021
Number of pages: 72 Posted: 26 Nov 2018 Last Revised: 06 Mar 2023
Yazhou He, Bige Kahraman and Michelle Lowry
The University of Manchester, University of Oxford - Said Business School and Drexel University
Downloads 1,529 (20,665)
Citation 3

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shareholder proposals, voting, mutual funds, environmental, social

7.

Investors' Attention to Corporate Governance

Review of Financial Studies, forthcoming
Number of pages: 63 Posted: 27 Apr 2018 Last Revised: 19 Nov 2021
Peter Iliev, Jonathan Kalodimos and Michelle Lowry
Pennsylvania State University - Department of Finance, Oregon State University - College of Business and Drexel University
Downloads 1,486 (21,610)
Citation 17

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Corporate Governance, Governance Research, Agency, Institutional Investors, ISS

8.

Mutual Fund Investments in Private Firms

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 79 Posted: 27 Mar 2017 Last Revised: 18 Sep 2019
Sungjoung Kwon, Michelle Lowry and Yiming Qian
Wayne State University - Mike Ilitch School of Business, Drexel University and University of Connecticut - Department of Finance
Downloads 1,435 (22,804)
Citation 8

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private firm, mutual fund, IPO

9.

Risk Management Research Report - Spring 2010

Risk Management Research Report, Spring 2010
Number of pages: 16 Posted: 23 Apr 2010
HEC Paris - Finance Department, affiliation not provided to SSRN, University of Massachusetts Amherst - Department of Finance, Brooklyn College - CUNY, Drexel University, Loyola Marymount University - Department of Finance, University of Rochester - Simon Business School, Temple University - Department of Finance, Southern Illinois University - Department of Economics & Finance, University of California, Santa Barbara (UCSB) - Department of Economics, University of California, San Diego (UCSD) - Rady School of Management, University of Utah - David Eccles School of Business, Purdue University - Krannert School of Management, HEC Paris - Finance Department, Harvard Law School, Columbia University - Columbia Business School, Finance, New York University (NYU) - Department of Finance, Department of Economics, Texas A&M University, Texas A&M University - Department of Economics, International Food Policy Research Institute (IFPRI)International Food Policy Research Institute (IFPRI), University of Navarra, IESE Business School, University of Georgia - Department of Banking and Finance, Southern Methodist University (SMU) - Finance Department, Pennsylvania State University, Smeal College of Business, University of California at Los Angeles - Anderson School of Management, INSEAD, University of South Florida - College of Business Administration, Fordham University, New York University (NYU) - Department of Finance, Fordham University - Gabelli School of Business and Loyola University of Chicago - Department of Finance
Downloads 1,425 (23,022)

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Risk, Risk Management, Derivatives, Corporate Governance, Financial Derivatives, Value-At-Risk, VaR, Ethics, Volatility, Variance, Standard Deviation, Systemic, Systematic

10.

Are Mutual Funds Active Voters?

Review of Financial Studies, 2015
Number of pages: 64 Posted: 13 Sep 2012 Last Revised: 23 Nov 2020
Peter Iliev and Michelle Lowry
Pennsylvania State University - Department of Finance and Drexel University
Downloads 1,096 (33,724)
Citation 113

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Shareholder voting, agency costs, monitors, mutual funds

11.

Information Revelation Through Regulatory Process: Interactions Between the SEC and Companies Ahead of the IPO

Fifth Annual Conference on Financial Market Regulation, Swiss Finance Institute Research Paper No. 19-47, Forthcoming in Review of Financial Studies
Number of pages: 67 Posted: 02 Jul 2016 Last Revised: 26 Sep 2019
Michelle Lowry, Roni Michaely and Ekaterina Volkova
Drexel University, The University of Hong Kong and University of Melbourne - Faculty of Business and Economics
Downloads 1,030 (36,842)
Citation 37

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Regulation, IPO, Disclosure

12.

Executive Stock Options and IPO Underpricing

Journal of Financial Economics (JFE), Vol. 85, 2007
Number of pages: 39 Posted: 21 Jun 2005 Last Revised: 16 Aug 2023
Michelle Lowry and Kevin J. Murphy
Drexel University and University of Southern California - Marshall School of Business
Downloads 850 (48,177)
Citation 4

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Initial public offering; IPO underpricing; Executive compensation; Stock options

13.

Why Does IPO Volume Fluctuate so Much?

Journal of Financial Economics (JFE), Vol. 67, pp. 3-40, 2003
Number of pages: 49 Posted: 31 May 2005 Last Revised: 16 Aug 2023
Michelle Lowry
Drexel University
Downloads 833 (49,550)
Citation 48

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IPO, capital demands, information asymmetry, investor sentiment

14.

Regulatory Fragmentation

NYU Stern School of Business Forthcoming
Number of pages: 59 Posted: 01 Apr 2021 Last Revised: 28 Jul 2023
University of Rochester - Simon Business School, Drexel University and University of Melbourne - Faculty of Business and Economics
Downloads 787 (53,492)

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E22, G18, G28, G31

15.

Institutional Versus Individual Investment in Ipos: The Importance of Firm Fundamentals

AFA 2006 Boston Meetings Paper, Journal of Financial and Quantitative Analysis 44 (2009)
Number of pages: 47 Posted: 04 Nov 2004 Last Revised: 16 Aug 2023
Laura Casares Field and Michelle Lowry
University of Delaware - Alfred Lerner College of Business and Economics and Drexel University
Downloads 783 (53,876)
Citation 43

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Initial public offerings, institutional investors, individual investors, long-run performance

16.

Bucking the Trend: Why do IPOs Choose Controversial Governance Structures and Why Do Investors Let Them

Journal of Financial Economics (JFE), Forthcoming, European Corporate Governance Institute – Finance Working Paper No. 830/2022
Number of pages: 76 Posted: 08 Jun 2022 Last Revised: 10 Oct 2022
Laura Casares Field and Michelle Lowry
University of Delaware - Alfred Lerner College of Business and Economics and Drexel University
Downloads 773 (54,803)
Citation 9

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IPOs, governance, dual class, classified board, shareholder voting, founders, carve-outs

17.

Are Busy Boards Detrimental?

Journal of Financial Economics (JFE), Vol. 109, 2013
Number of pages: 55 Posted: 25 Jul 2011 Last Revised: 16 Aug 2023
University of Delaware - Alfred Lerner College of Business and Economics, Drexel University and University of Massachusetts Amherst - Isenberg School of Management
Downloads 737 (58,459)
Citation 83

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Corporate governance, IPO, Board of directors, venture capital

18.

Venturing Beyond the IPO: Financing of Newly Public Firms by Venture Capitalists

Journal of Finance, Forthcoming
Number of pages: 72 Posted: 18 Apr 2016 Last Revised: 11 Dec 2019
Peter Iliev and Michelle Lowry
Pennsylvania State University - Department of Finance and Drexel University
Downloads 735 (58,686)
Citation 6

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Venture Capitalists, Private Equity, Newly Public Firms, Equity Issuance, IPOs

19.

Are All ESG Funds Created Equal? Only Some Funds Are Committed

European Corporate Governance Institute – Finance Working Paper No. 874/2023
Number of pages: 62 Posted: 26 May 2022 Last Revised: 11 Jul 2023
Michelle Lowry, Pingle Wang and Kelsey D. Wei
Drexel University, University of Texas at Dallas, Naveen Jindal School of Management, Department of Finance and University of Texas at Dallas
Downloads 633 (71,183)
Citation 2

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mutual funds, ESG

20.

Informed Trading by Adviser Banks: Evidence from Options Holdings

Forthcoming, Review of Financial Studies
Number of pages: 65 Posted: 18 Mar 2015 Last Revised: 16 Jun 2018
Michelle Lowry, Marco Rossi and John C. Chu
Drexel University, Texas A&M and Monash University
Downloads 486 (98,738)
Citation 16

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Conflict of Interest, Merger, Informed Trading, Dodd Frank, Volcker Rule

21.

IPO Market Cycles: An Exploratory Investigation

Simon School of Business Working Paper No. FR 00-18
Number of pages: 35 Posted: 14 Feb 2000
Michelle Lowry and G. William Schwert
Drexel University and University of Rochester - Simon Business School
Downloads 464
Citation 4

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22.

What's Good for Women Is Good for Science: Evidence from the American Finance Association

Review of Corporate Finance Studies, forthcoming
Number of pages: 76 Posted: 05 Nov 2021 Last Revised: 04 Mar 2022
Renee B. Adams and Michelle Lowry
University of Oxford and Drexel University
Downloads 392 (126,994)
Citation 6

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Gender, diversity, preferences, structure of work, bias

23.

The Information Advantage of Underwriters in IPOs

Forthcoming, Management Science
Number of pages: 48 Posted: 17 Mar 2014 Last Revised: 18 Sep 2019
Yao-Min Chiang, Michelle Lowry and Yiming Qian
National Taiwan University - Department of Finance, Drexel University and University of Connecticut - Department of Finance
Downloads 381 (131,191)
Citation 4

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IPO, underwriter, information advantage, proprietary trading, bookbuilding, auction, IPO method, investment bank

24.

The Blurring Lines between Private and Public Ownership

European Corporate Governance Institute – Finance Working Paper No. 844/2022
Number of pages: 56 Posted: 07 Sep 2022 Last Revised: 14 Apr 2023
Michelle Lowry
Drexel University
Downloads 359 (140,145)

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private firms, IPOs, governance, mergers, capital raising

25.

When do Banks Listen to Their Analysts? Evidence from Mergers and Acquisitions

Review of Financial Studies, Forthcoming
Number of pages: 58 Posted: 22 Mar 2009 Last Revised: 15 Apr 2010
David Haushalter and Michelle Lowry
Pennsylvania State University - Mary Jean and Frank P. Smeal College of Business Administration and Drexel University
Downloads 270 (189,136)
Citation 3

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merger, analyst, investment banking, conflicts of interest

26.

Does Disclosure Deter or Trigger Litigation?

Journal of Accounting & Economics, Forthcoming
Number of pages: 32 Posted: 15 Oct 2004 Last Revised: 26 Oct 2011
Laura Casares Field, Michelle Lowry and Susan Shu
University of Delaware - Alfred Lerner College of Business and Economics, Drexel University and Boston College - Carroll School of Management
Downloads 267 (191,285)
Citation 65

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Shareholder litigation, Earnings disclosures, Endogeneity

27.

Are All Perks Solely Perks? Evidence from Corporate Jets

Forthcoming, Journal of Corporate Finance
Number of pages: 39 Posted: 03 May 2013 Last Revised: 16 Jun 2018
Lian Fen Lee, Michelle Lowry and Susan Shu
Boston College - Carroll School of Management, Drexel University and Boston College - Carroll School of Management
Downloads 251 (203,428)
Citation 6

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connections, corporate jets, agency, information transfer

28.

Firms’ Transition to Green: Innovation versus Lobbying

European Corporate Governance Institute – Finance Working Paper No. 921/2023
Number of pages: 72 Posted: 22 Dec 2022 Last Revised: 26 Jun 2023
Sungjoung Kwon, Michelle Lowry and Michela Verardo
Wayne State University - Mike Ilitch School of Business, Drexel University and London School of Economics & Political Science (LSE)
Downloads 243 (209,876)

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Green innovation, Environmental lobbying

29.

Diversity, Inclusion, and the Dissemination of Ideas: Evidence from the Academic Finance Profession

Number of pages: 31 Posted: 23 Jan 2021
Renee B. Adams and Michelle Lowry
University of Oxford and Drexel University
Downloads 209 (242,247)

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diversity, survey, academics

30.

The Changing Landscape of Corporate Governance Disclosure: Impact on Shareholder Voting

European Corporate Governance Institute – Finance Working Paper 915/2023
Number of pages: 69 Posted: 27 Apr 2023 Last Revised: 09 Sep 2023
David Becher, Michelle Lowry and Jared I. Wilson
Drexel University, Drexel University and Indiana University - Kelley School of Business
Downloads 200 (252,324)

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shareholder voting, boards of directors, skills matrices, corporate governance disclosure

31.

The Broader Impact of IPOs

Number of pages: 70 Posted: 27 Aug 2021 Last Revised: 13 Aug 2023
Feng Jiang, Michelle Lowry and Yiming Qian
University at Buffalo - School of Management, Drexel University and University of Connecticut - Department of Finance
Downloads 175 (284,039)

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IPO, household finance, stock market participation, attention, local agglomeration

32.

The Gender Pay Gap: Pay for Performance and Sorting across Employers

FSU College of Law, Law, Business & Economics Paper , FSU College of Law, Public Law Research Paper , European Corporate Governance Institute – Finance Working Paper No. 833/2022
Number of pages: 53 Posted: 06 Apr 2022 Last Revised: 08 Aug 2023
University of South Florida, Darla Moore School of Business, University of South Carolina, Drexel University and University of South Florida
Downloads 165 (298,631)

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Gender gap, gender inequality, compensation, faculty, research productivity, career paths

33.

Litigation Risk and IPO Underpricing

Journal of Financial Economics (JFE), Vol. 65, 2002
Number of pages: 43 Posted: 26 Oct 2011
Michelle Lowry
Drexel University
Downloads 153 (318,354)
Citation 19

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Initial public offering, IPO underpricing, Securities litigation, Endogeneity

34.

Discussion of 'Shareholder Litigation and Changes in Disclosure Behavior'

Journal of Accounting and Economics, Forthcoming
Number of pages: 9 Posted: 11 Nov 2008
Michelle Lowry
Drexel University
Downloads 114 (398,712)
Citation 2

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35.

The Culture of the Finance Profession: Evidence from the 2020/2021 American Finance Association Survey

European Corporate Governance Institute – Finance Working Paper No. 845/2022
Number of pages: 66 Posted: 07 Sep 2022 Last Revised: 11 Sep 2022
Renee B. Adams and Michelle Lowry
University of Oxford and Drexel University
Downloads 80 (503,324)

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36.

Discussion of ‘Importing Activists: Determinants and Consequences of Increased Crossborder Shareholder Activism’

Journal of Accounting & Economics (JAE), Forthcoming
Number of pages: 17 Posted: 07 Sep 2022
Michelle Lowry
Drexel University
Downloads 61 (582,691)

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