Todd A. Gormley

Washington University in St. Louis

Professor of Finance

One Brookings Drive

Campus Box 1133

St. Louis, MO 63130-4899

United States

http://www.gormley.info

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 Brussels

Belgium

  • Washington University in St. Louis

    • Email
    • Tel: (314) 935-7171

  • European Corporate Governance Institute (ECGI)

SCHOLARLY PAPERS

23

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32,431

SSRN CITATIONS
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Top 1,378

in Total Papers Citations

940

CROSSREF CITATIONS

136

Scholarly Papers (23)

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1.

Passive Investors, Not Passive Owners

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 77 Posted: 03 Aug 2014 Last Revised: 15 Mar 2016
Ian Appel, Todd A. Gormley and Donald B. Keim
UVA Darden, Washington University in St. Louis and University of Pennsylvania - Wharton School
Downloads 5,239 (2,804)
Citation 95

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corporate governance, institutional ownership, passive funds, performance

2.

Common Errors: How to (and Not to) Control for Unobserved Heterogeneity

Review of Financial Studies, 2014, 27(2), 617-61, AFA 2013 San Diego Meetings Paper, Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Number of pages: 58 Posted: 17 Mar 2012 Last Revised: 11 Aug 2020
Todd A. Gormley and David A. Matsa
Washington University in St. Louis and Northwestern University - Kellogg School of Management
Downloads 3,848 (4,712)
Citation 103

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unobserved heterogeneity, group fixed effects, industry-adjust, bias

3.

Playing It Safe? Managerial Preferences, Risk, and Agency Conflicts

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 68 Posted: 14 Jul 2014 Last Revised: 21 Jul 2016
Todd A. Gormley and David A. Matsa
Washington University in St. Louis and Northwestern University - Kellogg School of Management
Downloads 3,087 (6,839)
Citation 42

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risk aversion, managerial preferences, agency conflicts, acquisitions

4.

Standing on the Shoulders of Giants: The Effect of Passive Investors on Activism

Downloads 2,890 ( 7,595)
Citation 50

Standing on the Shoulders of Giants: The Effect of Passive Investors on Activism

Number of pages: 70 Posted: 01 Mar 2016 Last Revised: 15 Jul 2018
Ian Appel, Todd A. Gormley and Donald B. Keim
UVA Darden, Washington University in St. Louis and University of Pennsylvania - Wharton School
Downloads 2,824 (7,722)
Citation 5

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activism, passive funds, corporate control, proxy fights

Standing on the Shoulders of Giants: The Effect of Passive Investors on Activism

NBER Working Paper No. w22707
Number of pages: 55 Posted: 03 Oct 2016 Last Revised: 19 Jul 2023
Ian Appel, Todd A. Gormley and Donald B. Keim
UVA Darden, Washington University in St. Louis and University of Pennsylvania - Wharton School
Downloads 66 (565,810)
Citation 27

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5.

CEO Compensation and Corporate Risk: Evidence from a Natural Experiment

Journal of Accounting & Economics (JAE), 2013, 56(2-3), pp. 79-101., AFA 2012 Chicago Meetings Paper
Number of pages: 57 Posted: 02 Dec 2010 Last Revised: 17 Jun 2014
Todd A. Gormley, David A. Matsa and Todd T. Milbourn
Washington University in St. Louis, Northwestern University - Kellogg School of Management and Washington University in Saint Louis - Olin Business School
Downloads 2,423 (9,957)
Citation 40

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legal liability, regulatory risk, tail risk, stock options, compensation, managerial incentives

6.

The Big Three and Board Gender Diversity: The Effectiveness of Shareholder Voice

Downloads 2,116 (12,447)
Citation 10

The Big Three and Board Gender Diversity: The Effectiveness of Shareholder Voice

European Corporate Governance Institute – Finance Working Paper No. 714/2020, Journal of Financial Economics (JFE), Forthcoming
Number of pages: 72 Posted: 25 Nov 2020 Last Revised: 03 Apr 2023
Todd A. Gormley, Vishal K. Gupta, David A. Matsa, Sandra Mortal and Lukai Yang
Washington University in St. Louis, University of Alabama - Department of Management, Northwestern University - Kellogg School of Management, University of Alabama - Culverhouse College of Commerce & Business Administration and Texas A&M International University
Downloads 2,106 (12,289)
Citation 13

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gender diversity, directors, institutional ownership, indexing

The Big Three and Board Gender Diversity: The Effectiveness of Shareholder Voice

NBER Working Paper No. w30657
Number of pages: 72 Posted: 21 Nov 2022 Last Revised: 05 Jun 2023
Todd A. Gormley, Vishal K. Gupta, David A. Matsa, Sandra Mortal and Lukai Yang
Washington University in St. Louis, University of Alabama - Department of Management, Northwestern University - Kellogg School of Management, University of Alabama - Culverhouse College of Commerce & Business Administration and Texas A&M International University
Downloads 10 (980,250)
Citation 6
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7.

Identification Using Russell 1000/2000 Index Assignments: A Discussion of Methodologies

Critical Finance Review, Forthcoming
Number of pages: 65 Posted: 10 Aug 2015 Last Revised: 26 Oct 2020
Ian Appel, Todd A. Gormley and Donald B. Keim
UVA Darden, Washington University in St. Louis and University of Pennsylvania - Wharton School
Downloads 1,946 (14,197)
Citation 14

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instrumental estimation, regression discontinuity, Russell indexes

8.

The Impact of Foreign Bank Entry in Emerging Markets: Evidence from India

Journal of Financial Intermediation, Vol. 19, No. 1, 2010
Number of pages: 54 Posted: 20 Jun 2006 Last Revised: 17 Jun 2014
Todd A. Gormley
Washington University in St. Louis
Downloads 1,839 (15,509)
Citation 44

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Foreign Banks, Asymmetric Information, India

9.

Who’s Paying Attention? Measuring Common Ownership and Its Impact on Managerial Incentives

Journal of Financial Economics (JFE), Forthcoming, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 568/2018
Number of pages: 74 Posted: 06 May 2018 Last Revised: 06 Sep 2019
Erik Gilje, Todd A. Gormley and Doron Levit
University of Pennsylvania - The Wharton School, Washington University in St. Louis and University of Washington, Foster School of Business
Downloads 1,785 (16,217)
Citation 12

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Common Investors, Indexing, Institutional Ownership, Managerial Incentives

10.

Growing Out of Trouble? Corporate Responses to Liability Risk

Review of Financial Studies, 2011, 24(8), pp. 2781-2821., 2009 Western Finance Association Conference Paper
Number of pages: 65 Posted: 16 Apr 2009 Last Revised: 17 Jun 2014
Todd A. Gormley and David A. Matsa
Washington University in St. Louis and Northwestern University - Kellogg School of Management
Downloads 1,285 (26,697)
Citation 25

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legal liability, acquisitions, payout policy, capital structure, managerial agency

11.

It's Not So Bad: Director Bankruptcy Experience and Corporate Risk-Taking

Kelley School of Business Research Paper No. 18-78, European Corporate Governance Institute – Finance Working Paper No. 648/2020, Journal of Financial Economics (JFE), Forthcoming
Number of pages: 85 Posted: 14 Sep 2018 Last Revised: 07 Dec 2020
Radhakrishnan Gopalan, Todd A. Gormley and Ankit Kalda
Washington University in St. Louis - John M. Olin Business School, Washington University in St. Louis and Indiana University - Kelley School of Business - Department of Finance
Downloads 817 (50,741)
Citation 24

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directors, bankruptcy, risk, experience, beliefs

12.

Quiet Life No More? Corporate Bankruptcy and Bank Competition

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 49 Posted: 19 Mar 2010 Last Revised: 20 Nov 2016
Todd A. Gormley, Nandini Gupta and Anand Jha
Washington University in St. Louis, Indiana University - Kelley School of Business - Department of Finance and Indiana University - Kelley School of Business - Department of Business Economics & Public Policy
Downloads 790 (53,001)
Citation 10

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Bankruptcy, creditor rights, bank competition, managerial incentives

13.

When do Judges Throw the Book at Companies? The Influence of Partisanship in Corporate Prosecutions

Number of pages: 69 Posted: 28 Jan 2020 Last Revised: 25 Sep 2022
Todd A. Gormley, Mahsa Kaviani and Hosein Maleki
Washington University in St. Louis, University of Delaware and Florida State University - College of Business
Downloads 741 (57,784)

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corporate crime, judges, partisanship, political polarization

14.

Costly Information, Entry, and Credit Access

Journal of Economic Theory, Forthcoming
Number of pages: 73 Posted: 18 Apr 2006 Last Revised: 17 Jun 2014
Todd A. Gormley
Washington University in St. Louis
Downloads 729 (59,063)
Citation 16

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Asymmetric Information, Competition, Credit, Financial Liberalization

15.

Do Public Equity Markets Matter in Emerging Economies? Evidence from India

Review of Finance, 2013, 17, pp. 1571-1615., AFA 2009 San Francisco Meetings Paper
Number of pages: 57 Posted: 28 Aug 2007 Last Revised: 17 Jun 2014
Todd A. Gormley and Radhakrishnan Gopalan
Washington University in St. Louis and Washington University in St. Louis - John M. Olin Business School
Downloads 724 (59,615)
Citation 2

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Public Equity Markets, Emerging Economies, Crises, India

16.

Limited Participation and Consumption-Saving Puzzles: A Simple Explanation and the Role of Insurance

Journal of Financial Economics (JFE), Vol. 96, No. 2, 2010, AFA 2009 San Francisco Meetings Paper
Number of pages: 42 Posted: 17 Mar 2006 Last Revised: 17 Jun 2014
Todd A. Gormley, Hong Liu and Guofu Zhou
Washington University in St. Louis, Washington University in St. Louis - Olin Business School and Washington University in St. Louis - John M. Olin Business School
Downloads 563 (82,078)
Citation 5

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limited participation, saving, consumption, insurance

17.

Ending 'To Big To Fail': Government Promises vs. Investor Perceptions

Review of Finance, Forthcoming, AFA 2010 Atlanta Meetings Paper
Number of pages: 40 Posted: 23 Mar 2009 Last Revised: 17 Jun 2014
Todd A. Gormley, Simon Johnson and Changyong Rhee
Washington University in St. Louis, Massachusetts Institute of Technology (MIT) - Entrepreneurship Center and Asian Development Bank
Downloads 499 (95,242)

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Financial Development, Political Economy, Crisis

18.

More Informative Disclosures, Less Informative Prices? Portfolio and Price Formation Around Quarter-Ends

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 62 Posted: 10 Nov 2017 Last Revised: 11 Oct 2021
Todd A. Gormley, Zachary Kaplan and Aadhaar Verma
Washington University in St. Louis, Washington University in St. Louis - John M. Olin Business School and Wilfrid Laurier University - Lazaridis School of Business and Economics
Downloads 401 (123,257)
Citation 1

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Fund Disclosures, Portfolio Formation, Market Efficiency, Quarter-ends

19.

Do Firms Adjust Their Timely Loss Recognition in Response to Changes in the Banking Industry?

Journal of Accounting Research, 2012, 50(1), pp. 159-196., AFA 2010 Atlanta Meetings Paper
Number of pages: 59 Posted: 10 Sep 2008 Last Revised: 17 Jun 2014
Todd A. Gormley, Bong Hwan Kim and Xiumin Martin
Washington University in St. Louis, Seoul National University and Washington University in Saint Louis - Olin School of Business
Downloads 399 (123,988)
Citation 21

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Bank Entry, Information, Timely Loss Recognition, India

20.

Bonds Lie in the Portfolio of the Beholder: Do Bonds Affect Equity Monitoring?

European Corporate Governance Institute – Finance Working Paper No. 855/2022
Number of pages: 53 Posted: 25 Nov 2020 Last Revised: 16 Dec 2022
Todd A. Gormley and Manish Jha
Washington University in St. Louis and Georgia State University - Department of Finance
Downloads 149 (324,128)
Citation 1

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bonds, governance, institutional investors, attention, voting

21.

Ending 'Too Big to Fail': Government Promises vs. Investor Perceptions

Review of Finance, Forthcoming, Asian Development Bank Economics Working Paper Series No. 314
Number of pages: 40 Posted: 22 Oct 2012 Last Revised: 17 Jun 2014
Todd A. Gormley, Simon Johnson and Changyong Rhee
Washington University in St. Louis, Massachusetts Institute of Technology (MIT) - Entrepreneurship Center and Asian Development Bank
Downloads 81 (497,612)
Citation 1

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Financial Development, Political Economy, Crisis

22.

Who's Paying Attention? Measuring Common Ownership and its Impact on Managerial Incentives

NBER Working Paper No. w25644
Number of pages: 60 Posted: 12 Mar 2019 Last Revised: 26 Jan 2023
Erik Gilje, Todd A. Gormley and Doron Levit
University of Pennsylvania - The Wharton School, Washington University in St. Louis and University of Washington, Foster School of Business
Downloads 42 (683,189)
Citation 3

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23.

Ending "Too Big to Fail": Government Promises vs. Investor Perceptions

NBER Working Paper No. w17518
Number of pages: 56 Posted: 22 Oct 2011 Last Revised: 15 May 2022
Todd A. Gormley, Simon Johnson and Changyong Rhee
Washington University in St. Louis, Massachusetts Institute of Technology (MIT) - Entrepreneurship Center and Asian Development Bank
Downloads 38 (709,239)
Citation 1

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Other Papers (1)

Total Downloads: 359
Actions:
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1.

'Too Big to Fail': Government Policy vs. Investor Perceptions

Number of pages: 50 Posted: 16 Mar 2006 Last Revised: 30 Jun 2011
Todd A. Gormley, Simon Johnson and Changyong Rhee
Washington University in St. Louis, Massachusetts Institute of Technology (MIT) - Entrepreneurship Center and Asian Development Bank
Downloads 359

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Financial Development, Institutions, Economic Crisis