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

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 Brussels

Belgium

SCHOLARLY PAPERS

24

DOWNLOADS
Rank 1,546

SSRN RANKINGS

Top 1,546

in Total Papers Downloads

34,926

SSRN CITATIONS
Rank 1,142

SSRN RANKINGS

Top 1,142

in Total Papers Citations

1,323

CROSSREF CITATIONS

135

Scholarly Papers (24)

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 5,534 (2,950)
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 4,062 (5,009)
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 3,219 (7,330)
Citation 42

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risk aversion, managerial preferences, agency conflicts, acquisitions

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 2,947 (8,310)
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 80 (581,941)
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 2,520 (10,825)
Citation 40

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

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
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 2,400 (11,499)
Citation 15

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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
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 (1,115,573)
Citation 31
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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 2,143 (14,026)
Citation 14

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instrumental estimation, regression discontinuity, Russell indexes

8.

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 1,939 (16,394)
Citation 12

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Common Investors, Indexing, Institutional Ownership, Managerial Incentives

9.

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 1,873 (17,335)
Citation 46

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Foreign Banks, Asymmetric Information, India

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 1,412 (26,701)
Citation 133

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

11.

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

Number of pages: 75 Posted: 28 Jan 2020 Last Revised: 13 May 2024
Todd A. Gormley, Mahsa Kaviani and Hosein Maleki
Washington University in St. Louis, University of Delaware and Rutgers Business School - Rutgers University
Downloads 879 (52,531)

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corporate crime, judges, partisanship, political polarization

12.

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 861 (54,168)
Citation 24

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directors, bankruptcy, risk, experience, beliefs

13.

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 804 (59,314)
Citation 16

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Bankruptcy, creditor rights, bank competition, managerial incentives

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 744 (65,815)
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 738 (66,516)
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 577 (90,837)
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 513 (105,158)

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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 431 (129,744)
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 413 (135,911)
Citation 26

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Bank Entry, Information, Timely Loss Recognition, India

20.

The Politicization of Social Responsibility

Number of pages: 69 Posted: 01 Sep 2023 Last Revised: 25 Jun 2024
Todd A. Gormley, Manish Jha and Meng Wang
Washington University in St. Louis, Georgia State University - Department of Finance and University of South Florida - Muma College of Business
Downloads 364 (157,673)

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CSR, institutional investors, partisanship, political polarization, socially responsible investment

A Shared Interest: Do Bonds Strengthen Equity Monitoring?

European Corporate Governance Institute – Finance Working Paper No. 855/2022
Number of pages: 55 Posted: 25 Nov 2020 Last Revised: 29 May 2024
Todd A. Gormley and Manish Jha
Washington University in St. Louis and Georgia State University - Department of Finance
Downloads 268 (215,944)
Citation 1

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bonds, governance, institutional investors, attention, voting

A Shared Interest: Do Bonds Strengthen Equity Monitoring?

NBER Working Paper No. w32530
Number of pages: 56 Posted: 03 Jun 2024
Todd A. Gormley and Manish Jha
Washington University in St. Louis and Georgia State University
Downloads 12 (1,093,549)
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22.

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 90 (534,921)
Citation 1

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Financial Development, Political Economy, Crisis

23.

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 51 (722,008)
Citation 3

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24.

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 42 (782,018)
Citation 1

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