Bill McDonald

University of Notre Dame - Mendoza College of Business - Department of Finance

Professor Emeritus of Finance

University of Notre Dame

Notre Dame, IN 46556-0399

United States

http://sites.nd.edu/bill-mcdonald

SCHOLARLY PAPERS

23

DOWNLOADS
Rank 729

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Top 729

in Total Papers Downloads

48,952

SSRN CITATIONS
Rank 1,114

SSRN RANKINGS

Top 1,114

in Total Papers Citations

684

CROSSREF CITATIONS

382

Scholarly Papers (23)

1.

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 11,213 (664)
Citation 232

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 9,484 (889)
Citation 147

Abstract:

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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

3.

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 3,893 (4,121)
Citation 91

Abstract:

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Readability, Fog Index, textual analysis

4.

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 3,413 (5,155)
Citation 37

Abstract:

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

5.
Downloads 3,238 ( 5,656)
Citation 8

Textual Analysis in Finance

Annual Review of Financial Economics, Vol. 12, pp. 357-375, 2020
Posted: 10 Dec 2020
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 in Finance

Number of pages: 38 Posted: 24 Oct 2019 Last Revised: 18 Jun 2020
Tim Loughran and Bill McDonald
University of Notre Dame and University of Notre Dame - Mendoza College of Business - Department of Finance
Downloads 3,238 (5,546)
Citation 8

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Textual analysis; complexity; machine learning; readability; Fog Index; social media; lexicons

6.

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 2,162 (10,796)
Citation 41

Abstract:

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

7.

Management Disclosure of Risk Factors and COVID-19

Forthcoming in Financial Innovation
Number of pages: 18 Posted: 14 Apr 2020 Last Revised: 30 Jan 2023
Tim Loughran and Bill McDonald
University of Notre Dame and University of Notre Dame - Mendoza College of Business - Department of Finance
Downloads 2,105 (11,290)
Citation 14

Abstract:

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pandemic, COVID-19, Form 10-K, risk factors

8.

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 2,021 (12,046)
Citation 15

Abstract:

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

9.

Measuring Firm Complexity

Number of pages: 49 Posted: 15 Jul 2020 Last Revised: 25 Sep 2022
Tim Loughran and Bill McDonald
University of Notre Dame and University of Notre Dame - Mendoza College of Business - Department of Finance
Downloads 1,957 (12,694)
Citation 13

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Firm complexity; textual analysis; Form 10-K; machine learning; lasso regression.

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 1,957 (12,662)
Citation 26

Abstract:

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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 1,207 (26,465)
Citation 5

Abstract:

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Plain English, market regulation, disclosure, textual analysis

12.

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

Number of pages: 35 Posted: 25 Jan 2017 Last Revised: 20 May 2020
Priyank Gandhi, Tim Loughran and Bill McDonald
Rutgers University, New Brunswick, University of Notre Dame and University of Notre Dame - Mendoza College of Business - Department of Finance
Downloads 1,042 (32,690)
Citation 5

Abstract:

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

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 964 (36,492)
Citation 8

Abstract:

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textual analysis, fraud, red flag phrases, Madoff

14.

Designing a Global Digital Currency

Number of pages: 42 Posted: 09 Oct 2017 Last Revised: 19 Oct 2017
Ronald J. Balvers and Bill McDonald
McMaster University - Michael G. DeGroote School of Business and University of Notre Dame - Mendoza College of Business - Department of Finance
Downloads 797 (47,356)
Citation 6

Abstract:

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Global currencies; digital currencies; cryptocurrencies; currency design; Bitcoin, Ethereum

15.

Implementing the Earnings Surprise Strategy

Number of pages: 16 Posted: 22 Apr 2009
Bill McDonald and Richard R. Mendenhall
University of Notre Dame - Mendoza College of Business - Department of Finance and University of Notre Dame - Department of Finance
Downloads 756 (50,880)

Abstract:

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Market efficiency, Anomalies, Earnings, SUE, PEAD, Post-earnings announcement drift

16.

Deviations from Time Priority on the NYSE

Number of pages: 43 Posted: 03 Jan 2019
University of Notre Dame - Department of Finance, Indiana University - Kelley School of Business - Department of Finance and University of Notre Dame - Mendoza College of Business - Department of Finance
Downloads 478 (91,162)

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DMM, Floor Broker, Parity

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 464 (94,439)
Citation 6

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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 449 (98,094)
Citation 11

Abstract:

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ethics, 10-K filings

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 416 (107,271)
Citation 7

Abstract:

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Code of Ethics, Textual Analysis, Plagiarism, Regulation

20.

How Have Corporate Codes of Ethics Responded to an Era of Increased Scrutiny?

Forthcoming in the Journal of Business Ethics
Number of pages: 40 Posted: 19 Jul 2021 Last Revised: 15 Mar 2022
Tim Loughran, Bill McDonald and James Otteson
University of Notre Dame, University of Notre Dame - Mendoza College of Business - Department of Finance and University of Notre Dame
Downloads 307 (150,495)

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Code of Ethics; Textual Analysis; Corporate Scandals; ESG Rating; Sustainability.

21.

Assimilation of Oil News Into Prices

Number of pages: 42 Posted: 27 Nov 2017 Last Revised: 01 Apr 2019
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 274 (168,793)
Citation 3

Abstract:

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

22.

Financial Disclosure and Customer Satisfaction: Do Companies Talking the Talk Actually Walk the Walk?

Journal of Business Ethics, Forthcoming
Number of pages: 50 Posted: 14 Mar 2015 Last Revised: 15 Mar 2015
Ronald J. Balvers, John F. Gaski and Bill McDonald
McMaster University - Michael G. DeGroote School of Business, University of Notre Dame - Mendoza College of Business and University of Notre Dame - Mendoza College of Business - Department of Finance
Downloads 185 (244,870)
Citation 2

Abstract:

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American Customer Satisfaction Index; business ethics; customer satisfaction; financial disclosure; signaling; 10-K; textual analysis

23.

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 170 (263,396)
Citation 2

Abstract:

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