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

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

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    • Tel: 574-274-2333
SCHOLARLY PAPERS

24

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SSRN CITATIONS
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2,260

CROSSREF CITATIONS

390

Scholarly Papers (24)

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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 13,881 (626)
Citation 232

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

2.

Textual Analysis in Accounting and Finance: A Survey

Downloads 11,173 ( 909)

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 11,173 (900)
Citation 147

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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 4,281 (4,654)
Citation 91

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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 4,195 (4,827)
Citation 200

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

5.

Textual Analysis in Finance

Downloads 4,144 ( 4,928)
Citation 68

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 4,144 (4,835)
Citation 68

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

6.

Measuring Firm Complexity

Journal of Financial and Quantitative Analysis, Forthcoming
Number of pages: 55 Posted: 15 Jul 2020 Last Revised: 25 Oct 2023
Tim Loughran and Bill McDonald
University of Notre Dame and University of Notre Dame - Mendoza College of Business - Department of Finance
Downloads 3,426 (6,758)
Citation 48

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

7.

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 2,394 (11,897)
Citation 32

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

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 2,373 (12,060)
Citation 41

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

9.

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 2,235 (13,286)
Citation 26

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

10.

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 2,221 (13,426)
Citation 23

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

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 1,246 (32,463)
Citation 14

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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 1,192 (34,548)
Citation 5

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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 1,027 (42,829)
Citation 8

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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 842 (56,392)
Citation 6

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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 794 (61,115)

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

16.

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 630 (82,216)
Citation 7

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

17.

Deviations from Time Priority on the NYSE

Number of pages: 43 Posted: 03 Jan 2019
Robert H. Battalio, Robert H. Jennings and Bill McDonald
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 624 (83,254)

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DMM, Floor Broker, Parity

18.

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 555 (96,505)
Citation 6

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

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 518 (105,048)
Citation 7

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Code of Ethics, Textual Analysis, Plagiarism, Regulation

20.

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 517 (105,317)
Citation 11

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ethics, 10-K filings

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 342 (169,543)
Citation 3

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

22.

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 229 (255,424)
Citation 2

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

23.

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 198 (292,228)
Citation 7

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

24.

How Managers Communicate about Capital Budgeting to Investors

Number of pages: 41 Posted: 15 Apr 2024
Robert H. Battalio, Tim Loughran and Bill McDonald
University of Notre Dame - Department of Finance, University of Notre Dame and University of Notre Dame - Mendoza College of Business - Department of Finance
Downloads 94 (526,481)

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JEL codes: D82, D83, G14, G31, G32 Textual analysis, conference calls, capital budgeting, EBITDA, free cash flow, job transitions