Description: Description: Description: dot

 

Tim Loughran
C.R. Smith Professor of Finance

Description: Description: Description: mark

tloughra

 

E‑Mail:

Loughran.9@nd.edu

 

Address:

 

 

 

Telephone

245 Mendoza College of Business

University of Notre Dame

Notre Dame, IN46556-5646

 

(574) 631-8432

 

 

 

 

Tim Loughran joined the Notre Dame faculty in the fall of 1999. His academic research has concentrated mostly on equity investing, and his work has been published widely in the top journals of the field, including the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and Journal of Financial and Quantitative Analysis. Research areas explored by Loughran include textual analysis, the long-run performance of new issues, payment form in corporate acquisitions, value versus growth investment strategies, and how a firmís location affects its liquidity and capital structure. His work has been featured in the New York Times, the Wall Street Journal, Forbes, the Economist, and Business Week. Loughran taught previously at the University of Iowa. He received a bachelor of arts degree and a bachelor of science degree from the University of Illinois at Urbana-Champaign, an MBA degree from Indiana University, and a doctoral degree from the University of Illinois at Urbana-Champaign. At Notre Dame, Loughran received a Kaneb Teaching Award in 2004 and was named the Mendoza College of Businessís Outstanding Undergraduate Teacher of the year in 2005. In 2006 he won the Outstanding Teacher Award for the Executive MBA Chicago Program, and he received a Joyce Award for Excellence in Undergraduate Teaching in 2008.

Education

Ph.D., University of Illinois, Urbana-Champaign (1993)

M.B.A., Indiana University (1989)

B.S., Chemistry, University of Illinois, Urbana-Champaign (1985)

B.A., History, University of Illinois, Urbana-Champaign (1984)

 

Courses Taught

Equity Valuation
Security Analysis

Strategic Financial Issues
Applied Securities Management
Management of Financial Institutions

 

University of Notre Dame Teaching Awards

Kaneb Award for Excellence in Undergraduate Teaching, 2004

BP Outstanding Professor, 2004-2005

Outstanding Teacher Award, Executive MBA Chicago, 2006

Joyce Award for Excellence in Undergraduate Teaching, 2008

 

Professional Activities

Associate Editor, Financial Analysts Journal, 2016-present

Associate Editor, Journal of Banking and Finance, 2006-2008

Associate Editor, Journal of Behavioral Finance, 2000-present

Associate Editor, Journal of Corporate Finance, 2002-present

Associate Editor, Journal of Financial Economics, 2006-present

Associate Editor, Journal of Financial Research, 1996-1999, 2006-present

Associate Editor, Review of Quantitative Finance and Accounting, 2000-present

Associate Editor, The Open Ethics Journal, 2008-2013

Associate Editor, International Journal of Portfolio Analysis and Management, 2011-2013

 

Resume (August 2016)

Full_Text

 

Working Papers

       Trust, but Verify: MD&A Language and the Role of Trust in Corporate Culture, (with Robert Audi and Bill McDonald), forthcoming in the Journal of Business Ethics.

       The Use of EDGAR Filings by Investors, (with Bill McDonald).

Selected Publications

       Textual Analysis in Accounting and Finance: A Survey, (with Bill McDonald), Journal of Accounting Research, vol. 54, 2016, 1187-1230.

       Using 10-K Text to Gauge Financial Constraints, (with Andriy Bodnaruk and Bill McDonald), Journal of Financial and Quantitative Analysis, vol. 50, 2015, 623-646.

       The Use of Word Lists in Textual Analysis, with Bill McDonald, Journal of Behavioral Finance, vol. 16, 2015, 1-11.

       Old Glass Ceilings are Hard to Break: Gender Usage Trends in Annual Reports, with Bill McDonald, Studies in Communication Sciences, vol. 15, 2015, 5-11.

       Measuring Readability in Financial Disclosures, with Bill McDonald, Journal of Finance, vol. 69, 2014, 1643-1671.

       Regulation and Financial Disclosure: The Impact of Plain English, with Bill McDonald, Journal of Regulatory Economics, vol. 45, 2014, 94-113.

       IPO First-Day Returns, Offer Price Revisions, Volatility, and Form S-1 Language, with Bill McDonald, Journal of Financial Economics, vol. 109, August 2013, 307-326.

       When is a Liability not a Liability? Textual Analysis, Dictionaries, and 10-Ks, with Bill McDonald, Journal of Finance, vol. 66, February 2011, 35-65. Here is the link to the Loughran-McDonald (2011) Dictionaries (word lists).

       New Evidence on the Relation between the Enterprise Multiple and Average Stock Returns, with Jay Wellman, Journal of Financial and Quantitative Analysis, December 2011. Here is the EM factor (July 1963 to December 2009) in an excel spreadsheet. The three variables are the calendar date, CRSP Month, and EM factor.

       Who Benefited from the Disclosure Mandates of the 1964 Securities Acts Amendments?, with Robert Battalio and Brian Hatch, Journal of Corporate Finance, vol. 17, 2011, 1047-1063.

       Barronís Red Flags: Do They Actually Work?, with Bill McDonald, Journal of Behavioral Finance, vol. 12, 2011, 90-97.

       Commonality in Codes of Ethics, with Margaret Forster and Bill McDonald, Journal of Business Ethics, vol. 90, 2009, 129-139.

       A Wolf in Sheep's Clothing: The Use of Ethics-Related Terms in 10-K Reports, with Bill McDonald and Hayong Yun, Journal of Business Ethics, vol. 89, 2009, 39-49.

       The Impact of Firm Location on Equity Issuance, Financial Management, vol. 37, 2008, 1-21.

       Does Payment for Order Flow to Your Broker Help or Help You?, with Robert H. Battalio, Journal of Business Ethics, vol. 80, 2008, 37-44.

       Geographic Dissemination of Information, Journal of Corporate Finance, vol. 13, 2007, 675-694.

       The Geography of S&P 500 Stock Returns (with David Barker), Journal of Behavioral Finance, vol. 8, 2007, 177-190.

       Mutual Fund Incubation and the Role of the Securities and Exchange Commission, with Carl Ackermann, Journal of Business Ethics, vol. 70, 2007, 33-37.

       Do Investors Capture the Value Premium?, with Todd Houge, Financial Management, vol. 35, 2006, 5-19.

       Liquidity: Urban versus Rural Firms, with Paul Schultz, Journal of Financial Economics vol. 78, 2005, 341-374.

       NASD Rule 2110 and the VA Linux IPO, Journal of Business Ethics, vol. 62, 2005, 141-146.

       The Timing Ability of Newly Listed NYSE Firms, 1926-1962, (with Jennifer Marietta-Westberg), Journal of Behavioral Finance, vol.6, 2005, 44-56.

       Why Has IPO Underpricing Changed Over Time? (with Jay R. Ritter), Financial Management, vol. 33, Autumn 2004, 5-37.  Copyright © 2004 Financial Management Association International, an affiliate of the Finman Corporation. Composed and printed by Dartmouth Printing Company, Hanover, NH. Printed in the U.S.A.  

       Weather, Stock Returns, and the Impact of Localized Trading Behavior, (with Paul Schultz), Journal of Financial and Quantitative Analysis, vol. 39, June 2004, 343-364.

       Discounting and Clustering in Seasoned Equity Offering Prices, (with Simona Mola), Journal of Financial and Quantitative Analysis, vol. 39, March 2004, 1-23.

       Why Don't Issuers get Upset about Leaving Money on the Table in IPOs? (with Jay Ritter), Review of Financial Studies, vol. 15, 2002, 413-443.

       Divergence of Opinion, Uncertainty, and the Quality of Initial Public Offerings (with Todd Houge, Gerry Suchanek and Xuemin Yan), Financial Management, vol. 30, Winter 2001, 5-23.

       Cash Flow is King? Cognitive Errors by Investors (with Todd Houge), Journal of Psychology and Financial Markets, vol. 1, 2000, 161-175.

       Uniformly Least Powerful Tests of Market Efficiency (with Jay R. Ritter), Journal of Financial Economics, vol. 55, March 2000, 361-389.

       Performance Following Convertible Bond Issuance (with Inmoo Lee), Journal of Corporate Finance, vol. 4, June 1998, 185-207.

       The Operating Performance of Firms Conducting Seasoned Equity Offerings (with Jay R. Ritter), Journal of Finance, vol. 52, December 1997, 1823-1850.

       Do Long-Term Shareholders Benefit from Corporate Acquisitions?  (with Anand M. Vijh),  Journal of Finance, vol. 52, December 1997, 1765-1790.

       Book-to-Market Across Firm Size, Exchange, and Seasonality: Is There an Effect?, Journal of Financial and Quantitative Analysis, vol. 32, September 1997, 249-268.

       Long-Term Market Overreaction: The Effect of Low-Priced Stocks, (with Jay R. Ritter), Journal of Finance, vol. 51, December 1996, 1959-1970.

       The New Issues Puzzle (with Jay R. Ritter), Journal of Finance, vol. 50, no. 1, March 1995, 23- 51.

       Initial Public Offerings: International Insights, (with Jay R. Ritter and Kristian Rydqvist), Pacific-Basin Finance Journal, vol. 2, 1994, 165-199.

       NYSE vs NASDAQ Returns: Market Microstructure or the Poor Performance of Initial Public Offerings?, Journal of Financial Economics, vol. 33, no. 2, 1993, 241-260.


 

© 2009 University of Notre Dame