Todd A. Gormley

Washington University in St. Louis

Associate 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

SCHOLARLY PAPERS

23

DOWNLOADS
Rank 1,318

SSRN RANKINGS

Top 1,318

in Total Papers Downloads

27,831

SSRN CITATIONS
Rank 2,416

SSRN RANKINGS

Top 2,416

in Total Papers Citations

423

CROSSREF CITATIONS

125

Scholarly Papers (23)

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
Boston College - Carroll School of Management, Washington University in St. Louis and University of Pennsylvania - Wharton School
Downloads 4,761 (2,365)
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 3,416 (4,159)
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 2,765 (5,958)
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
Boston College - Carroll School of Management, Washington University in St. Louis and University of Pennsylvania - Wharton School
Downloads 2,585 (6,515)
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

Number of pages: 55 Posted: 03 Oct 2016
Ian Appel, Todd A. Gormley and Donald B. Keim
Boston College - Carroll School of Management, Washington University in St. Louis and University of Pennsylvania - Wharton School
Downloads 35 (569,465)
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 2,283 (8,125)
Citation 40

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

6.

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 1,793 (11,995)
Citation 35

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Foreign Banks, Asymmetric Information, India

7.

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 1,545 (15,177)
Citation 12

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Common Investors, Indexing, Institutional Ownership, Managerial Incentives

8.

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
Boston College - Carroll School of Management, Washington University in St. Louis and University of Pennsylvania - Wharton School
Downloads 1,479 (16,296)
Citation 14

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instrumental estimation, regression discontinuity, Russell indexes

9.

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 1,091 (25,578)
Citation 25

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

10.

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

European Corporate Governance Institute – Finance Working Paper 714/2020
Number of pages: 62 Posted: 25 Nov 2020 Last Revised: 01 Sep 2021
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 University of Alabama
Downloads 1,036 (27,617)
Citation 6

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gender diversity, directors, institutional ownership, indexing

11.

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 755 (42,788)
Citation 2

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Bankruptcy, creditor rights, bank competition, managerial incentives

12.

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 711 (46,377)
Citation 14

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Asymmetric Information, Competition, Credit, Financial Liberalization

13.

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 687 (48,551)
Citation 2

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Public Equity Markets, Emerging Economies, Crises, India

14.

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
Washington University in St. Louis - John M. Olin Business School, Washington University in St. Louis and Indiana University - Kelley School of Business - Department of FinanceWashington University in Saint Louis, John M. Olin Business School
Downloads 665 (50,853)
Citation 1

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directors, bankruptcy, risk, experience, beliefs

15.

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 530 (67,641)
Citation 5

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limited participation, saving, consumption, insurance

16.

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 476 (77,189)

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Financial Development, Political Economy, Crisis

17.

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 379 (100,742)
Citation 9

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Bank Entry, Information, Timely Loss Recognition, India

18.

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

Number of pages: 59 Posted: 28 Jan 2020 Last Revised: 30 Sep 2021
Todd A. Gormley, Mahsa Kaviani and Hosein Maleki
Washington University in St. Louis, University of Delaware and Florida State University - College of Business
Downloads 322 (120,752)

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corporate crime, judges, partisanship, political polarization

19.

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 Washington University in St. Louis
Downloads 280 (139,935)
Citation 1

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

20.

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

Number of pages: 47 Posted: 25 Nov 2020 Last Revised: 18 Nov 2021
Todd A. Gormley and Manish Jha
Washington University in St. Louis and Georgia State University - Department of Finance
Downloads 120 (294,854)
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 64 (433,427)
Citation 1

Abstract:

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Financial Development, Political Economy, Crisis

22.

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

Number of pages: 56 Posted: 22 Oct 2011 Last Revised: 14 Nov 2021
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 30 (584,109)
Citation 1

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23.

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

Number of pages: 60 Posted: 12 Mar 2019 Last Revised: 28 Jul 2021
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 23 (629,428)
Citation 3

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Other Papers (1)

Total Downloads: 339
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 339

Abstract:

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Financial Development, Institutions, Economic Crisis