Michelle Lowry

Drexel University

TD Bank Professor of Finance

Philadelphia, PA 19104

United States

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 Brussels

Belgium

SCHOLARLY PAPERS

27

DOWNLOADS
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Top 1,699

in Total Papers Downloads

21,746

SSRN CITATIONS
Rank 1,288

SSRN RANKINGS

Top 1,288

in Total Papers Citations

335

CROSSREF CITATIONS

602

Scholarly Papers (27)

1.
Downloads 2,648 ( 5,799)
Citation 79

Biases in the IPO Pricing Process

Number of pages: 40 Posted: 22 Feb 2001
Michelle Lowry and G. William Schwert
Drexel University and University of Rochester - Simon Business School
Downloads 2,574 (5,967)
Citation 2

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IPO, Underpricing, Private Information, Learning

Biases in the IPO Pricing Process

NBER Working Paper No. w8586
Number of pages: 43 Posted: 10 Nov 2001 Last Revised: 01 Jan 2010
Michelle Lowry and G. William Schwert
Drexel University and University of Rochester - Simon Business School
Downloads 74 (381,771)
Citation 11

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2.

Initial Public Offerings: A Synthesis of the Literature and Directions for Future Research

Forthcoming Foundations and Trends in Finance
Number of pages: 186 Posted: 07 Feb 2017 Last Revised: 28 Aug 2017
Michelle Lowry, Roni Michaely and Ekaterina Volkova
Drexel University, The University of Hong Kong and University of Melbourne - Faculty of Business and Economics
Downloads 2,610 (5,934)
Citation 16

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3.
Downloads 2,203 ( 7,890)
Citation 26

IPO Market Cycles: Bubbles or Sequential Learning?

Number of pages: 29 Posted: 18 Jan 2001
Michelle Lowry and G. William Schwert
Drexel University and University of Rochester - Simon Business School
Downloads 2,099 (8,348)
Citation 26

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IPO, Underpricing, Cycles, Private Information, Learning

IPO Market Cycles: Bubbles or Sequential Learning?

NBER Working Paper No. w7935
Number of pages: 35 Posted: 30 Sep 2000 Last Revised: 08 Mar 2021
Michelle Lowry and G. William Schwert
Drexel University and University of Rochester - Simon Business School
Downloads 104 (310,326)

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IPO Market Cycles: Bubbles or Sequential Learning?

Posted: 29 Nov 2003
Michelle Lowry and G. William Schwert
Drexel University and University of Rochester - Simon Business School

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4.
Downloads 1,617 ( 12,934)
Citation 71

The Variability of IPO Initial Returns

Simon School Working Paper No. FR 06-06, forthcoming, Journal of Finance
Number of pages: 37 Posted: 07 Jul 2006 Last Revised: 13 Feb 2009
Micah S. Officer, Michelle Lowry and G. William Schwert
Loyola Marymount University - Department of Finance, Drexel University and University of Rochester - Simon Business School
Downloads 1,545 (13,629)

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IPO, Underpricing, Cycles, Information Asymmetry, Conditional Heteroskedasticity, Volatility

The Variability of IPO Initial Returns

NBER Working Paper No. w12295
Number of pages: 54 Posted: 16 Jun 2006 Last Revised: 05 Feb 2021
Micah S. Officer, Michelle Lowry and G. William Schwert
Loyola Marymount University - Department of Finance, Drexel University and University of Rochester - Simon Business School
Downloads 72 (387,726)
Citation 14

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5.

Risk Management Research Report - Spring 2010

Risk Management Research Report, Spring 2010
Number of pages: 16 Posted: 23 Apr 2010
HEC Paris - Finance Department, affiliation not provided to SSRN, University of Massachusetts Amherst - Department of Finance, Brooklyn College - CUNY, Drexel University, Loyola Marymount University - Department of Finance, University of Rochester - Simon Business School, Temple University - Department of Finance, Southern Illinois University at Edwardsville - Department of Economics & Finance, University of California, Santa Barbara (UCSB) - Department of Economics, University of California, San Diego (UCSD) - Rady School of Management, University of Utah - David Eccles School of Business, Purdue University - Krannert School of Management, HEC Paris - Finance Department, Harvard Law School, Columbia Business School - Finance and Economics, New York University (NYU) - Department of Finance, Department of Economics, Texas A&M University, Texas A&M University - Department of Economics, International Food Policy Research Institute (IFPRI), University of Navarra, IESE Business School, University of Georgia - Department of Banking and Finance, Southern Methodist University (SMU) - Finance Department, Pennsylvania State University, Smeal College of Business, University of California at Los Angeles - Anderson School of Management, INSEAD, University of South Florida - College of Business Administration, Fordham University, New York University (NYU) - Department of Finance, Fordham University - Gabelli School of Business and Loyola University of Chicago - Department of Finance
Downloads 1,365 (16,895)

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Risk, Risk Management, Derivatives, Corporate Governance, Financial Derivatives, Value-At-Risk, VaR, Ethics, Volatility, Variance, Standard Deviation, Systemic, Systematic

6.

Mutual Fund Investments in Private Firms

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 79 Posted: 27 Mar 2017 Last Revised: 18 Sep 2019
Sungjoung Kwon, Michelle Lowry and Yiming Qian
Wayne State University - Mike Ilitch School of Business, Drexel University and University of Connecticut
Downloads 1,162 (21,537)
Citation 8

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private firm, mutual fund, IPO

7.

Investors' Attention to Corporate Governance

Review of Financial Studies, forthcoming
Number of pages: 83 Posted: 27 Apr 2018 Last Revised: 23 Nov 2020
Peter Iliev, Jonathan Kalodimos and Michelle Lowry
Pennsylvania State University - Department of Finance, Oregon State University - College of Business and Drexel University
Downloads 1,043 (25,192)
Citation 17

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Corporate Governance, Governance Research, Agency, Institutional Investors, ISS

8.

Does Common Ownership Really Increase Firm Coordination?

Journal of Financial Economics (JFE), Forthcoming, Tuck School of Business Working Paper No. 3336343, European Corporate Governance Institute – Finance Working Paper No. 741/2021
Number of pages: 83 Posted: 04 Mar 2019 Last Revised: 19 Mar 2021
Katharina Lewellen and Michelle Lowry
Dartmouth College - Tuck School of Business and Drexel University
Downloads 969 (28,039)
Citation 2

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common ownership, institutional investors, corporate governance

9.

Are Mutual Funds Active Voters?

Review of Financial Studies, 2015
Number of pages: 64 Posted: 13 Sep 2012 Last Revised: 23 Nov 2020
Peter Iliev and Michelle Lowry
Pennsylvania State University - Department of Finance and Drexel University
Downloads 848 (33,863)
Citation 49

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Shareholder voting, agency costs, monitors, mutual funds

10.

Executive Stock Options and IPO Underpricing

Number of pages: 39 Posted: 21 Jun 2005
Michelle Lowry and Kevin J. Murphy
Drexel University and University of Southern California - Marshall School of Business
Downloads 803 (36,447)
Citation 4

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Initial public offering; IPO underpricing; Executive compensation; Stock options

11.

Information Revelation Through Regulatory Process: Interactions Between the SEC and Companies Ahead of the IPO

Fifth Annual Conference on Financial Market Regulation, Swiss Finance Institute Research Paper No. 19-47, Forthcoming in Review of Financial Studies
Number of pages: 67 Posted: 02 Jul 2016 Last Revised: 26 Sep 2019
Michelle Lowry, Roni Michaely and Ekaterina Volkova
Drexel University, The University of Hong Kong and University of Melbourne - Faculty of Business and Economics
Downloads 746 (40,336)
Citation 16

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Regulation, IPO, Disclosure

12.

Institutional Versus Individual Investment in Ipos: The Importance of Firm Fundamentals

AFA 2006 Boston Meetings Paper
Number of pages: 47 Posted: 04 Nov 2004
Laura Casares Field and Michelle Lowry
University of Delaware - Alfred Lerner College of Business and Economics and Drexel University
Downloads 744 (40,480)
Citation 33

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Initial public offerings, institutional investors, individual investors, long-run performance

13.

Why Does IPO Volume Fluctuate so Much?

Number of pages: 49 Posted: 31 May 2005
Michelle Lowry
Drexel University
Downloads 720 (42,333)
Citation 23

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IPO, capital demands, information asymmetry, investor sentiment

14.

Are Busy Boards Detrimental?

Number of pages: 55 Posted: 25 Jul 2011 Last Revised: 20 Nov 2012
University of Delaware - Alfred Lerner College of Business and Economics, Drexel University and Northeastern University - D’Amore-McKim School of Business
Downloads 683 (45,450)
Citation 43

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Corporate governance, IPO, Board of directors, venture capital

15.

Venturing Beyond the IPO: Financing of Newly Public Firms by Venture Capitalists

Journal of Finance, Forthcoming
Number of pages: 72 Posted: 18 Apr 2016 Last Revised: 11 Dec 2019
Peter Iliev and Michelle Lowry
Pennsylvania State University - Department of Finance and Drexel University
Downloads 539 (61,607)
Citation 6

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Venture Capitalists, Private Equity, Newly Public Firms, Equity Issuance, IPOs

16.

ES Risks and Shareholder Voice

Number of pages: 67 Posted: 26 Nov 2018 Last Revised: 29 Sep 2020
Yazhou He, Bige Kahraman and Michelle Lowry
University of Manchester, University of Oxford - Said Business School and Drexel University
Downloads 469 (73,229)
Citation 3

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shareholder proposals, voting, mutual funds, environmental, social

17.

IPO Market Cycles: An Exploratory Investigation

Simon School of Business Working Paper No. FR 00-18
Number of pages: 35 Posted: 14 Feb 2000
Michelle Lowry and G. William Schwert
Drexel University and University of Rochester - Simon Business School
Downloads 444
Citation 4

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18.

Bucking the Trend: Why do IPOs Choose Controversial Governance Structures and Why Do Investors Let Them

Number of pages: 64 Posted: 05 Jan 2017 Last Revised: 07 Oct 2020
Laura Casares Field and Michelle Lowry
University of Delaware - Alfred Lerner College of Business and Economics and Drexel University
Downloads 433 (80,545)
Citation 2

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IPO, Classified Board, Dual Class, Governance

19.

Informed Trading by Adviser Banks: Evidence from Options Holdings

Forthcoming, Review of Financial Studies
Number of pages: 65 Posted: 18 Mar 2015 Last Revised: 16 Jun 2018
Michelle Lowry, Marco Rossi and Zhongyan Zhu
Drexel University, Texas A&M and Monash University
Downloads 417 (84,209)
Citation 4

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Conflict of Interest, Merger, Informed Trading, Dodd Frank, Volcker Rule

20.

The Information Advantage of Underwriters in IPOs

Forthcoming, Management Science
Number of pages: 48 Posted: 17 Mar 2014 Last Revised: 18 Sep 2019
Yao-Min Chiang, Michelle Lowry and Yiming Qian
National Taiwan University - Department of Finance, Drexel University and University of Connecticut
Downloads 324 (112,140)
Citation 4

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IPO, underwriter, information advantage, proprietary trading, bookbuilding, auction, IPO method, investment bank

21.

When do Banks Listen to Their Analysts? Evidence from Mergers and Acquisitions

Review of Financial Studies, Forthcoming
Number of pages: 58 Posted: 22 Mar 2009 Last Revised: 15 Apr 2010
David Haushalter and Michelle Lowry
Pennsylvania State University - Mary Jean and Frank P. Smeal College of Business Administration and Drexel University
Downloads 226 (162,083)
Citation 3

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merger, analyst, investment banking, conflicts of interest

22.

Are All Perks Solely Perks? Evidence from Corporate Jets

Forthcoming, Journal of Corporate Finance
Number of pages: 39 Posted: 03 May 2013 Last Revised: 16 Jun 2018
Lian Fen Lee, Michelle Lowry and Susan Shu
Boston College - Carroll School of Management, Drexel University and Boston College - Carroll School of Management
Downloads 202 (180,116)
Citation 6

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connections, corporate jets, agency, information transfer

23.

Does Disclosure Deter or Trigger Litigation?

Journal of Accounting & Economics, Forthcoming
Number of pages: 32 Posted: 15 Oct 2004 Last Revised: 26 Oct 2011
Laura Casares Field, Michelle Lowry and Susan Shu
University of Delaware - Alfred Lerner College of Business and Economics, Drexel University and Boston College - Carroll School of Management
Downloads 201 (180,921)
Citation 27

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Shareholder litigation, Earnings disclosures, Endogeneity

24.

Litigation Risk and IPO Underpricing

Journal of Financial Economics (JFE), Vol. 65, 2002
Number of pages: 43 Posted: 26 Oct 2011
Michelle Lowry
Drexel University
Downloads 117 (282,267)
Citation 19

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Initial public offering, IPO underpricing, Securities litigation, Endogeneity

25.

Discussion of 'Shareholder Litigation and Changes in Disclosure Behavior'

Journal of Accounting and Economics, Forthcoming
Number of pages: 9 Posted: 11 Nov 2008
Michelle Lowry
Drexel University
Downloads 93 (329,434)
Citation 2

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26.

Diversity, Inclusion, and the Dissemination of Ideas: Evidence from the Academic Finance Profession

Number of pages: 31 Posted: 23 Jan 2021
Renee B. Adams and Michelle Lowry
University of Oxford and Drexel University
Downloads 77 (369,204)

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diversity, survey, academics

27.

The Government Agenda and the Effects of Regulatory Dispersion

NYU Stern School of Business Forthcoming
Number of pages: 66 Posted: 01 Apr 2021
Drexel University, Drexel University and University of Melbourne - Faculty of Business and Economics
Downloads 43 (487,144)

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E22, G18, G28, G31