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  1. Tim Loughran (forthcoming). Corning Tries to Break the Glass Ceiling. Business and Society Review.
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  2. Margaret Forster, Tim Loughran & Bill McDonald (2009). Commonality in Codes of Ethics. Journal of Business Ethics 90 (2):129 - 139.
    We create a database of company codes of ethics from firms listed on the Standard & Poor's 500 Index and, separately, a sample of small firms. The SEC believes that "ethics codes do, and should, vary from company to company." Using textual analysis techniques, we measure the extent of commonality across the documents. We find substantial levels of common sentences used by the firms, including a few cases where the codes of ethics are essentially identical. We consider these results in (...)
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  3. Tim Loughran, Bill McDonald & Hayong Yun (2009). A Wolf in Sheep's Clothing: The Use of Ethics-Related Terms in 10-K Reports. Journal of Business Ethics 89 (1):39 - 49.
    We examine the occurrence of ethicsrelated terms in 10-K annual reports over 1994-2006 and offer empirical observations on the conceptual framework of Erhard et al. (Integrity: A Positive Model that Incorporates the Normative Phenomena of Morality, Ethics, and Legality (Harvard Business School, Harvard) 2007). We use a pre-Sarbanes-Oxley sample subset to compare the occurrence of ethics-related terms in our 10-K data with samples from other studies that consider virtue-related phenomena. We find that firms using ethics-related terms are more likely to (...)
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  4. Robert H. Battalio & Tim Loughran (2008). Does Payment for Order Flow to Your Broker Help or Hurt You? Journal of Business Ethics 80 (1):37 - 44.
    The presumption is that a broker executing a stock trade for a retail investor will get the investor the best possible price execution for the transaction. In fact, the broker often sells the retail investor’s trade to an intermediary for cash payment. The broker’s motivation to generate dealer profits seems to overcome the broker’s fiduciary responsibility to obtain the best execution price for the customer, raising ethical questions. Purchasers and internalizers of order flow in the market may cause prices quoted (...)
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  5. Carl Ackermann & Tim Loughran (2007). Mutual Fund Incubation and the Role of the Securities and Exchange Commission. Journal of Business Ethics 70 (1):33 - 37.
    A mutual fund family incubates a fund when it creates a privately subsidized fund not available to the general investing public. It destroys unsuccessful incubator funds. The few successful funds will report higher incubation returns than the market return in advertisements intended to attract money from individual investors. This practice is currently allowed by the SEC. The evidence is that incubation returns are not a good predictor of subsequent fund performance and likely serve to mislead unsuspecting investors.
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  6. Tim Loughran (2005). NASD Rule 2110 and the VA Linux IPO. Journal of Business Ethics 62 (2):141 - 146.
    On December 9, 1999, VA Linux issued shares to the public and left over $900 million on the table for investors. In the prospectus, the investment banker Credit Suisse First Boston (CSFB) stated it would receive a 7% gross spread as its compensation for underwriting the shares. Yet the SEC alleges some investors paid enormous commissions to CSFB in the form of a kick-back immediately after obtaining the IPO shares. Hence, CSFB had an economic interest in the IPO and there (...)
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