Michelle Lowry

Professor of Finance, Calderwood Faculty Fellow in Business
Department: Finance
Office: 313 Business Building
Phone: 814-863-6372
Fax: 814-865-3362
E-mail: mlowry@psu.edu
Member of Faculty Since: 2000


Michelle Lowry is a professor of finance in the Smeal College of Business at Penn State, where she has worked since 2000. Prior to teaching at Smeal, Professor Lowry has worked at the University of Southern California and also as an economic consultant.

Current Research

Michelle's research is in the area of empirical corporate finance, primarily focusing on the pricing and timing of initial public offerings (IPOs), the corporate governance of young companies, and the effects of securities litigation on corporate financing decisions.


IPOs, Corporate Governance

Publication List

Laura Field, Michelle Lowry and Anahit Mkrtchyan, "Are Busy Directors Detrimental?", Journal of Financial Economics, January 2013, pp. 63-82.

David Haushalter and Michelle Lowry, "When do Banks Listen to Their Analysts? Evidence from Mergers and Acquisitions", Review of Financial Studies, 2011, 24, pp. 321-357.

Michelle Lowry, Micah Officer, and G. William Schwert, "The Variability of IPO Initial Returns", Journal of Finance, April 2010, 65, pp. 425-465.

Laura Field and Michelle Lowry, "Institutional versus Individual Investment in IPOs: The Importance of Firm Fundamentals", Journal of Financial and Quantitative Analysis, June 2009, 65, pp. 489-516.

Michelle Lowry and Kevin J. Murphy, "Executive Stock Options and IPO Underpricing", Journal of Financial Economics, July 2007, 65, pp. 39-65.

Michelle Lowry, Laura Field and Susan Shu, "Does Disclosure Deter or Trigger Litigation?", Journal of Accounting and Economics, September 2005, 65, pp. 487-507.

Michelle Lowry and G. William Schwert, "Is the IPO Pricing Process Efficient", Journal of Financial Economics, January 2004, 65, pp. 3-26.

Michelle Lowry and Susan Shu, "Litigation Risk and IPO Underpricing", Journal of Financial Economics, September 2002, 65, pp. 309-336.

Michelle Lowry and G. William Schwert, "IPO Market Cycles: Bubbles or Sequential Learning?", Journal of Finance, June 2002, 65, pp. 1171-1200.

Michelle Lowry, "Why Does IPO Volume Fluctuate So Much?", Journal of Financial Economics, January 2003, 65, pp. 3-40.


Associate Editor, Journal of Financial Economics
Associate Editor, Review of Financial Studies


Ph.D., Finance, University of Rochester,  2000 


Fin 597, Ph.D. course in corporate finance
Fin 405, Advanced Corporate Finance at the undergraduate level