*TAX/EQUITY
*FOOTSTEPS (=1 if competing bid or takeover speculation in WSJ)
*percentage non-executive directors
*percentage independent directors
*duality of CEO and chairman
*percentage of shares held by CEO
*percentage of shares held by non-CEO executive directors
*percentage of shares held by institutions
*free cash flow (operating cash flow minus interest, tax, dividends, deflated by sales) (cf. Kieschnick (1998) and Halpern et al. (1999)
*speculation of takeover in financial press
*Q ratio
==Innovation==