Governance Measures - Revision history

Ed at 17:39, 21 September 2020

2020-09-21T17:39:54Z

Ed at 17:34, 21 September 2020

2020-09-21T17:34:06Z

Ed at 17:20, 20 September 2020

2020-09-20T17:20:00Z

Ed at 17:16, 20 September 2020

2020-09-20T17:16:09Z

Juliette.richert at 20:35, 3 March 2017

2017-03-03T20:35:25Z

JakeSilberman at 17:14, 1 August 2016

2016-08-01T17:14:27Z

JakeSilberman at 17:10, 1 August 2016

2016-08-01T17:10:58Z

JakeSilberman: /* RiskMetrics (ISS) */

2016-08-01T17:07:16Z

RiskMetrics (ISS)

JakeSilberman: /* Availability */

2016-08-01T16:59:47Z

Availability

JakeSilberman: /* Takeover Defenses */

2016-08-01T16:05:53Z

Takeover Defenses

@@ Line 1: / Line 1: @@
 {{Project
-|Has project output=
+|Has project output=Content
 |Has sponsor=McNair Center
 |Has title=Governance Measures

@@ Line 1: / Line 1: @@
 {{Project
 |Has sponsor=McNair Center
 |Has title=Governance Measures

@@ Line 1: / Line 1: @@
 {{Project
 |Has title=Governance Measures
 |Has owner=

← Older revision		Revision as of 17:16, 20 September 2020
Line 1:		Line 1:
−	~~[[Category:McNair Projects]]~~	+	{{Project
		+	\|Has title=Governance Measures
		+	\|Has owner=
		+	\|Has start date=
		+	\|Has deadline=
		+	\|Has keywords=
		+	\|Has notes=
		+	\|Has project status=Complete
		+	\|Is dependent on=
		+	}}
		+
	The ATI index can be constructed using the variables in the Takeover Defenses database marked with ATI towards the end of the line. The E index can be constructed using the variables in the RiskMetrics (ISS) Database marked with E index towards the end of the line. See the variable lists in the Availability section below.		The ATI index can be constructed using the variables in the Takeover Defenses database marked with ATI towards the end of the line. The E index can be constructed using the variables in the RiskMetrics (ISS) Database marked with E index towards the end of the line. See the variable lists in the Availability section below.

← Older revision		Revision as of 20:35, 3 March 2017
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	abstract={We investigate how the market for corporate control (external governance) and shareholder activism (internal governance) interact. A portfolio that buys firms with the highest level of takeover vulnerability and shorts firms with the lowest level of takeover vulnerability generates an annualized abnormal return of 10% to 15% only when public pension fund (blockholder) ownership is high as well. A similar portfolio created to capture the importance of internal governance generates annualized abnormal returns of 8%, though only in the presence of “high” vulnerability to takeovers. The complementarity effect exists for firms with lower industry-adjusted leverage and is stronger for smaller firms.}		abstract={We investigate how the market for corporate control (external governance) and shareholder activism (internal governance) interact. A portfolio that buys firms with the highest level of takeover vulnerability and shorts firms with the lowest level of takeover vulnerability generates an annualized abnormal return of 10% to 15% only when public pension fund (blockholder) ownership is high as well. A similar portfolio created to capture the importance of internal governance generates annualized abnormal returns of 8%, though only in the presence of “high” vulnerability to takeovers. The complementarity effect exists for firms with lower industry-adjusted leverage and is stronger for smaller firms.}
	}		}
		+
		+	==Related Pages==
		+	*[[Winner's Curse in Acquisitions (Academic Paper)]]

← Older revision		Revision as of 17:14, 1 August 2016
Line 1:		Line 1:
	[[Category:McNair Projects]]		[[Category:McNair Projects]]
−	The ATI index can be constructed using the variables in the Takeover Defenses database marked with ATI towards the end of the line. The E index can be constructed using the variables in the RiskMetrics (ISS) Database marked with E index towards the end of the line.	+	The ATI index can be constructed using the variables in the Takeover Defenses database marked with ATI towards the end of the line. The E index can be constructed using the variables in the RiskMetrics (ISS) Database marked with E index towards the end of the line. See the variable lists in the Availability section below.

← Older revision		Revision as of 17:10, 1 August 2016
Line 1:		Line 1:
	[[Category:McNair Projects]]		[[Category:McNair Projects]]
		+	The ATI index can be constructed using the variables in the Takeover Defenses database marked with ATI towards the end of the line. The E index can be constructed using the variables in the RiskMetrics (ISS) Database marked with E index towards the end of the line.
		+

	=Measures=		=Measures=

@@ Line 100: / Line 100: @@
 *BLANKCHECK		Blank Check Preferred
 *CARVE_OUT		Provision in a company's majority vote standard for director elections that the standard will revert to a plurality vote in a proxy contest (where there are more nominees than open seats - a "contest carve-out")
-*CBOARD		Classified Board
+*CBOARD		Classified Board	E Index
 *TER_AMEND_VOTEPCNT		Vote % Required to Amend ter
 *COMPANY_ID		ISS (Instituitional Shareholders Services) based Company ID
@@ Line 110: / Line 110: @@
 *FAIRPRICE		Fair Price
 *FYEND		FYEND
-*GPARACHUTE		Golden Parachutes
+*GPARACHUTE		Golden Parachutes	E index
-*LABYLW		Limit Ability to Amend ByLaws
+*LABYLW		Limit Ability to Amend ByLaws	E index
-*LACHTR		Limit Ability to Amend ter
+*LACHTR		Limit Ability to Amend ter	E index
 *LAW_AMEND_VOTEPCNT		Vote % Required to Amend ByLaws
 *LEGACYPPS_ID		LegacyID - No longer used
@@ Line 130: / Line 130: @@
 *OO_RPROFITS		Opt out of Recapture of Profits law
 *OO_STAKEHOLDER		Opt out of Stakeholder law
-*PPILL		Poison Pill
+*PPILL		Poison Pill	E index
 *PRICE		FYEND - Stock Price
 *RESIGN_REQUIRE		Indicates that a director is required to submit his/her resignation upon failing to receive support from a majority of votes cast (which, typically, the board may chose to accept or reject). In some cases, this provision alternatively indicates that the board may require the resignation of a director who fails to receive majority support
@@ Line 138: / Line 138: @@
 *SPL_MEET_VOTEPCNT		Vote % Required to Call Special Meeting
 *STATE		state
-*SUPERMAJOR_PCNT		Supermajority - mergers in percent
+*SUPERMAJOR_PCNT		Supermajority - mergers in percent	E index
 *TICKER		Company Ticker Symbol
 *TIER		IRRC TIER - No longer used

@@ Line 35: / Line 35: @@
 Variables:
-*BDCLASSIFIED	CHAR	Board Classified	ATI
+*BDCLASSIFIED	CHAR	Board Classified	ATI, E index
 *COMPANYNAME	CHAR	Company Name
 *TDADVANCENOTICEREQUIRED	CHAR	Advance Notice Required
 *TDBUSINESSCOMBINATIONPROVISION	CHAR	Business Combination Provision
 *TDBYLAWAMENDMENTNOTES	CHAR	By Law Amendment Notes
-*TDBYLAWVOTEPERCENT	NUM	By Law Vote Percent
+*TDBYLAWVOTEPERCENT	NUM	By Law Vote Percent	E index
 *TDCALLSPECIALMEETINGPERCENT	NUM	Call Special Meeting Percent	ATI
 *TDCHARTERAMENDMENTNOTES	CHAR	Charter Amendment Notes
-*TDCHARTERVOTEPERCENT	NUM	Charter Vote Percent
+*TDCHARTERVOTEPERCENT	NUM	Charter Vote Percent	E index
 *TDCOMPANYSPECIALMEETINGCOMPAREST	CHAR	Company Special Meeting Compare State Law maybe ATI
 *TDCOMPANYWRITTENCONSENTCOMPAREST	CHAR	Company Written Consent Compare State Law Maybe ATI

@@ Line 41: / Line 41: @@
 *TDBYLAWAMENDMENTNOTES	CHAR	By Law Amendment Notes
 *TDBYLAWVOTEPERCENT	NUM	By Law Vote Percent
-*TDCALLSPECIALMEETINGPERCENT	NUM	Call Special Meeting Percent
+*TDCALLSPECIALMEETINGPERCENT	NUM	Call Special Meeting Percent	ATI
 *TDCHARTERAMENDMENTNOTES	CHAR	Charter Amendment Notes
 *TDCHARTERVOTEPERCENT	NUM	Charter Vote Percent
@@ Line 53: / Line 53: @@
 *TDDUALCLASSSTOCK	CHAR	Dual Class Stock
 *TDDUALCLASSSTOCKNOTES	CHAR	Dual Class Stock Notes
-*TDEFFECTIVECLASSIFIEDBOARD	CHAR	Effective Classified Board	maybe ATI
+*TDEFFECTIVECLASSIFIEDBOARD	CHAR	Effective Classified Board
 *TDFAIRPRICEPROVISION	CHAR	Fair Price Provision
 *TDMERGERVOTENOTE	CHAR	Merger Vote Note
@@ Line 61: / Line 61: @@
 *TDSHFILLVACANCIES	CHAR	Share Holder Fill Vacancies
 *TDSHFILLVACANCIESNOTES	CHAR	Share Holder Fill Vacancies Notes
-*TDWRITTENCONSENTPERCENT	NUM	Written Consent Percent
+*TDWRITTENCONSENTPERCENT	NUM	Written Consent Percent	ATI
 *TICKER	CHAR	Ticker