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[[Category:{{Project|Has project output=Content|Has sponsor=McNair Projects]]Center|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.
Governance Measures (view source)
Revision as of 13:39, 21 September 2020
, 13:39, 21 September 2020no edit summary
=Measures=
Variables:
*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 E index*TDCALLSPECIALMEETINGPERCENT NUM Call Special Meeting Percent ATI
*TDCHARTERAMENDMENTNOTES CHAR Charter Amendment Notes
*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
*TDCONSTITUENCYPROVISION CHAR Constituency Provision
*TDCUMULATIVEVOTING CHAR Cumulative Voting
*TDMERGERVOTENOTE CHAR Merger Vote Note
*TDMERGERVOTEPERCENT NUM Merger Vote Percent
*TDPOISONPILL CHAR Poison Pill ATI
*TDPOISONPILLNOTES CHAR Poison Pill Notes
*TDSHFILLVACANCIES CHAR Share Holder Fill Vacancies
*TDSHFILLVACANCIESNOTES CHAR Share Holder Fill Vacancies Notes
*TDWRITTENCONSENTPERCENT NUM Written Consent Percent ATI
*TICKER CHAR Ticker
Variables:
*CO_PER_ROL ID number for each executive/company combination *CONAME Company Name *CUSIP CUSIP and Issue Number *EXECID Executive ID number *EXPRIC EXPRIC -- Exercise Price *GVKEY Company ID Number *INDDESC Industry Group Description *MKTPRIC MKTPRIC -- Market Price of Stock on Date of Grant *NAICS NAICS Code *NUMSECUR NUMSECUR -- Number of Options Granted *PCTTOTOPT PCTTOTOPT -- Pct of Total Options Grantd to Employees *SIC SIC Code *SPINDEX Industry Group *TICKER Ticker Symbol *VALUE VALUE -- Value (Company) *YEAR YEAR -- Fiscal Year ==RiskMetrics (ISS)== 01/01/2007 - 12/22/2015 Variables:*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 E Index*TER_AMEND_VOTEPCNT Vote % Required to Amend ter *COMPANY_ID ISS (Instituitional Shareholders Services) based Company ID *CONAME Company Name *CONFVOTE Confidential Voting *CUMVOTE Cumulative Voting *CUSIP CUSIP *DUALCLASS Dual Class Stock *FAIRPRICE Fair Price *FYEND FYEND *GPARACHUTE Golden Parachutes E index*LABYLW Limit Ability to Amend ByLaws E index*LACHTR Limit Ability to Amend ter E index*LAW_AMEND_VOTEPCNT Vote % Required to Amend ByLaws *LEGACYPPS_ID LegacyID - No longer used *LSPMT Limit Ability to Call Special Meeting ATI*LWCNST Limit Ability to Act by Written Consent ATI*MAJ_VOTE_REQUIRED Indicates that the company has established a requirement that directors are elected by majority vote, rather than a plurality vote *MAJ_VOTE_REQUIREMENT Majority Vote Requirement *MAJOR_VOTE_COMM An analyst inserted note, as relevant, about the company's majority vote (to elect directors) standard *MEETINGDATE Meeting Date *MTGMONTH Meeting Month *OO_BUSCOMP Opt out of BusComb/Freezeout law *OO_CASHOUT_PA Opt out of control share cashout law (PA) *OO_CSA Opt out of control share acquisition law(CSA) *OO_DUTIES Opt out of directors duties law *OO_FAIRPRICE Opt out of Fair Price law *OO_PP Opt out of Poison Pill *OO_RPROFITS Opt out of Recapture of Profits law *OO_STAKEHOLDER Opt out of Stakeholder law *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 *RT_ID IRRC OLD - Company ID *SIC SIC *SPINDEX S&Pindex *SPL_MEET_VOTEPCNT Vote % Required to Call Special Meeting *STATE state *SUPERMAJOR_PCNT Supermajority - mergers in percent E index*TICKER Company Ticker Symbol *TIER IRRC TIER - No longer used *UNEQVOTE Unequal Voting Rights *WRITTEN_CONSENT_VOTEPCNT Vote % Required for Written Consent *YEAR Year
=Papers=
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)]]
