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*Corporate Governance (anti-takeover provision or ATP) Indices - Gompers et al 2003 (GIM) uses 24 IRRC antitakeover provisions & adds one point to index for each provision that enhances managerial power. Bebchuk et al 2009 (BCF) takes only 6 of those provisions for its entrenchment index (staggered boards, limits to shareholder bylaw amendments, limits to shareholder charter amendments, supermajority requirements for mergers, poison pills, and golden parachutes - SDC M&A Database, acquirer has financial info thru Compustat and CRSP Daily Stock Price & Returns File, acquirer is included in Investor Responsibility Research Center (IRRC) of antitakeover provisions - Masulis et al 2011
*GIM Difference - Target GIM index less Bidder GIM index - IRRC, SDC, Compustat, CRSP - Wang et al 2009
*TCL (The Corporate Library) Benchmark Score - The benchmark score is based on the following criteria: whether the board is classified, whether the outside directors constitute a majority on the board, whether the board has an independent chairman or lead director, whether the audit committee consists of only independent directors, whether the board has adopted a formal governance policy, number of directors with more than fifteen years tenure, number of directors who serve on more than four boards, number of directors older than seventy years old, and CEO compensation structure. The index ranges from a feasible low of 0 to a high of 100. - The Corporate Library (TCL) -
=Papers=
