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Key: Measure - Build - Sources - Paper
Notes: Each paper seems to use one of three indices, the GIM, E (from BCF), or ATI index (from CN 2005), as a measure of corporate governance. The GIM & E indices are much more commonly cited than the ATI index. Most papers also exclude companies with dual-class shares because GIM did that originally. The IRRC data for individual firms' corporate governance provisions is found in its ''Corporate Takeover Defenses'' Rosenbaum 1990, 1993, 1995, 1998, 2000, 2002. 2002 is the most recent year the IRRC
*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 and is available 1990-2002 with sample size 11,736. 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) and is available 1990-2002 with sample size 11,736. Cremers & Nair 2005 develops the alternative takeover protection index (ATI) which focuses on only three key antitakeover provisions (the presence of staggered boards, poison pills, and restrictions on shareholder voting to call special meetings or act through written consent - 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
