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*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) available 2001-2003 Sample size of 4168 - Bhagat & Bolton 2008
*BC GovScore - Fifty-two firm characteristics and provisions are used to assign a score to each firm. The feasible range of scores is from 0 to 52. A high score is associated with better corporate governance. - The GovScore is constructed from data compiled by Institutional Shareholder Services ("ISS"), as described in Brown, Caylor (2004). available in 2002 with sample size 1,003 - Bhagat & Bolton 2008*Board independence - The number of unaffiliated independent directors divided by the total number of board members. In some cases, we use the INDEP measure from Bhagat, Black (2001). - This measure is constructed from data provided by IRRC and TCL. available 1996-2003 sample size 9,317 - Bhagat & Bolton 2008*Median director dollar value ownership - The dollar value of the stock ownership / voting power is calculated for all directors. We take the median director's holdings as the governance measure as this individual can be viewed as having the 'swing' vote in governance related matters. - Data from IRRC and TCL - Bhagat & Bolton 2008 *
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