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*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 available 1998-2002 sample size 6,126 - Bhagat & Bolton 2008 *Median director percent value ownership - The percentage ownership of the firm's total voting power is calculated for all directors. We take the median director's ownership as the governance measure as this individual can be viewed as having the 'swing' vote in governance related matters. - IRRC and TCL available 1998-2002 sample size 6130 - Bhagat & Bolton 2008 *CEO chair duality - A dummy variable equal to 1 if the CEO is also the chairman of the board. - IRRC and TCL available 1998-2002 sample size 8,847 - Bhagat & Bolton 2008
=Papers=
