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Shock IDSub IDShock TypeDescriptionDate of AnnouncementDates of EffectCountryFirmAffectUseMethodPotential Method
1101LegalThe Sarbanes–Oxley Act of 2002 (SOX)1999; 2000; 2001; 20002000; 2001; 2002; 2003; 2004USAll U.S. public company boards; management; public accounting firms; and some privately held companiesBoard independence (Paper 1; 11; 17); Presence of an investment banker on the board (Paper 54); Information asymmetry in th U.S. capital markets (Paper 55)DiD; ES; IV;
1102LegalCorporate board reform20012001Argentinapublic companiesboardsboards->firm performanceDiD
1103LegalCorporate board reform20042004Australiapublic companiesboardsboards->firm performanceDiD
1104LegalCorporate board reform2002; 20042002; 2004Austriapublic companiesboardsboards->firm performanceDiD
1105LegalCorporate board reform1998; 2002; 20051998; 2002; 2005Belgiumpublic companiesboardsboards->firm performanceDiD
1106LegalCorporate board reform20022002Brazilpublic companiesboardsboards->firm performanceDiD
1107LegalCorporate board reform20042004Canadapublic companiesboardsboards->firm performanceDiD
1108LegalCorporate board reform20012001Chilepublic companiesboardsboards->firm performanceDiD
1109LegalCorporate board reform20012001Chinapublic companiesboardsboards->firm performanceDiD
1110LegalCorporate board reform20012001Colombiapublic companiesboardsboards->firm performanceDiD
1111LegalCorporate board reform20012001Czech Republicpublic companiesboardsboards->firm performanceDiD
1112LegalCorporate board reform20012001Denmark public companiesboardsboards->firm performanceDiD
1113LegalCorporate board reform20022002Egyptpublic companiesboardsboards->firm performanceDiD
1114LegalCorporate board reform2003; 20042003; 2004Finlandpublic companiesboardsboards->firm performanceDiD
1115LegalCorporate board reform20022002Germanypublic companiesboardsboards->firm performanceDiD
1116LegalCorporate board reform1999; 20021999; 2002Greecepublic companiesboardsboards->firm performanceDiD
1117LegalCorporate board reform20052005Hong Kongpublic companiesboardsboards->firm performanceDiD
1118LegalCorporate board reform20032003Hungarypublic companiesboardsboards->firm performanceDiD
1119LegalCorporate board reform1998; 20021998; 2002Indiapublic companiesboardsboards->firm performanceDiD
1120LegalCorporate board reform20072007Indonesiapublic companiesboardsboards->firm performanceDiD
1121LegalCorporate board reform20062006Italypublic companiesboardsboards->firm performanceDiD
1122LegalCorporate board reform20022002Japanpublic companiesboardsboards->firm performanceDiD
1123LegalCorporate board reform20002000Israelpublic companiesboardsboards->firm performanceDiD
1124LegalCorporate board reform20012001Malaysiapublic companiesboardsboards->firm performanceDiD
1125LegalCorporate board reform1999; 20011999; 2001Mexicopublic companiesboardsboards->firm performanceDiD
1126LegalCorporate board reform1997; 20041997; 2004Netherlandspublic companiesboardsboards->firm performanceDiD
1127LegalCorporate board reform20052005Norwaypublic companiesboardsboards->firm performanceDiD
1128LegalCorporate board reform20022002Pakistanpublic companiesboardsboards->firm performanceDiD
1129LegalCorporate board reform2002; 20052002; 2005Perupublic companiesboardsboards->firm performanceDiD
1130LegalCorporate board reform20022002Philippinespublic companiesboardsboards->firm performanceDiD
1131LegalCorporate board reform20022002Polandpublic companiesboardsboards->firm performanceDiD
1132LegalCorporate board reform1999; 20011999; 2001Portugalpublic companiesboardsboards->firm performanceDiD
1133LegalCorporate board reform20032003Singaporepublic companiesboardsboards->firm performanceDiD
1134LegalCorporate board reform19991999South Koreapublic companiesboardsboards->firm performanceDiD
1135LegalCorporate board reform1998; 20061998; 2006Spainpublic companiesboardsboards->firm performanceDiD
1136LegalCorporate board reform2005; 20062005; 2006Swedenpublic companiesboardsboards->firm performanceDiD
1137LegalCorporate board reform20022002Switzerlandpublic companiesboardsboards->firm performanceDiD
1138LegalCorporate board reform20022002Thailandpublic companiesboardsboards->firm performanceDiD
1139LegalCorporate board reform1999; 20021999; 2002Turkeypublic companiesboardsboards->firm performanceDiD
1140LegalCorporate board reform1992; 19981992; 1998UKpublic companiesboardsboards->firm performanceDiD
1141LegalCorporate board reform2001; 20032001; 2003Francepublic companiesboardsboards->firm performanceDiD
2201LegalAn adoption of new Macroprudential policies2000; 2001; 2002; 2003; 2004; 2005; 2006; 2007; 2008; 2009; 2010; 2011; 2012; 20132000; 2001; 2002; 2003; 2004; 2005; 2006; 2007; 2008; 2009; 2010; 2011; 2012; 2013119 countries – of which 31 are advanced; 64 emerging; and 24 developingFinancial institutions & households in generalNet sectoral credit flow which is defined as the difference between the quarterly change in bank credit and the quarterly change in nonbank credit; scaled by total credit
3301LegalSay on Pay (SoP) laws20052005AustraliaVaries by countriesCEO pay growth rate; sensitivity of CEO pay to firm performance; firm value
3302LegalSay on Pay (SoP) laws20122012BelgiumVaries by countriesCEO pay growth rate; sensitivity of CEO pay to firm performance; firm value
3303LegalSay on Pay (SoP) laws20072007DenmarkVaries by countriesCEO pay growth rate; sensitivity of CEO pay to firm performance; firm value
3304LegalSay on Pay (SoP) laws20112011ItalyVaries by countriesCEO pay growth rate; sensitivity of CEO pay to firm performance; firm value
3305LegalSay on Pay (SoP) laws20042004NetherlandsVaries by countriesCEO pay growth rate; sensitivity of CEO pay to firm performance; firm value
3306LegalSay on Pay (SoP) laws20082008NorwayVaries by countriesCEO pay growth rate; sensitivity of CEO pay to firm performance; firm value
3307LegalSay on Pay (SoP) laws20102010PortugalVaries by countriesCEO pay growth rate; sensitivity of CEO pay to firm performance; firm value
3308LegalSay on Pay (SoP) laws20112011South AfricaVaries by countriesCEO pay growth rate; sensitivity of CEO pay to firm performance; firm value
3309LegalSay on Pay (SoP) laws20062006SwedenVaries by countriesCEO pay growth rate; sensitivity of CEO pay to firm performance; firm value
3310LegalSay on Pay (SoP) laws20032003UKVaries by countriesCEO pay growth rate; sensitivity of CEO pay to firm performance; firm value
3311LegalSay on Pay (SoP) laws20112011USVaries by countriesCEO pay growth rate; sensitivity of CEO pay to firm performance; firm value
4401OtherShareholder voting on acquisitions; Shareholder approval is imposed exogenously via a threshold test. Since 1975 UKU.K.-listed companies Acquirer shareholder returns
5501Legal1995 Delaware Ruling 1: Unitrin; Inc. v. American General Corp.1995USAmerican firmsFirm entrenchment; the use of poison pills among the targets; the effectiveness of the pills that were used; the completion rate of the takeover attempts; or the takeover premiums.
6502Legal1995 Delaware Ruling 2: Moore Corp. Ltd. v. Wallace Computer Services; Inc.1995USAmerican firmsFirm entrenchment; the use of poison pills among the targets; the effectiveness of the pills that were used; the completion rate of the takeover attempts; or the takeover premiums.
7701LegalThe German law on codetermination which mandates that the supervisory board of a ?rm; which is similar to the board of directors; has to consist of an equal number of owners’ and employees’ representatives (i.e. The effect of employee power)19761976GermanyFirms that have more than 2;000 domestic employeesFinancial Leverage
8801Crisis2007-2009 credit crisis 20072007USAll firms Credit supply (paper 7); the need to provide support for (i.e.; “rescue”) related unconsolidated entities & firm performance (paper 26)
8802Crisis2007-2009 credit crisis 20072007TaiwanAll firms Performance of certain types of companies such as affiliated firms
8803CrisisLehman Brothers collapse during the Global Financial Crisis20082008USFirms with credit lines committed by Lehman Brotherscorporate liquiditycorporate liquidity->firm value
9901OtherCDS (Credit Default Swaps) Big Bang Protocol of 200920092009USAll firmsThe availability and liquidity of CDSs; distance-to-default; firm value; and investment
101001Legal2004 net capital rule exemption. Allowed the exempted broker-dealers to use their own internal risk models to calculate haircuts and capital levels for securities holdings.20042005USBroker-dealers that were part of so-called consolidated supervised entities (CSEs); back then Bear Sterns; Goldman Sachs; Lehman Brothers; Merrill Lynch; and Morgan StanleyThe availability and liquidity of CDSs; distance-to-default; firm value; and investment (paper 8); banks’ propensity to purchase CDS protection
141401LegalRegulatory office closures1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 1994; 1995; 1996; 1997; 1998; 1999; 2000; 2001; 2002; 2003; 2004; 2005; 2006; 2007; 2008; 2009; 2010; 2011; 2012; 20131984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 1994; 1995; 1996; 1997; 1998; 1999; 2000; 2001; 2002; 2003; 2004; 2005; 2006; 2007; 2008; 2009; 2010; 2011; 2012; 2013USDeposit taking U.S. commercial banksDistance between regulatory field office and commercial banks
151501LegalFederal Reserve Act of 1913 which made Reserve Bank Organization Committee (RBOC) rely heavily on votes by national banks on which cities should be allocated Federal Reserve Banks.19131913USDeposit taking U.S. commercial banksDistance between regulatory field office (Federal Reserve Banks) and commercial banks
161601LegalFederal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA): The FDICIA Act was enacted to empower more stringent and timely regulatory monitoring and enforcement. 19921993USBanks with assets > $500 MillionQuality of internal controlsInternal controls->validity of the loan-loss provision; earnings quality; benchmark-beating and accounting conservatismDiDIV; RD; DiD+RD
171701PoliticalCity-level political appointment events in China2002; 2003; 2004; 2005; 2006; 2007; 2008; 2009; 2010; 2011; 20122002; 2003; 2004; 2005; 2006; 2007; 2008; 2009; 2010; 2011; 2012ChinaState-owned enterprises (SOEs)Firm's tax or firm’s tax avoidance strategies
181801LegalThe establishment of the Ministry of Environmental Protection in China20082008ChinaAll state-owned or private firms Stock price of polluting companies/ Firm value
191901LegalInterstate banking deregulations; 1994 Riegle-Neal Interstate Banking and Branching Efficiency Act; Legalizes interstate branching across the United States and markedly increases competitive pressures in some U.S. states.19901990; 1991; 1992; 1993; 1994; 1995; 1996; 1997; 1998; 1999; 2000; 2001; 2002; 2003; 2004; 2005; 2006USBanks and borrowersReturn on assets; Bank Relationships; Bank competition
202001LegalCorporatization of Chinese state-owned enterprises; which also allows employee stock ownership plans (ESOPs)19901992; 1993; 1994ChinaState Owned Enterprisesemployee ownershipOwnership-> firm performanceDiDIV; RD; DiD+RD
212101LegalSEC Staff Accounting Bulletin: No. 10119991999USlisted companiesCompanies using accelerated revenue recognitionAggressive Revenue Recognition -> Earnings ManagementDiDES; IV
222201LegalChanges in securities law to limit freeze outs and dilutive offerings20012002Bulgarialisted companiesSecurity issuance; tender offers; majority shareholdingsLaw->Tunneling->Firm ValueDiD; DiD-ContinuousIV
232301LegalSanctions imposed by Regional Offices (ROs) of the China Securities Regulatory Commission (CSRC) between 2011 and 20162011; 2012; 2013; 2014; 2015; 20162011; 2012; 2013; 2014; 2015; 2016ChinaFirms that have committed securities crimesStock price
242401LegalThe staggered adoption of campaign finance reforms across U.S. states from 1988 to 20101988; 1989; 1990; 1991; 1992; 1993; 1994; 1995; 1996; 1997; 1998; 1999; 2000; 2001; 2002; 2003; 2004; 2005; 2006; 2007; 2008; 2009; 20101988; 1989; 1990; 1991; 1992; 1993; 1994; 1995; 1996; 1997; 1998; 1999; 2000; 2001; 2002; 2003; 2004; 2005; 2006; 2007; 2008; 2009; 2010USFirms financing state political campaigns in states enacting campaign finance reforms Firms' political giving
252501OtherJoint Venture (JV) announcement event2001-2012; varies by each event2001-2012; varies by each eventUSAll firmsRivalrous and non-rivalrous private benefits in a JV; Abnormal Return that is the JV announcement impact on a partner firm's investment value
262601Nature2004 Indian Ocean Tsunami 20042004ThailandAll firms Bank credit supply
272701LegalExpiration of temporary research and development (R&D) tax credit law between 1981 and 20151981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 1994; 1995; 1996; 1997; 1998; 1999; 2000; 2001; 2002; 2003; 2004; 2005; 2006; 2007; 2008; 2009; 2010; 2011; 2012; 2013; 2014; 20151981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 1994; 1995; 1996; 1997; 1998; 1999; 2000; 2001; 2002; 2003; 2004; 2005; 2006; 2007; 2008; 2009; 2010; 2011; 2012; 2013; 2014; 2015USAll firms Financial reporting outcomes and the distraction they may pose to capital market participants (specifically; variability in quarterly effective tax rates; analysts’ forecast error; trading volume; and amount of bid-ask spreads)
282801OtherIntroduction of credit default swaps (CDS) on a firm's debt2000; 2001; 2002; 2003; 2004; 2005; 2006; 2007; 2008; 2009; 2010; 2011; 20122000; 2001; 2002; 2003; 2004; 2005; 2006; 2007; 2008; 2009; 2010; 2011; 2012USAll firms Creditor governance
292901LegalVariation in state laws regarding voting of shares held in trust in 1960s in the US19601960USBanksPercent of bank shares controlled by insiders ( =Ability of banks to vote their own shares if held in trust)Managerial control-> firm performanceIV.
303001NatureGender of first born child of family founders in Denmark1994; 1995; 1996; 1997; 1998; 1999; 2000; 2001; 20021994; 1995; 1996; 1997; 1998; 1999; 2000; 2001; 2002Denmark Family-controlled firmsSuccession of CEO by a family memberIVDiD; DiDiD
313101CrisisBanking crisis in 1976-1985 in the US19761976; 1977; 1978; 1979; 1980; 1981; 1982; 1983; 1984; 1985USCommercial banks; public firmsNumber of current bank-affiliated directorsbankers on board->firm outcomesIV
323201LegalChanges in tax regulations. Treasury issued what are known as the check-the-box (CTB) regulations 19961997USAll firmsBook-Tax Gap (time varying pre and post shock); tax avoidanceeffect of gov on the relation between tax avoidance and firm value IVDiDiD-Continuous; ES-continuous
333301Legal2000 Pension Fund Reform in Sweden. Increased the equity holdings of private pension funds at the expense of the liquidation of equity holdings by one pubic pension fund.20002000; 2001; 2002Swedenpublic firms ownership structureownership->firm outcomesIVES; ES-Continuous; DiD; DiD-Continuous
343401LegalUS Exchange-listing rules about independence of audit committee; 2003 US requirements for majority independent boards; including the Sarbanes-Oxley Act of 2002 (SOX) and rules promulgated by the SEC; NYSE; and NASD around 20002000; 2001; 2002; 20032000; 2001; 2002; 2003USAll firmsPost-shock change in percentage of independent directors on boardsboard co-option (*co-opted directors are appointed after the CEO assumes office) -> R&D investment (Paper 154)
353502LegalSection 404 of Sarbanes-Oxley Act (SOX)1999; 2000; 2001; 20022000; 2001; 2002; 2003; 2004USListed companiesQuality of ?nancial reporting; internal controlGovernance->Firm Performance
363601LegalHomeland Investment Act20042005USU.S.-based multinational enterprisesPost-shock repatriations of foreign-held cash effect of gov on relation between cash flow and payout/capexIVDiD; DiDiD-Continuous; ES; ES-Continuous
373701LegalBanking deregulation in the US1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 19941985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 1994USAll banks in U.S.Dummy for bank merger in a particular geographic market(paper 36); Bank-holding company diversification (paper 46)IV
383801Sudden DeathDeath or retirement of a director with network ties to the CEO2000; 2001; 2002; 2003; 2004; 2005; 2006; 20072000; 2001; 2002; 2003; 2004; 2005; 2006; 2007USAny firm which experienced the shockPercent of independent directors with social ties to the CEOdifferences-in-differences
393901Legal2003 NYSE initiation of automated quote dissemination. Staggered implementation.20032003USCompanies whose stocks are listed on the New York Stock Exchange (NYSE)Six measures of stock liquidityIV
404001CrisisUS subprime crisis20082008USBanks and firms borrowing from banksLoan charge-offs ( = ratio of the bank’s net chargeoffs over assets in the quarter before the loan date) as a measure of bank lossesIV
414101Legal2003 rules limiting analyst conflicts of interest in US20032003USlisted companiesAppointments of stock analysts on boardIV
424201PoliticalState parliamentary elections in Germany1995; 1996; 1997; 1998; 1999; 2000; 2001; 2002; 2003; 2004; 2005; 2006 1995; 1996; 1997; 1998; 1999; 2000; 2001; 2002; 2003; 2004; 2005; 2006GermanyBanks in GermanyProbability of bank bailoutIV
434301LegalLegal reforms giving the board statutory power to dismiss the CEO19911991BulgariaAll firmsCEO turnoverIV
434302LegalLegal reforms giving the board statutory power to dismiss the CEO20042004CroatiaAll firmsCEO turnoverIV
434303LegalLegal reforms giving the board statutory power to dismiss the CEO20012001Czech RepublicAll firmsCEO turnoverIV
434304LegalLegal reforms giving the board statutory power to dismiss the CEO19951995EstoniaAll firmsCEO turnoverIV
434305LegalLegal reforms giving the board statutory power to dismiss the CEO19951995GeorgiaAll firmsCEO turnoverIV
434306LegalLegal reforms giving the board statutory power to dismiss the CEO19981998HungaryAll firmsCEO turnoverIV
434307LegalLegal reforms giving the board statutory power to dismiss the CEO19981998KazakhstanAll firmsCEO turnoverIV
434308LegalLegal reforms giving the board statutory power to dismiss the CEO20022002LatviaAll firmsCEO turnoverIV
434309LegalLegal reforms giving the board statutory power to dismiss the CEO19901990LithuaniaAll firmsCEO turnoverIV
434310LegalLegal reforms giving the board statutory power to dismiss the CEO19971997MoldovaAll firmsCEO turnoverIV
434311LegalLegal reforms giving the board statutory power to dismiss the CEO20012001PolandAll firmsCEO turnoverIV
434312LegalLegal reforms giving the board statutory power to dismiss the CEO20062006RomaniaAll firmsCEO turnoverIV
434313LegalLegal reforms giving the board statutory power to dismiss the CEO20022002RussiaAll firmsCEO turnoverIV
434314LegalLegal reforms giving the board statutory power to dismiss the CEO20042004SerbiaAll firmsCEO turnoverIV
434315LegalLegal reforms giving the board statutory power to dismiss the CEO19921992SlovakiaAll firmsCEO turnoverIV
434316LegalLegal reforms giving the board statutory power to dismiss the CEO19931993SloveniaAll firmsCEO turnoverIV
434317LegalLegal reforms giving the board statutory power to dismiss the CEO19991999TurkmenistanAll firmsCEO turnoverIV
434318LegalLegal reforms giving the board statutory power to dismiss the CEO20092009UkraineAll firmsCEO turnoverIV
444401LegalFDA Good Manufacturing Practices Initiative; the Pharmaceutical Current Good Manufacturing Practices (CGMPs)20022002USFirms that exchange durable goods contracted under long-term supply contracts. Probability of contract covenantsIV
454501Central Bank$300 billion Federal Reserve's Large Scale Asset Purchases (LSAPs)20092009USbondsRelative Supply of Treasury securities IV
464601LegalLegal change for software patentability19961996USTechnology companiesProbability of firms patenting IPIV
474701OtherIntroduction of weather derivatives19951995USFrms whose cash ?ows have historically ?uctuated with changing weather conditions Use of weather derivatives post-shockIV
484801Other2003 US mutual fund scandals 20032003USImplicated mutual fund companiesCross ownership by mutual funds post-shockIV
494901OtherExtension of small-business credit program (CODEVI) in France19941994; 1995; 1996Francesmall companiesTotal firm debtIV
505001OtherClosure of research coverage by US brokerage houses2000; 2001; 2002; 2003; 2004; 2005; 2006; 2007; 20082000; 2001; 2002; 2003; 2004; 2005; 2006; 2007; 2008USFirms with managers' voluntary disclosurefirm disclosure choicesDisclosure-> liquidityIV
515101LegalChanges in state compulsory education laws 1914; 1915; 1916; 1917; 1918; 1919; 1920; 1921; 1922; 1923; 1924; 1925; 1926; 1927; 1928; 1929; 1930; 1931; 1932; 1933; 1934; 1935; 1936; 1937; 1938; 1939; 1940; 1941; 1942; 1943; 1944; 1945; 1946; 1947; 1948; 1949; 1950; 1951; 1952; 1953; 1954; 1955; 1956; 1957; 1958; 1959; 1960; 1961; 1962; 1963; 1964; 1965; 1966; 1967; 1968; 1969; 1970; 1971; 1972; 1973; 1974; 1975; 1976; 1977; 19781914; 1915; 1916; 1917; 1918; 1919; 1920; 1921; 1922; 1923; 1924; 1925; 1926; 1927; 1928; 1929; 1930; 1931; 1932; 1933; 1934; 1935; 1936; 1937; 1938; 1939; 1940; 1941; 1942; 1943; 1944; 1945; 1946; 1947; 1948; 1949; 1950; 1951; 1952; 1953; 1954; 1955; 1956; 1957; 1958; 1959; 1960; 1961; 1962; 1963; 1964; 1965; 1966; 1967; 1968; 1969; 1970; 1971; 1972; 1973; 1974; 1975; 1976; 1977; 1978USretail investorsinvestor educationeducation->investor behaviorIV
525201Sudden DeathDeath of non-CEO executives and directorsVariouspublic firmsgov; tunneling; rents; CEO ties to board membersboard->valueES-Continuous; ES; DiD-Continuous; IVIV; DiDiD-continuous
535301LegalRegulation Fair Disclosure (Reg FD)20002000USpublic firmsanalyst coverageanalyst coverage->firm outcomesDiD-ContinuousES-Continuous; IV
545401LegalAnalyst regulations such as NASD Rule 2711; the amended NYSE Rule 472; the Global Research Analyst Settlement; and Regulation Analyst Certification2002; 20032003USInvestment banksanalyst bias and precisiondifference-in-difference-in-differences (paper 59)
555501LegalAnnual variation in the jumbo loan cut-off limit/ Subsidies in housing-finance from the Government-Sponsored Enterprises (GSEs)1992; 1993; 1994; 1995; 1996; 1997; 1998; 1999; 2000; 2001; 2002; 2003; 2004; 2005; 20061992; 1993; 1994; 1995; 1996; 1997; 1998; 1999; 2000; 2001; 2002; 2003; 2004; 2005; 2006USHome buyersChanges in house prices
565601Legal2001 Decimalization of stock prices in the US 20012001USAll publicly traded companies Stock liquidity
575701NatureGender of first-born child of departing entrepreneur in GreeceGreeceAny firm whose departing entrepreneur in Greece has a childSuccession of CEO by a family memberdifference-in-difference-in-differences (DDD)
585801LegalStock market liberalization19921992Korealisted companiesOwnershipOwnership-> firm performanceES-ContinuousDiD-Continuous; IV
595901Crisis1997 East Asian Financial Crisis19971997Hong Kongpublic firmsFirm value; post-crisis governance; tunnelingMediating effect of governance on Crisis->ValueES-ContinuousDiD-Continuous; IV
595902Crisis1997 East Asian Financial Crisis19971997Indonesiapublic firmsFirm value; post-crisis governance; tunnelingMediating effect of governance on Crisis->ValueES-ContinuousDiD-Continuous; IV
595903Crisis1997 East Asian Financial Crisis19971997Koreapublic firmsFirm value; post-crisis governance; tunnelingMediating effect of governance on Crisis->ValueES-ContinuousDiD-Continuous; IV
595904Crisis1997 East Asian Financial Crisis19971997Malaysiapublic firmsFirm value; post-crisis governance; tunnelingMediating effect of governance on Crisis->ValueES-ContinuousDiD-Continuous; IV
595905Crisis1997 East Asian Financial Crisis19971997Philippinespublic firmsFirm value; post-crisis governance; tunnelingMediating effect of governance on Crisis->ValueES-ContinuousDiD-Continuous; IV
595906Crisis1997 East Asian Financial Crisis19971997Singaporepublic firmsFirm value; post-crisis governance; tunnelingMediating effect of governance on Crisis->ValueES-ContinuousDiD-Continuous; IV
595907Crisis1997 East Asian Financial Crisis19971997Taiwanpublic firmsFirm value; post-crisis governance; tunnelingMediating effect of governance on Crisis->ValueES-ContinuousDiD-Continuous; IV
595908Crisis1997 East Asian Financial Crisis19971997Thailandpublic firmsFirm value; post-crisis governance; tunnelingMediating effect of governance on Crisis->ValueES-ContinuousDiD-Continuous; IV
606001Legal3 Chinese regulations introduced in 2000 aimed at reducing expropriation from minority shareholders by controlling blockholders: (1) substantially increased rights of minority shareholders at firms' annual shareholders' meetings; (2) prohibited the issuance of loan guarantees by a firm to its controlling shareholder; and (3) improved transparency and regulation of asset transfers to related parties20002000Chinapublic firmsTunnelingTunneling/Shareholder Protections->ValueDiD-ContinuousES-Continuous; IV
616101LegalState anti-takeover (business combination) laws 19801980USpublic firmsExternal Govgov->valueDiD; DiDiD-ContinuousIV; DiDiD
626201LegalChanges in Delaware takeover regime driven by legal cases19951995USDelaware-incorporated firmsanti-takeover provisionsexternal gov->firm outcomesDiDiDES; IV
636301LegalKorean government requires public companies with assets > 2 trillion won ($2 billion) to have 50% outside directors; audit committee with majority of outside directors; and outside director nominating committee19992000; 2001South KoreaCompanies above 2 trillion wonBoard composition; disclosuregov->valueRD; IVES; DiD; DiD+RD
646401LegalClause 49 (audit committees; a minimum number of independent directors; and CEO/CFO certification of financial statements and internal controls) reforms adopted in India --first to larger firms; then smaller public after a several-year-lag19992000Indialarge firms; then several years later to small; public firmsvaluation effects (share prices; stock market size; ownership concentration and firm behavior)gov->valueES-ContinuousDiD-Continuous; IV; RD
656501Legal2003 Dividend Tax Cut contained in the Jobs and Growth Tax Relief Reconciliation Act20032003USpublic firmspayout policy; capital structurepayout->value (mediated by gov)ES-Continuous; DiD; DiD-ContinuousIV; ES
666601LegalAdoption of International Financial Reporting Standards (IFRS)20022002; 2003; 2004; 2005EUpublic firmsdisclosuredisclosure->firm/market outcomesDiDDiD-Continuous; IV; ES; ES-Continuous
676701LegalMandatory expensing of stock options20042005USpublic firmsexecutive optionsgov (executive incentives)->valueDiD-likeDiD-Continuous; IV; ES-Continuous
686801LegalFinancial market liberalization. 1981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 19941981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 1994Argentinapublic firmsownership structure; cost of capital; capital structureownership-> firm outcomes; investment->value (moderated by gov)ES-ContinuousDiD-Continuous; IV
686802LegalFinancial market liberalization. 1981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 19941981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 1994Brazilpublic firmsownership structure; cost of capital; capital structureownership-> firm outcomes; investment->value (moderated by gov)ES-ContinuousDiD-Continuous; IV
686803LegalFinancial market liberalization. 1981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 19941981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 1994Chilepublic firmsownership structure; cost of capital; capital structureownership-> firm outcomes; investment->value (moderated by gov)ES-ContinuousDiD-Continuous; IV
686804LegalFinancial market liberalization. 1981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 19941981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 1994Indiapublic firmsownership structure; cost of capital; capital structureownership-> firm outcomes; investment->value (moderated by gov)ES-ContinuousDiD-Continuous; IV
686805LegalFinancial market liberalization. 1981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 19941981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 1994Indonesiapublic firmsownership structure; cost of capital; capital structureownership-> firm outcomes; investment->value (moderated by gov)ES-ContinuousDiD-Continuous; IV
686806LegalFinancial market liberalization. 1981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 19941981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 1994Malaysiapublic firmsownership structure; cost of capital; capital structureownership-> firm outcomes; investment->value (moderated by gov)ES-ContinuousDiD-Continuous; IV
686807LegalFinancial market liberalization. 1981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 19941981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 1994Mexicopublic firmsownership structure; cost of capital; capital structureownership-> firm outcomes; investment->value (moderated by gov)ES-ContinuousDiD-Continuous; IV
686808LegalFinancial market liberalization. 1981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 19941981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 1994Pakistanpublic firmsownership structure; cost of capital; capital structureownership-> firm outcomes; investment->value (moderated by gov)ES-ContinuousDiD-Continuous; IV
686809LegalFinancial market liberalization. 1981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 19941981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 1994Philippinespublic firmsownership structure; cost of capital; capital structureownership-> firm outcomes; investment->value (moderated by gov)ES-ContinuousDiD-Continuous; IV
686810LegalFinancial market liberalization. 1981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 19941981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 1994Portugalpublic firmsownership structure; cost of capital; capital structureownership-> firm outcomes; investment->value (moderated by gov)ES-ContinuousDiD-Continuous; IV
686811LegalFinancial market liberalization. 1981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 19941981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 1994Taiwanpublic firmsownership structure; cost of capital; capital structureownership-> firm outcomes; investment->value (moderated by gov)ES-ContinuousDiD-Continuous; IV
686812LegalFinancial market liberalization. 1981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 19941981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 1994Thailandpublic firmsownership structure; cost of capital; capital structureownership-> firm outcomes; investment->value (moderated by gov)ES-ContinuousDiD-Continuous; IV
686813LegalFinancial market liberalization. 1981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 19941981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 1994Turkeypublic firmsownership structure; cost of capital; capital structureownership-> firm outcomes; investment->value (moderated by gov)ES-ContinuousDiD-Continuous; IV
696901LegalAmendments in mandatory bid rule included in Law 6404/76 (“Law of Corporations”) in 1997 (Law 9457/97) and in 2001 (Law 10303/01).)1996; 1997; 20011997; 2001Brazilpublic firmsdual class premiumtunneling->valueES; DiDDiDiD-Continuous; IV
707001LegalRecommendations of Cadbury Report. Voluntary compliance with recommendations; but the London Stock Exchange (LSE); since June 1993; requires listed companies which do not comply to explain why.19921993UKlisted firmsnumber of outside directorsboard independence->firm outcomesDiDES; DiD+RD; IV
717101PoliticalCountry-wide elections1994; 1995; 1996; 1997; 1998; 1999; 20001994; 1995; 1996; 1997; 1998; 1999; 200043 countriesstate-controlled bankslendingownership->lendingDiDIV; DiDiD-continuous
727201Legal2007 SEC Rule 12h-6 (deregulation of US disclosure requirements) - made it easier for foreign firms to deregister with the SEC and therby terminate their US disclosure obligations20072007USforeign firms cross-listing their shares in the USopting out of stringent US reporting and legal environment; class action securities lawsuitslegal protections->valueES
737301LitigationClass Action Lawsuit. Serves a shock to other firms that share directors with litigated firmsUSfirms with interlocking directorsboard composition; director reputationboard->valueES ContinuousDiD; IV; ES
747401LegalLiberalization of policy by the Reserve Bank of India that facilitates acquisition of local banks by foreign entities20022002Indiabanksownership structureownership->firm outcomesES; ES-ContinuousDiD; DiD-Continuous; IV
757501Political2000 US Presidential Election20002000USpublic firmsvalue of political connections of board membersboard->valueES; ES-ContinuousDiD; DiD-Continuous; DiDiD-Continuous; IV
767601Legal1964 Securities Acts Amendments19641964USOTC firmsdisclosure rulesdisclosure->firm/market outcomesES; DiDiDIV; RD; DiD+RD
777701LegalThe Passage of Statement of Financial Accounting Standards (SFAS) 131). U.S. multinational firms stopped being required to disclose earnings by geographic area.19971997USpublic firmsdisclosure of foreign operationsdisclosure->firm/market outcomesDiD-likeDiD; ES; IV; DiDiD
787801LegalThe China Securities Regulatory Commission stipulates that firms cannot have rights offerings if they have not paid cash dividends to outside shareholders in the previous three years.20012001Chinapublic firmscash payoutpayout->value (mediated by gov)ESES-Continuous; IV; DiD-Continuous; DiDiD-Continuous
797901LegalSEC order requiring CEOs and CFOs to certify their financial statements20022002USpublic firmsquality of disclosuredisclosure->firm/market outcomesESDiD-Continuous; IV; RD; RD+DiD
808001LegalEvents related to corporate governance regulation from March 2007 to June 2009 related to executive pay2007; 2008; 20092007; 2008; 2009USpublic firmsExecutive pay pay->firm outcomesES
818101OtherAnnouncements of actions against target companies by the Korea Corporate Governance Fund (an activist fund) used as a shock to non-target companies. Koreapublic firmslikelihood of shareholder activismshareholder activism->valueES-ContinuousDiD-Continuous; IV
828201Legal1992 SEC revision of executive compensation disclosure rules (executive compensation disclosures provided to shareholders in the annual proxy statement)19921992USpublic companies with shareholdersdisclosure of executive compensationdisclosure/executive compensation->firm/market outcomesES-Continuous; DiD-ContinuousIV
838301LegalPublic Securities Litigation Reform Act (PSLRA)19951995USpublic companiesreduce litigation costs of forward looking firm disclosuresdisclosure->firm outcomesDiD-ContinuousES-Continuous; IV
848401LegalLiberalizaton of SEC Rule 16b-3 that eliminated the need to obtain shareholder approval of director compensation plans and formula grants.19961996USpublic companiesDirector compensationDirector compensation/incentives-> firm outcomesDiD-ContinuousES-continuous; IV
858501LegalSection 403 of the Sarbanes-Oxley Act of 2002 (SOX)1999; 2000; 2001; 20022000; 2001; 2002; 2003; 2004USlisted companiesBoard composition; internal controls; auditGovernance->Firm Performance
868601LegalAffordable Care Act20142014USHouseholdsHome Delinquency
878701CrisisBanking Crisis20042004RussiaBanksDeposits
888801LegalIntroduction of Deposit Insurance20032004RussiaBanksDeposits
898901LegalElimination of Resale Price Maintenance (RPM) contracts between manufacturer and retailer setting a minimum resale price19751975USretail firmsprofitability; leverageDiD
909001LegalReintroduction of Resale Price Maintenance contracts20072007USretail firmsprofitability; leverage
919101OtherAdding a company to an S&P index; Serves as a exogenous “activation” of family ties between index and non-index funds holding the same firmUSlisted companiesownership of index and non-index funds
929201OtherElectronization of oil futures on NYMEX20062006USOil futureshigh-frequency trading
939301OtherCompanies added to the Russell 2000 vs. 1000 indicesUSlisted companiespassive/active institutional ownershipRegression Discontinuity
949401LegalLabor mobility state lawsUSfirms relying on high-skilled laborLeverage; investment
959501LegalChange in minimum size of supervisory boards in Germany19761976GermanyCorporatesBoard size
969601LegalSEC no-action letter decisionsUSfirms with shareholder proposalsStock price/ Firm valueshareholder proposals -> firm valuelinear regression
979701LegalExpiration of union contractsUSFirms with union workersLiquidityUnion contract negotiations -> firms' asset purchases -> lower liquidity linear regression; linear probability model
989801LegalRepeal of the Glass-Steagall Act19991999USInvestment banksIPOs
999901LegalThe JOBS Act (Jumpstart Our Business Startups Act)20122012USfirms that need to raise capital/ lower quality firmsCost of capital raisingeasing regulatory requirements -> cost of capital raisingDiD
10010001LegalHong Kong Employee Choice Arrangement20122012Hong KongFunds offered in pension plansfees; investment strategiesmore investor choice-> increased fund competition -> funds’ fee (price); gross return (quality); participants’ wealth
10110101OtherIntroduction of corporate bond ETFsUSilliquid corporate bondsliquiditylevel of market participation -> liquidity of securities
10210201OtherThe expansion of a social rating firm KLD's coverage2001; 20032001; 2003USRussell 1000 & 2000 Index membersWhether a firm becomes the object of publicl social rating Public social rating (public and private regulatory scheme) -> social performance
10310301Crisis1998 Russian financial crisis19981998RussiaIPO firmsliquidity profile of IPO firmsFinancial crisis -> liquidity profile of IPO firms -> investment levels in small/large IPOs
10410401LegalSEC Tick Size Pilot20152016USa specified subset of the exchange-listed stocks of companies that have $3 billion or less in market capitalization; an average daily trading volume of one million shares or less and a volume-weighted average price of at least $2.00 for every trading day.minimum quoting and trading increment ("tick size") for some stocks; the opportunity to trade in sub-tick incrementsinverted trading -> market quality (pricing efficiency & liquidity)
10510501LegalRequirement of minimum non-promoter shareholding (public shareholding) requirement of 25%20102010; 2011; 2012Indiaall listed companies in Indiasale of shares by promoters (= supply shock for stocks)the slope of demand curve for stocks
10610601LegalAnti-asset diversion rules20052005Chinaall listed companies in Chinathe number of firms lending to their large shareholders (the frequency of asset diversion for 'non-operational' purposes = frequency of related party transactions)tunneling activities -> investment; firms’ operating and stock performance
10710701LegalBoard gender quotas in Norway; requiring 40% women on corporate boards 20032008NorwayPublic limited companies in Norwaygender representation on corporate boardsboard quality/ characteristics (gender diversity in boards of directors; board independence) -> firm value
10810801Crisis2011 Eurozone crisis20112011Europeall European banks; European and non-European financial firmsInvestors' trust in the creditworthiness of European borrower
10910901Sudden DeathExecutive deaths and quasi-exogenous retirements at other ?rmsUSFirms whose likelihood of executive turnover might increase due to executive deaths and quasi-exogenous retirements at other firmsexecutive turnover; demand for the executives of interest (demand shock) & executives's willingness to depart (supply shock)personal lending relationships
11011001LegalSFAS 109—Accounting for Income Taxes 19921992USAll firmsimprovements in the accounting for income taxe; Information disadvantage of individual investorsInformation disadvantage of individual investors -> Demand for securities
11111101Legallegislative candidate gender quotas in the electoral lists in Spain20072007Spainmunicipalities with less than 5000 inhabitantspercentage of female candidates and elected politicianspercentage of female politicians -> policy outcomes
11211201LegalOne-third of leader positions be reserved for women19931993Indiaall local governmentspercentage of female candidates and elected politicianspercentage of female politicians -> policy outcomes
12312301Legala threat; aimed at listed firms; of a quota law enacted by the Swedish deputy prime minister; asked to increase their share of female directors to 25 %; an increase of approximately 20 percentage points20022002Swedenfirms listed on the Stockholm stock exchangefemale board share in firms board quality/ characteristics (gender diversity in boards of directors; board independence) -> firm value
12412401Legal“Golfo-Mosca” law; Board gender quotas in Italian listed companies; Unlike in Norway; the Italian quotas are temporary and gradual20112012Italypublicly listed companies & state-owned companiesfemale board share in firms board quality/ characteristics (gender diversity in boards of directors; board independence) -> firm value; performance
12512501LegalAmendment 16 to Israeli Corporate Law granting minority shareholders the right to veto pay packages of controllers and their relatives20112011IsraelcorporationsPay of controller executivestunneling->value
12612601OtherRupert Murdoch acquisition of the WSJ20072007USMurdoch connected firmsNews coveragenews coverage->value
12712701OtherJournalist turnover at the WSJ1997; 1998; 1999; 2000; 2001; 2002; 2003; 2004; 2005; 2006; 2007; 2008; 2009; 2010; 2011; 2012; 2013; 2014; 2015; 20161997; 1998; 1999; 2000; 2001; 2002; 2003; 2004; 2005; 2006; 2007; 2008; 2009; 2010; 2011; 2012; 2013; 2014; 2015; 2016USWSJ connected firmsNews coveragenews coverage->value
12812801LegalEdgar v. MITE Corp SCOTUS decision19821982USUS corporationsanti-takeover provisionsGovernance->Firm Value
12912901Central BankECB Securities Market Programme; Outright Monetary Transactions; and Long Term Refincing Operations20052005EuropeCountries in eurozonesovereign and corporate bond yieldsSovereign and credit financing costs->real economic activity
13013001LegalSEC Oil and Gas reserve reporting rule changes20092009USoil and gas firmsasset tangibility; financing of oil and gas firmsfinancing->investments
13113101LegalCanadian Oil and Gas reserve reporting changes20032003Canadaoil and gas firmsasset tangibility; financing of oil and gas firmsfinancing->investments
13213201LegalAn increase in the allocation to equities of the Norwegian Sovereign Fund and addition of small cap firms to investable universe20072007USsmall companiesinstitional ownershipownership->performance
13313301LegalShort-sale constraints imposed on bank shares in the EU20112011EUbanksshort-sellingshort selling->volatility and liquidity
13413401LegalReg SHO: Random temporary suspension of short-sale price tests conducted by the Securities and Exchange Commission (SEC) 2005; 2006; 20072005; 2006; 2007USpublicly listed companies short-sellingshort selling->volatility and liquidity->firm performance
13513501PoliticalLocal elections in France1987; 1988; 1989; 1990; 1991; 1992; 1993; 1994; 1995; 1996; 1997; 1998; 1999; 2000; 2001; 20021987; 1988; 1989; 1990; 1991; 1992; 1993; 1994; 1995; 1996; 1997; 1998; 1999; 2000; 2001; 2002Francepublicly listed companiesemployment; plant opening and closingpolitical connections->firm performance
13613601PoliticalOff-cycle US close congressional elections 1997; 1998; 1999; 2000; 2001; 2002; 2003; 2004; 2005; 2006; 2007; 2008; 2009; 20101997; 1998; 1999; 2000; 2001; 2002; 2003; 2004; 2005; 2006; 2007; 2008; 2009; 2010USpublicly listed companiesvalue of political connectionspolitical connections->firm performance
13713701LegalChanges in state compulsory education laws. Adoption staggered across different municipalities.19501950Swedeninvestorseducationeducation->investor behavior
13813801OtherTRACE adoption for corporate bonds. Staggered implementation over the 2002-2004 period.2002; 2003; 20042002; 2003; 2004UScorporate bondsprice transparencyprice transparency->outcomes
13913901LegalRegulation NMS20072007USpublicly listed companiesprice transparencyprice transparency->outcomes
14014001MonetaryEuro conversion19981999EUpublicly listed companiesexchange competitionexchange competition->liquidity
14114101LegalIn September 2008; the U.S. Securities and Exchange Commission (SEC) temporarily banned most short sales in nearly 1;000 financial stocks20082008USfinancial stocksshort-sellingshort-selling->liquidity
14214201LegalEvents related to corporate governance regulation from March 2007 to June 2009 related to proxy access. 2007; 2008; 20092007; 2008; 2009USpublic firmsShareholder rights to nominate directors and make other proposalsshareholder rights->firm outcomesES
14214202LegalIn 2010 the SEC enacted Rule 201 (alternative uptick) which triggers temporary short selling restriction if return falls below -10%.20102010USpublicly listed companiesshort-sellingshort-selling->liquidity and returns
14314301LegalIn legal case Morrison v. National Australia Bank Ltd.; the US Supreme Court limited investors’ ability to bring private Rule 10b-5 securities fraud actions to cases involving securities purchased on a
14414401LegalNotice concerning private securities litigation issued by the Supreme People's Court20022002ChinaChinese firms with Class A/B share structuresprivate securities litigationprivate litigation->firm outcomes
14514501LegalIn 2001 the São Paulo Stock Exchange; Bovespa; created three premium exchange listings that require more stringent shareholder protections.20012001Brazilpublicly listed companiesgovernance and disclosuregovernance->firm value
14614601LegalMergers of utility companies following deregulation in the 90sUSutilitiescompetitorscompetition->firm value
14714701LegalOn April 9; 2009 ;the FASB issued three final Staff Positions (157-4; 107-1/28-1; and 115-2/124-2). FAS 157-4 updates FAS 157 and emphasizes fair value measurements reflect values from orderly transactions.20092009USFinancial institutions using mark-to-marketReported financialsfinancial disclosure->firm value
14814801LegalImplementation of state-level distracted driving lawsUSpublic listed companiesInformationInformation->market outcomes
14914901LegalSecurities and Exchange Commission’s (SEC) decision to eliminate the Form 20-F reconciliation.20072007USforeign firms cross-listing their shares in the USReported financialsfinancial disclosure->firm value
15015001LegalAirgas bylaw approved in the Delaware Court of Chancery on Friday;October8; 2010.20102010USfirms with staggered boards in Delawareanti-takeover provisionsgovernance->firm value
15015002LegalAfter the initial Chancery Court decision; Airgas appealed to the Supreme Court of Delaware; the decision was not announced
15115101LegalA surprise announcement that imposed corporate taxes on a group of Canadian publicly traded firms. Officially known as Tax Fairness Plan (TFP) but is unofficially referred to as the “Halloween Massacre” because it took place after markets closed on October 31; 2006.20062006Canadaincome truststax ratetax->firm value
15215201Sudden DeathWe use the deaths of directors and CEOs as a natural experiment to generate exogenous variation in the time and resources available to independent directors at interlocked firms.1988; 1989; 1990; 1991; 1992; 1993; 1994; 1995; 1996; 1997; 1998; 1999; 2000; 2001; 2002; 2003; 2004; 2005; 2006; 20071988; 1989; 1990; 1991; 1992; 1993; 1994; 1995; 1996; 1997; 1998; 1999; 2000; 2001; 2002; 2003; 2004; 2005; 2006; 2007USdirector-interlocked firmsindependent directorsgovernance->firm value
15315301LegalBankruptcy Reform Act. On November 6; 1978; President Carter signed the BRA into law; replacing as of October 1; 1979; the Chandler Act of 1938.6 According to Posner (1997); bankruptcy law under the Chandler Act was considered complicated and intolerably ambiguous; especially since the underlying laws were vague .19781978UScorporationsbankruptcybankruptcy costs->firm outcomes
15415401Litigation 11 event dates on which 1 or more firms experience a large (±10%) change in stock price purely because of exogenous asbestos news.1999; 2000; 2001; 2002; 2003; 2004; 2005; 2006; 2007; 2008; 2009; 2010; 20111999; 2000; 2001; 2002; 2003; 2004; 2005; 2006; 2007; 2008; 2009; 2010; 2011USfirms with asbestoc related liabilitiesliabilitiesliabilities->firm value
15515501Index RebalancingDecember 2000 redefinition of the Morgan Stanley Capital International global equity index20002000Variouscompanies in MSCI indexinstitutional ownershipinstitutional ownership->firm outcomes
15615601OtherRegional holidays in Germany1988; 1989; 1990; 1991; 1992; 1993; 1994; 1995; 1996; 1997; 1998; 1999; 2000; 2001; 2002; 2003; 2004; 2005; 2006; 2007; 2008; 20091988; 1989; 1990; 1991; 1992; 1993; 1994; 1995; 1996; 1997; 1998; 1999; 2000; 2001; 2002; 2003; 2004; 2005; 2006; 2007; 2008; 2009Germanylocal listed companiestradingindividual investors->trading volume
15715701OtherSpecial segments created by Euronext20022002EUlisted firmsdisclosure and governancegovernance->firm value
15815801OtherRandomized stock lending experiment2008; 20092008; 2009USstocks in a manager's portfoliosupply of lendable sharessecurity lending->stock market outcomes
15915901OtherPublic arrest of the Adelphia executives20022002USpublicly traded firmsenforcement costsenforcement->firm value
16016001CrisisEffect of GFC on Brazilian Banks20082008Brazilbanksperception of systemic uncertaintyperception of systemic uncertainty>deposit inflows