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dc.contributor.authorBebchuk, Lucian Arye
dc.contributor.authorCohen, Alma
dc.contributor.authorFerrell, Frank A.
dc.date.accessioned2013-10-28T17:01:55Z
dc.date.issued2009
dc.identifier.citationLucian A. Bebchuk, Alma Cohen & Allen Ferrell, What Matters in Corporate Governance?, 22 Rev. Fin. Stud. 783 (2009).en_US
dc.identifier.issn0893-9454en_US
dc.identifier.urihttp://nrs.harvard.edu/urn-3:HUL.InstRepos:11224536
dc.description.abstractWe investigate the relative importance of the twenty-four provisions followed by the Investor Responsibility Research Center (IRRC) and included in the Gompers, Ishii, and Metrick governance index (Gompers, Ishii, and Metrick 2003). We put forward an entrenchment index based on six provisions: staggered boards, limits to shareholder bylaw amendments, poison pills, golden parachutes, and supermajority requirements for mergers and charter amendments. We find that increases in the index level are monotonically associated with economically significant reductions in firm valuation as well as large negative abnormal returns during the 1990–2003 period. The other eighteen IRRC provisions not in our entrenchment index were uncorrelated with either reduced firm valuation or negative abnormal returns.en_US
dc.language.isoen_USen_US
dc.publisherOxford University Press (OUP)en_US
dc.relation.isversionofhttp://rfs.oxfordjournals.org/content/22/2/783.full.pdfen_US
dc.relation.hasversionhttp://www.law.harvard.edu/faculty/bebchuk/pdfs/2008_What-Matters-Review-of-Financial-Studies.pdfen_US
dc.relation.hasversionhttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=593423en_US
dc.relation.hasversionhttp://fisher.osu.edu/fin/faculty/weisbach/BebchukWeisbach2010.pdfen_US
dash.licenseOAP
dc.titleWhat Matters in Corporate Governance?en_US
dc.typeJournal Articleen_US
dc.description.versionVersion of Recorden_US
dc.relation.journalReview of Financial Studiesen_US
dash.depositing.authorFerrell, Frank A.
dc.date.available2013-10-28T17:01:55Z
dash.contributor.affiliatedBebchuk, Lucian
dash.contributor.affiliatedFerrell, Allen
dash.contributor.affiliatedCohen, Alma


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