CEO who died during the CEO sample period 2003 NYSE initiation of Post-shock dummy (staggered Six measures of stock Yes, staggered Hendershott, Jones, and Menkveld (JF) automated quote implementation) liquidity shocks dissemination US subprime crisis Pre-shock exposure to Loan charge-offs Yes Santos (RFS) mortgage-backed securities 2012 2 2003 rules limiting analyst dummy Appointments of stock Yes Frazzini, and Malloy (MS) conflicts of interest in US analysts on board State parliamentary elections for parliamentary election Probability of bank bailout Yes, staggered Dam and Koetter (RFS) in Germany year in bank headquarter shocks state 2013 6 Legal reforms giving the Post-shock dummy (different CEO turnover Yes, staggered Cornelli, Kominek, Ljungqvist (JF) board statutory power to years in different countries) shocks dismiss the CEO in 19 transition economies 2002 US FDA Good dummy Probability of contract Yes Costello (JAE) Manufacturing Practices covenants Initiative 2009 Treasury purchase characteristics Amount of security purchases Yes D’Amico and King (JFE) program by the U.S. by Fed Federal Reserve US interstate banking Dummies for deregulation Bank-holding company Yes Goetz, Laeven, and Levine (RFS) deregulation occurring in last 4 to 10 diversification years Legal change for software Post-shock dummy * pre-shock Probability of firms patenting Yes Huang, Ceccagnoli, Forman, and Wu (MS) patentability dummy for weak IP patentability Introduction of weather Pre-shock exposure to weather Use of weather derivatives Only Perez-Gonzalez and Yun (JF) derivatives post-shock analysis 2014 7 2003 US mutual fund Pre-shock cross-ownership by Cross ownership by mutual Only Anton and Polk (JF) scandals scandal affected mutual funds post shock funds analysis 2002 US requirements for Max(0, 50%-percent Change in percent Yes Armstrong, Core, and Guay (JFE) majority independent independent directors pre- independent directors boards Extension of small-business Post-shock dummy * dummy firm debt Yes Bach (RF) credit program in France for treated sectors Closure of research coverage Dummies for coverage in Four firm disclosure choices Yes, staggered Balakrishnan, Billings, and Ljungqvist (JF) by US brokerage houses, previous three quarters shocks
CEO who died during sample period the CEO 2003 NYSE initiation of automated quote dissemination Post-shock dummy (staggered implementation) Six measures of stock liquidity Yes, staggered shocks Hendershott, Jones, and Menkveld (JF) US subprime crisis Pre-shock exposure to mortgage-backed securities Loan charge-offs Yes Santos (RFS) 2012 2 2003 rules limiting analyst conflicts of interest in US dummy Appointments of stock analysts on board Yes Frazzini, and Malloy (MS) State parliamentary elections in Germany for parliamentary election year in bank headquarter state Probability of bank bailout Yes, staggered shocks Dam and Koetter (RFS) 2013 6 Legal reforms giving the board statutory power to dismiss the CEO in 19 transition economies Post-shock dummy (different years in different countries) CEO turnover Yes, staggered shocks Cornelli, Kominek, Ljungqvist (JF) 2002 US FDA Good Manufacturing Practices Initiative dummy Probability of contract covenants Yes Costello (JAE) 2009 Treasury purchase program by the U.S. Federal Reserve characteristics Amount of security purchases by Fed Yes D’Amico and King (JFE) US interstate banking deregulation Dummies for deregulation occurring in last 4 to 10 years Bank-holding company diversification Yes Goetz, Laeven, and Levine (RFS) Legal change for software patentability Post-shock dummy * pre-shock dummy for weak patentability Probability of firms patenting IP Yes Huang, Ceccagnoli, Forman, and Wu (MS) Introduction of weather derivatives Pre-shock exposure to weather Use of weather derivatives post-shock Only analysis Perez-Gonzalez and Yun (JF) 2014 7 2003 US mutual fund scandals Pre-shock cross-ownership by scandal affected mutual funds Cross ownership by mutual funds post shock Only analysis Anton and Polk (JF) 2002 US requirements for majority independent boards Max(0, 50%-percent independent directors Change in percent independent directors Yes Armstrong, Core, and Guay (JFE) Extension of small-business credit program in France Post-shock dummy * dummy for treated sectors firm debt Yes Bach (RF) Closure of research coverage by US brokerage houses, Dummies for coverage in previous three quarters Four firm disclosure choices Yes, staggered shocks Balakrishnan, Billings, and Ljungqvist (JF) pre-
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