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-
2000 to 2008 Changes in state compulsory education laws Dummy variables for years of compulsory schooling Years of schooling completed No data in this paper but papers before have validated the shock balance Cole, Paulsen, and Shastry (RFS) 2002 SOX Post-shock dummy Presence of an investment banker on the board Yes Huang, Jiang, Lee, and Yang (JFE) 2000-2003 SOX and other disclosure and analyst regulations in the U.S. Dummy for free float in 2002 (pre shock) <75 Million (the threshold above which Section 404 is enforced) Compliance with Section 404 in 2004 (post shock) Yes Lee, Strong, and Zhu (JAR) 1H 2015 5 Death of non-CEO executives and directors Number of non-CEO executives who died during CEO tenure Fraction of executives appointed during CEO tenure Yes Khanna, Kim, and Lu (JF) Changes in jumbo mortgage loan cutoffs Post-shock * percent of loan applicants within 5% of jumbo cutoff pre-shock, also interaction with supply elasticity Changes in house prices Yes Loutskina and Strahan (JFE) 2001 Decimalization of stock prices in the US Post-shock dummy *pre-shock firm size liquidity Yes Norli, Ostergaard, and Schindele (RFS) Regulation FD Post-shock dummy Information asymmetry (probability of informed trading) Yes Petacchi (JAE) Gender of first-born child of departing entrepreneur in Greece Dummy for male first-born child Succession of CEO by a family member Two shocks – gender of first born and tax reform. Panel data pre-tax reform Tsoutsoura (JF) 32 papers 24 different types