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The Elimination Of Director Liability And Stockholder Returns: An Empirical Investigation

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  • Vahan Janjigian
  • Paul J. Bolster

Abstract

In this paper, the performance of the common stock of Delaware and non‐Delaware firms is examined during the Delaware legislature's debate and approval of an amendment to the Delaware General Corporation Law permitting the elimination of director liability. In addition, stockholder returns surrounding the proxy and meeting dates for certain Delaware firms are examined. Results indicate that Delaware firms performed worse than non‐Delaware firms during the legislative period; however, strong differences between the two groups are not documented.

Suggested Citation

  • Vahan Janjigian & Paul J. Bolster, 1990. "The Elimination Of Director Liability And Stockholder Returns: An Empirical Investigation," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 13(1), pages 53-60, March.
    • Handle: RePEc:bla:jfnres:v:13:y:1990:i:1:p:53-60
    DOI: 10.1111/j.1475-6803.1990.tb00535.x
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    Cited by:

    1. M. Martin Boyer & Mathieu Delvaux-Derome, 2002. "The Demand for Directors' and Officers' Insurance in Canada," CIRANO Working Papers 2002s-72, CIRANO.
    2. Yaniv Grinstein & Stefano Rossi, 2016. "Good Monitoring, Bad Monitoring," Review of Finance, European Finance Association, vol. 20(5), pages 1719-1768.
    3. Yi Bingsheng & Chen Chia-wei & Lin Barry, 2018. "Directors’ and Officers’ Liability Insurance and Firm Performance: Evidence from Taiwan," Asia-Pacific Journal of Risk and Insurance, De Gruyter, vol. 12(2), pages 1-15, July.
    4. M. Martin Boyer, 2003. "Is the Demand for Corporate Insurance a Habit? Evidence from Directors' and Officers' Insurance," CIRANO Working Papers 2003s-42, CIRANO.
    5. M. Martin Boyer, 2004. "Is the Demand for Corporate Insurance a Habit? Evidence of Organizational Inertia from Directors' and Officers' Insurance," CIRANO Working Papers 2004s-33, CIRANO.
    6. Boyer, Martin, 2014. "Directors’ and officers’ insurance and shareholder protection," Journal of Financial Perspectives, EY Global FS Institute, vol. 2(1), pages 107-128.
    7. Park, Min, 2018. "What drives corporate insurance demand? Evidence from directors' and officers' liability insurance in Korea," Journal of Corporate Finance, Elsevier, vol. 51(C), pages 235-257.
    8. Bradley, Michael & Chen, Dong, 2011. "Corporate governance and the cost of debt: Evidence from director limited liability and indemnification provisions," Journal of Corporate Finance, Elsevier, vol. 17(1), pages 83-107, February.

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