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| Author: | Daines, R. |
| Title: | Does Delaware law improve firm value? |
| Journal: | Journal of Financial Economics
2001 : DEC, VOL. 62:3, p. 525-558 |
| Index terms: | COMPANY VALUE CORPORATE GOVERNANCE INVESTOR PROTECTION LAW PUBLIC COMPANIES |
| Language: | eng |
| Abstract: | The author presents evidence consistent with the theory that Delaware corporate law improves firm value and facilitates the sale of public firms. Using Tobin's Q as an estimate of firm value, he finds that Delaware firms are worth significantly more than similar firms incorporated elsewhere. The result is robust to controls for firm size, diversification, profitability, investment opportunity, industry, managerial ownership, and unobservable firm heterogeneity. |
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