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Cleaning Corporate Governance

Jens Frankenreiter, Cathay Hwang, Yaron Nili & Eric Talley

170 U. Penn. L. Rev. 1 (forthcoming 2021)

Online Companion Resource

August 2021


This online resource includes links to online appendices and several data sources associated with the manuscript titled, Cleaning Corporate Governance, 170 U. Penn. L. Rev. 1 (forthcoming 2021) (available on SSRN at

If you make use of any of the data sets below, please cite to the above article.

Online Appendices: Online Appendices.pdf

  1. Appendix C: Comparison to Contemporary ISS Governance Data
  2. Appendix D: Additional Charter-Level Metrics and Labels
  3. Appendix E: Additional Text Analysis Details
  4. Appendix F: Predicting G-Index and CCG-Index using Charter Text Alone        

Data Sets

  1. Full Corpus dataset with chartering histories of S&P 1500 companies: 
  1. Description: Full corpus of charters used in paper.
  2. Data set includes: CIKs; All Issuer Charter Documents and Dates
  3. Note: Following this link will take you to a form to fill out, where you provide us with some information about your team and project. After assenting to our conditions of use, you will be provided with a URL to download a zipped file of our data and the code book. We will email you the password under separate cover.
  1. Dataset with hand-coded labels for sample (75 issuers): LabelsPanelCCG.xlsx
  1. Description: Panel of 75 randomly selected issuers with hand-coded labels for all available company-years.
  2. Data set includes: CIKs; years; Hand-Coded Labels as reflected in the text of company charters. (It does not include content for background state laws -- see below).
  3. (This file contains the hand-coded labels for a selection of companies, and is made available for evaluation purposes. If the larger data set is needed for publication consideration, we can make that available on a restricted basis.)
  1. State-Law Data: StateLawPanelCCG.xlsx
  1. Description: Panel data set tracking Corporate Governance provisions at the state level
  2. Data set includes: State and year, plus sixteen hand-coded State Law Provisions and four additional provisions taken from existing literature
  3. Additional labels also track other attributes of statute (e.g., Default/Immutable status; Lowest Level CG Document sufficient to Opt Out; Limitations on Opt-Out choices).
  4. See first worksheet for additional details and variable descriptions.
  1. Governance Index File: G and CCG.xlsx
  1. Description: Matched issuer corrections of G-Index in IRRC database
  2. Data set includes: Ticker, CUSIP (6 digit), CIK, Year, Company Name, G-Index, CCG-index (Corrected G-Index), G Error (Difference)