“…38 For example, Dittmar and Mahrt-Smith (2007) and John, Litov, and Yeung (2008) find stronger results with the G-index than the E-index (indicating that provisions other than classified boards matter), and Hwang andKim (2009), Harford, Humphery-Jenner, andPowell (2012), and Johnson, Karpoff, and Yi (2015) find stronger results using broad indices of takeover defenses compared to using only classified boards. Cremers, Litov, and Sepe (2017) also find that the takeover defenserelated results in Cuñat, Gine, and Guadalupe (2012) are driven by takeover defenses other than classified boards, also indicating that a variety of defenses offer incremental takeover protection. provides good test identification without considering firms' coverage by firstgeneration laws, other second-generation laws, firm-level defenses, and the endogenous process by which the law came about.…”