“…Existing studies have taken advantage of mandatory disclosure in countries including England (O'Sullivan , ), Canada (Core, , ), Korea (Park‐Wynn ), and Taiwan (Chen and Li, ; Chen, Yi, and Lin, ); others have taken advantage of voluntary D&O insurance disclosures (Bhagat et al, ; Zou et al, ), proprietary data from insurance brokers (Holderness, ; Chalmers, Dann, and Harford, ; Kaltchev, ; Kim, ), or survey data from consulting firms (Cao and Narayanamoothy, 2011; Fier et al, ). We discuss these studies in the literature review.…”