dates (1990, 1993, 1995, 1998) is 0.60, and the median (absolute) change between publication dates is zero. Table III shows the correlations between pairs of subindices.
The Delay, Protection, Voting, and Other subindices all have positive and significant pairwise correlations with each other. State, however, has negative correlations with Delay, Protection, and Voting. It could be that firms view some of the state laws as
substitutes for the firm-level provisions, but then it would be surprising that Other, which contains three provisions that are direct substitutes for state laws, is the only subindex that is positively correlated with State. Overall, it appears that coverage
under state laws is not highly correlated with the adoption of firm-level provisions. This fact has implications for the analysis of causality, as is discussed in Section IV.