The main data can be divided into two categories, fundamental information and equity returns
by the firms with the same Corporate Governance Scores. They were gathered from Bloomberg. The
equity returns, in particular, were derived from the weekly total returns of each equity stock and index
while all other information regarding the fundamentals of the firms was analyzed using end-of-year
data. To reduce analysis biases, this study Winsorized the firms that failed to provide all relevant
fundamental information.