Thus, the Governance Index ("G") is just the sum of one point for the existence (or absence) of each provision. We also construct subindices for each of the five categories: Delay, Protection, Voting, Other, and State. Recall that there are 28 total provisions listed in the five categories, of which 24 are unique. For the state laws with a firm-level analogue, we add one point to the index if the firm is covered under the firm-level provision, the state law, or both.11 For example, a firm that has an Antigreenmail provision and is also covered by the Antigreenmail state law would get one point added to both its State subindex and its Other subindex, but only one point (not two) would be added to its overall G index. Thus, G has a possible range from 1 to 24 and is not just the sum of the five subindices.