The IRRC firm-level data do not include provisions that apply automatically under state law. Thus, we supplement these data with state-level data on takeover laws as given by Pinnell[2000], another IRRC publication. From this publication we code the presence of six types of so-called "second-generation" state takeover laws and place them in the State group. Few states have more than three of these laws, and only Pennsylvania has
all six.8 Some of these laws are analogues of firm-level provisions given in other groups. We discuss these analogues in subsection II.B.