Bebchuk, Cohen, and Farrell (2009) use IRRC data to show that a six-factor firm entrenchment index fully drives the correlation between the G-index, firm value, and stock returns during the 1990s. Chi (2005) examines the endogeneity between firm value and shareholder rights and finds that the change in G-index is negatively correlated with the future change in firm’s Tobin’s Q.