Shareholder Wealth Effects of Directors' Liability Limitation Provisions
研究发现，采用董事责任限制条款对所有公司的股价影响不显著，但对业绩差的公司有正面影响，因为该条款能降低外部董事服务于困境公司的预期成本。
The adoption of liability limitation provisions (LLPs) is associated with insignificant stock price reactions for all firms, but with positive stock price reactions for poorly performing firms. This result is consistent with the hypothesis that the net benefit of LLPs is larger for financially troubled firms than for other firms because outside directors are valuable to the distressed firm and LLPs substantially affect experts' expected costs of serving as directors