this examination of the long-term performance and financial policy implications
of shark repellent adoptions. Therefore, this study follows Hirschey and Jones
(1995) in adopting the Jarrell and Poulsen (1987) sample for analysis. To ensure
comparability with previous and subsequent research, this study relies upon
widely available Compustatdata in the calculation of firm performance and
financial policy decision variables. This results in some modest information loss,
since only 505 of Jarrell and Poulsen’s (1987) 551 firms have sufficient data avail-
able on Compustat. Nevertheless, with 91.6% coverage of the Jarrell and Poulsen
(1987) sample, the n
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