Dillard's, Inc. (DDS) — Reincorporation detail

Announcement

2025-07-21

First SEC disclosure

Meeting / Vote

2025-08-19

COMPLETED

Effective

2025-08-31

Legal effective date

Market Cap

$9.5B

At announcement

Why this firm matters

Standard cohort firm (Completed). Included for breadth across destinations and sectors.

Controller & ownership

Diffuse / non-controlled

Ownership concentration data not yet documented for this firm.

Source: Large-cap, widely held

Vote outcome — reincorporation proposal

Approval standard: majority of the voting power of the outstanding stock entitled to vote (DGCL §266 conversion). Meeting type: annual.

Vote totals not yet pulled. Awaiting EDGAR Item 5.07.

Event-study abnormal returns — announcement window

Returns around the announcement date.

Event date: 2025-07-21 · Estimation window: 2024-08-02 to 2025-07-18 (240 days)

Specification	Day-0 AR	Inference
Synthetic control (9-donor Consumer Discretionary peer pool)i	-2.24%	no inference
Market model (SPY benchmark)i	+0.34%	Patell-z p-value = 0.893
Sector-augmented model (SPY + Consumer Discretionary ETF (XLY)) HEADLINEi	+0.24%	Patell-z p-value = 0.925
Matched pair (vs TJX, market-model-adjusted)i	-1.82%	two-sided p-value = 0.505
Raw differential vs TJXi	-1.68%	no inference

Robustness checks — does the headline result hold up?

Three independent diagnostics that interrogate the headline estimate from different angles. All three pointing the same way = high confidence in the result.

Pre-event drift check: the firm's daily abnormal return drifted by +0.0012% per day in the pre-event window (p = 0.639). no detectable pre-event drift âœ“. — A near-zero slope means the pre-event period was stable, so the day-0 reaction is not contamination from a pre-existing trend.
Donor co-movement check: 7 of 9 peer firms moved in the same direction as the treated firm on the event day (binomial p = 0.1797). — A high concordance means the day was driven by industry-wide news rather than something firm-specific. A low concordance means the firm moved differently from peers (potential firm-specific signal).
Synthetic-control fit quality: pre-event correlation between the firm and its synthetic twin = 0.365 (weak tracking — interpret with caution); RÂ² = -0.983 (fraction of pre-event variance explained); Durbin-Watson = 1.90 (no autocorrelation). — Higher correlation + higher RÂ² + Durbin-Watson near 2 means the synthetic peer was a good match before the event, so the post-event gap is interpretable.

Event-study abnormal returns — vote window

Returns around the shareholder-vote (or written-consent) date.

Event date: 2025-09-02 · T0 source: actual_effective_date_iso · Estimation window: trailing 240 days; 240 valid after NaN drop

Specification	Day-0 AR	Inference
Market model (SPY benchmark) HEADLINEi	+4.44% ^*	Patell-z p-value = 0.066

Long-run abnormal returns & pooled estimates

Buy-and-hold abnormal returns (1 / 3 / 6 / 12 months) and calendar-time portfolio alpha (CTE) post-effective.

Effective date: 2025-08-31 · n_post = 167 days

Buy-and-hold abnormal returns (BHAR)

Horizon & benchmark	BHAR	Inference
1 month vs S&P 500	+11.81%	Patell-z = +0.82 · p = 0.414 · n = 21 days
1 month vs sector ETF (XLY)	+11.78%	Patell-z = +0.82 · p = 0.414 · n = 21 days
3 months vs S&P 500	+19.57%	Patell-z = +0.63 · p = 0.529 · n = 63 days
3 months vs sector ETF (XLY)	+23.59%	Patell-z = +0.63 · p = 0.529 · n = 63 days
6 months vs S&P 500	+13.79%	Patell-z = +0.12 · p = 0.908 · n = 126 days
6 months vs sector ETF (XLY)	+20.79%	Patell-z = +0.12 · p = 0.908 · n = 126 days

Calendar-time portfolio alpha (CTE)

Specification	Annualized alpha	Inference
Calendar-time portfolio alpha vs S&P 500	+4.14%/yr	t = +0.10 · p = 0.917 · n = 167 days · Newey-West HAC SE (lag=5)
Calendar-time portfolio alpha vs sector ETF	+15.42%/yr	t = +0.37 · p = 0.710 · n = 167 days · Newey-West HAC SE (lag=5)

Cohort-level robustness battery

Heckman selection-corrected ATE · Romano-Wolf step-down + BH FDR · pooled BHAR. This firm's reading is shown in context of the full cohort.

Heckman two-step selection correction (controlled-vs-widely-held)

Cohort ATE = +0.94% (SE = 7.06%, n = 2395) after correcting for controller-status selection (inverse Mills ratio = -0.062).

Romano-Wolf step-down + Benjamini-Hochberg FDR (n = 47)

This firm: raw p = 0.925, Romano-Wolf adjusted p = 1.000, BH-FDR adjusted p = 0.966. Multiple-hypothesis correction is computed across the full cohort to control family-wise error rate at alpha = 0.05.

Pooled cohort BHAR (mover firms only)

BHAR_63d: mean = -5.60% (SE = 22.11%, n = 3, p = 0.499) · BHAR_126d: mean = +17.33% (SE = 41.17%, n = 3, p = 0.774)

See Cohort event study → for the full battery and forest plots.

Texas Statutory Adoptions

Texas opt-in statutory regimes available to Texas-incorporated public companies. Each requires a charter or bylaw amendment with proxy notice. Both are independently elected.

SB 29 — TBOC §21.552

Derivative-action 3% ownership threshold (effective 2025-05-14, post-Tornetta v. Musk).

âœ“ ADOPTED

Source: 8-K 0001104659-25-080914 (effective Aug 31 2025); TX Charter & bylaws [Filing â†—]

SB 1057 — TBOC §21.373

Shareholder-proposal threshold: lesser of $1M market value or 3% of voting shares, 6-month hold, 67% solicit (effective 2025-09-01). Director nominations and procedural resolutions are exempt. Legal status: vulnerable to challenge under the Internal Affairs Doctrine and dormant Commerce Clause; SEC Rule 14a-8(i)(1) permits state-law exclusion, so §21.373 may operate through Rule 14a-8 rather than face direct preemption. No court ruling has issued. Firms appear to be in a wait-and-see posture pending legal clarity.

PENDING VERIFICATION

Adoption is opt-in. A "No" or "Pending" status means the firm has not (yet) elected into the regime — it does not mean the firm is non-compliant. Adoption requires a charter/bylaw amendment disclosed via 8-K Item 5.03.

Source filings

Primary-source documents on SEC EDGAR plus IR / search links.

IR — https://investor.dillards.com/
EDGAR — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000028917&type=&dateb=&owner=include&count=40
Proxy — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000028917&type=DEF+14A&dateb=&owner=include&count=40
8-K Item 5.07 (vote) · 0001104659-25-080914 — filing →

Classification & audit trail

Bucket

Panel eligibility

PANEL_A_post_SB29

Audit status

VERIFIED_EDGAR

Source confidence

VERIFIED_EFFECTIVE

Transaction status

COMPLETED

Audit notes

VERIFY: Dillard's effective 2025-08-31 [corrected to 2025-08-20] (post-SB 29); must be excluded from Panel B.
Effective date present but no Accession URL in v6 rev78; retrieve from EDGAR.
[2026-04-28] Phase 4I: replaced Google-search IR fallback with direct URL https://investor.dillards.com/
[2026-04-28] Phase 4K: corrected dates that were off by 3+ months (ann 2025-03-14 -> 2025-07-21; meeting 2025-05-17 -> 2025-08-19; eff 2025-08-31 [corrected to 2025-08-20] -> 2025-08-20). Special Meeting 2025-08-19; certificate of conversion filed 2025-08-20. Record date 2025-07-25. Disclosed franchise-tax savings >$250K/yr.
[2026-04-28] Phase 4N: synthesized event_study_announcement_json from existing scalar CAR cells (phase4a_v2 join). Reviewer can extend with multi-spec analysis. [2026-04-28] phase5c: vote source 8-K 0001104659-25-080914 (2025-08-20, Δ=1d) applied from EDGAR pull (status=AUTO_RESOLVED) [2026-04-28] phase5c: vote source 8-K 0001104659-25-080914 (2025-08-20, Δ=1d) applied from EDGAR pull (status=AUTO_RESOLVED) [2026-04-29] phase5r: bucket 'C' -> 'B1' (DE->TX effective 2025-08-20 >= SB29 -> bucket B1) [2026-04-29] phase5u: row independently validated by external Reviewer (full-residual pass, 78/276 substantive answers); validations applied: V_DATE_ANN=CONFIRM; V_DATE_MEET=CONFIRM; V_DATE_EFF=CONFIRM; V_MECHANISM=CONFIRM; V_FROM_TO=CONFIRM; V_BUCKET=WRONG=B1; V_COHORT=CONFIRM_INCLUSION; primary-source URLs all under https://www.sec.gov/Archives/ [2026-04-29] phase5v: row independently re-validated by external Reviewer (Round 4 full-residual pass, 85/276 substantive); all bucket and pending-status conclusions match v3.57 [2026-04-29] phase5w: comprehensive validation by external reviewer across tranches v5 (4-version full residual walk, 269 substantive answers across 52 firms, 0 bucket drifts vs v3.58) [2026-04-29] phase5z: DDS effective date is 2025-08-20 (corrected); any prior reference to 2025-08-31 is superseded historical text
[2026-04-29] v3.74: actual_effective_date_iso 2025-08-20→2025-08-31 — per 8-K acc 0001104659-25-080914 cover (Effective Time Aug 31 10:59pm CT). Aug 20 was certificate-of-conversion filing date.
[2026-04-29] v3.75: VERIFIED via 8-K Item 5.07 (acc 0001104659-25-080914): 12.8M for / 1.5M against / ~2,300 abstain. Class A (11.6M outstanding @1 vote) + Class B (3.99M outstanding @1 vote). DGCL §266 conversion → majority of outstanding voting power. Effective Aug 31, 2025 10:59 PM CT.