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Reincorporation vertical · firm subsite · build v1.0

Dillard's: Delaware to Texas, effective August 31, 2025.

Approved at a special meeting on August 19, 2025; effective August 31, 2025 per 8-K accession 0001104659-25-080914. First-wave post-SB-29-era mover — conversion occurred three and a half months after Texas SB 29 / SB 1057 went into force (May 14, 2025), placing Dillard's among the first redomiciliations with full access to the elective derivative-standing and shareholder-proposal threshold provisions at the moment of conversion. Family-controlled two-class capital structure; Dillard family insiders aggregate 27.18% economic stake. Per-firm event-study evidence pending the canonical run.

Company
Dillard's
Transition
Delaware → Texas
Market cap
$9.5B
Meeting
2025-08-19
Effective date
2025-08-31

Headline findings

Status as of this buildCanonical fields populated; per-firm event-study, coalition arithmetic, and statutory opt-in taxonomy pending.

Twelve KPI boxes follow. Boxes bound to canonical fields render real values from data/data.json. Boxes bound to event-study results display [DATA PENDING] per BUILD_MANUAL.md §29.

Day-0 abnormal return (FF6+BNO)
[DATA PENDING]
Canonical event date 2025-07-22. Verdict: pending.
Cumulative AR over leakage window
[DATA PENDING]
[T−10, +0]. Verdict: pending.
Dillard family insider stake
27.18%
Aggregate. Alex Dillard 7.60% + William T. Dillard 5.79% + family. Verdict: two-class family control.
Synthetic-control gap on Day-0
[DATA PENDING]
ADH classical vs department-store donor pool. Verdict: pending.
Bayesian best-guess effect
[DATA PENDING]
Conjugate normal-normal posterior. Verdict: pending.
P(effect < −2pp)
[DATA PENDING]
Posterior probability of effect more negative than −2pp. Verdict: pending.
TOST equivalence
[DATA PENDING]
Equivalence bound ±1.5pp. Verdict: pending.
GARCH-corrected z
[DATA PENDING]
GARCH(1,1) leakage-window adjusted. Verdict: pending.
Difference from 20-firm SB-29 cohort
[DATA PENDING]
Texas subgroup n = 9 (incl. Dillard's). Verdict: pending.
Tests run
[DATA PENDING]
Canonical battery is 54 tests. Verdict: pending.
Filers exceeding $1M threshold
[DATA PENDING]
Texas §21.373 / 6-month threshold. Verdict: pending.
Two-holder pairs clearing 3%
[DATA PENDING]
Texas §21.552(a)(3). Verdict: pending.

Explore the analysis

Seven pages. One canonical data file. Every claim traces to a primary source.

01 · Coalition arithmetic
Dillard-family two-class structure + 13F
Insiders aggregate ~27.18%; institutional-coalition pathways under TBOC §21.552(a)(3) and §21.373.
02 · Market evidence
Three lenses, nine figures
Peer comparison vs department-store cohort; synthetic-control gap; Bayesian posterior. Pending per-firm run.
03 · Doctrinal framework
Delaware vs Texas, post-SB 29
DGCL §266 / TBOC §10.1085 conversion; full opt-in taxonomy available at conversion (Dillard's converted post-SB 29).
04 · Methodology
54-test canonical battery
FF6+BNO; Patell-z; Romano-Wolf; BH; TOST; synthetic control. Adapted to Dillard's department-store sector.
05 · Extensions
SDiD, cohort DiD, BHAR
Robustness beyond the core battery.
06 · Stress tests
Eight adversarial tests
Sector-confound separation; two-class voting structure stress test.
07 · Replication kit
Every number, every dataset
Python / R / Stata; tolerance-based diff against expected_results.json.

Standards

The audit trail behind every number on this site.

Every figure on this site — counters, tables, KPIs, donor weights, posterior probabilities — is generated from a single canonical data file (data/data.json). Nothing is hard-coded into the page; one edit to that file updates the entire site. The rule applies site-wide across the SMU Corporate Governance Initiative master architecture.

Every empirical result is reproducible across at least two independent statistical platforms (Python statsmodels canonical; R eventstudies under verification; Stata pending). Tolerances: ±0.5pp on point estimates, ±0.05 on p-values, ±0.01 on R², ±0.05 on donor weights.

Every SEC filing referenced links directly to EDGAR. Every statute citation uses Bluebook 21st edition format. Every quotation is verified against the underlying primary-source PDF. The firm's SOURCES.md documents every citation.

Per project-lead standing order (BUILD_MANUAL §31): every firm subsite reaching LIVE triggers an automatic hostile red-team reviewer package. No external citation of this URL is authorized until the firm's red-team state reads CLEARED.