Cohen, Alma; Wang, Charles C.Y. - In: Journal of Financial Economics 110 (2013) 3, pp. 627-641
The well-established negative correlation between staggered boards (SBs) and firm value could be due to SBs leading to lower value or a reflection of low-value firms' greater propensity to maintain SBs. We analyze the causal question using a natural experiment involving two Delaware court...