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This online appendix provides additional results as described in our paper "Staggered Boards and Long-Term Value, Revisited", available at 'http://ssrn.com/abstract=2364165' http://ssrn.com/abstract=2364165
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In this paper we argue that managers confront a paradox in selecting strategy. On the one hand, capital markets systematically discount uniqueness in the investment strategy choices of firms. Uniqueness in strategy heightens the cost of collecting and analyzing information to evaluate a firm's...
Persistent link: https://www.econbiz.de/10013110655
This paper revisits the staggered board debate focusing on the long-term association of firm value with changes in board structure. We find no evidence that staggered board changes are negatively related to firm value. However, we find a positive relation for firms engaged in innovation and...
Persistent link: https://www.econbiz.de/10012973707
We analyze the impact of the right to adopt a poison pill – a “shadow pill” – on visible pill policy and firm value by exploiting the quasi-natural experiment provided by U.S. states’ staggered adoption of poison pill laws (PPLs) validating the pill. We document that by reducing...
Persistent link: https://www.econbiz.de/10013308323
We analyze the impact of the right to adopt a poison pill – a “shadow pill” – on visible pill policy and firm value by exploiting the quasi-natural experiment provided by U.S. states’ staggered adoption of poison pill laws (PPLs) validating the pill. We document that by reducing...
Persistent link: https://www.econbiz.de/10013308539
In this paper we argue that managers confront a paradox in selecting strategy. On the one hand, capital markets systematically discount uniqueness in the investment strategy choices of firms. Uniqueness in strategy heightens the cost of collecting and analyzing information to evaluate a firm's...
Persistent link: https://www.econbiz.de/10013115043
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