| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 5100555 | Journal of Financial Economics | 2017 | 28 Pages |
Abstract
We examine the Cohen and Wang (2013) conclusion that a staggered board lowers firm value based on the stock price reaction to two 2010 Delaware court rulings in the Airgas, Inc. case. The first ruling weakened the potency of a staggered board and the second restored it. We find that the Cohen and Wang results, for their sample, become insignificant after excluding a few penny stocks, stocks with value below $10 million, or over-the-counter (non-exchange) stocks. The effects of the rulings are also insignificant for an alternative sample.
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Authors
Yakov Amihud, Stoyan Stoyanov,