منابع مشابه
Staggered Boards and Shareholder Value: A Reply to Amihud and Stoyanov
In a paper published in the JFE in 2013, we provided evidence that market participants perceive staggered boards to be on average value-reducing. In a recent response paper, Amihud and Stoyanov (2015) “contest” our results. They advocate using alternative methods for estimating risk-adjusted returns and excluding some observations from our sample. Amihud and Stoyanov claim that making such chan...
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We study the effect of staggered boards on long-run firm value, using a natural experiment: a 1990 law that imposed a staggered board on all firms incorporated in Massachusetts. We find a significant and positive average increase in Tobin’s Q among the Massachusetts treated firms, suggesting that staggered boards can be beneficial for early-life-cycle firms, which exhibit greater information as...
متن کاملHow do staggered boards affect shareholder value? Evidence from a natural experiment
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 rulings–separated by several weeks and going in opposite directions–that affected the antitakeover force of...
متن کاملWorker Matching and Firm Value
This paper studies the value of rms and their hiring and ring decisions in an environment where the productivity of the workers depends on how well they match with their co-workers and the rm acts as a coordinating device. Match quality derives from a production technology whereby workers are randomly located on the Salop circle, and depends negatively on the distance between the workers. It...
متن کاملManagerial Style and Firm Value
This study analyzes the effect of managerial style on firm value by partitioning general and administrative (G&A) expenses in the REIT industry into a nondiscretionary “structural” component associated with the costs of asset and liability management and a discretionary or “style” component. The discretionary component is significantly related to at least one measure of stylespecifically, the p...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2013
ISSN: 1556-5068
DOI: 10.2139/ssrn.2364165