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Alma Cohen & Charles C.Y. Wang, Reexamining Staggered Boards and Shareholder Value 125 J. Fin. Econ. 637 (2017).

Abstract: Cohen and Wang (2013) (CW2013) provide evidence consistent with market participants perceiving staggered boards to be value reducing. Amihud and Stoyanov (2016) (AS2016) contests these findings, reporting some specifications under which the results are not statistically significant. We show that the results retain their significance under a wide array of robustness tests that address the concerns expressed by AS2016. Our empirical findings reinforce the conclusions of CW2013.