A staggered board (also known as a classified board) is a governing board of directors of an organization in which approximately one third of the members are elected each term. The directors are organized into different groups and each group falls within a specified class.There are typically thr...
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companies from 1990 to 2013, they find that the effect of a staggered board on firm value becomes generally insignificant. As the authors put it, "The effect of a staggered board is idiosyncratic; for some firms it increases value, while for other firms it is value destroying." On the ...
We argue that the documented discount on firms with staggered boards is not evidence that staggered boards destroy firm value. Instead, firms that are already ddoi:10.2139/ssrn.1927471Afonso, Esteban L.Wintoki, M. BabajideSocial Science Electronic Publishing...
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We address the heated debate over the staggered board. One theory claims that a staggered board facilitates entrenchment of inefficient management and thus harYakov AmihudMarkus SchmidSteven Davidoff SolomonSocial Science Electronic PublishingAmihud, Y., M. Schmid, and S. Davidoff Solomon (2017a). ...
We examine cases where managers announce an intention to de-stagger their boards via proxy proposals or board action. The literature has established the staggered board as the most consequential of all takeover defenses and one that destroys wealth. Thus, dismantling staggered boards benefits sharehold...
The bill, MA State Bill 5640, introduced new staggered board rules in MA, which required MA-incorporated firms to have staggered boards. Once staggered, boards could only remove this structure (beginning in January 1992) with a board vote or by a supermajority vote of shareholders.6 A ...
staggertheirboardsviaeitherproxyproposalsorboardaction.Theliteraturehasnow establishedthestaggeredboardasarguablythemostconsequentialofallavailable takeoverdefenses.Thus,thedismantlingofthisstructureinfavorofannualdirector electionshasimportantimplicationsforshareholderrightsandwealth.Westudythe wealtheffectsandmotivesbehindthis...
英英释义 a board of directors a portion of whose members are elected each year instead of all members being elected annually 访问沪江小D查看staggered board of directors的更多详细解释>相关短语 outside director (非股东董事) 外界董事 recourse agreement (对分期付款的) 追索权协定 middling (美棉分级...