Do Staggered Boards Harm Shareholders?

Reexamining Staggered Boards and Shareholder Value

“…Evidence from a natural experiment", Cohen and Wang (2013; CW2013), we provide evidence that market participants perceive staggered boards to be, on average, value-reducing. 1 Amihud and Stoyanov (2016;AS2016) contests our findings, arguing that excluding some observations or amending some specifications renders our results not statistically significant (though they largely retain their sign). In this paper, we carry out empirical tests that address the concerns of AS2016, and we show that the evidence is overall consistent with the conclusions of CW2013.…”

“…Excluding particular observations This table reports the results of reestimating the specifications of Table 1 using Method 2 risk-adjusted returns by excluding particular observations of firms from the sample. Rows 1, 4, and 13 replicate specifications reported by Amihud and Stoyanov (2016), and other rows vary the sample exclusion criterion and the treatment definition used.…”

“…Table 4 Industry fixed effects This table reports the results of re-estimating the specifications of Table 1 using Method 2 risk-adjusted returns by implementing four-digit Global Industry Classification Standard (GICS-4) fixed effects (Rows 1-3) or by excluding industry fixed effects (Rows 4-6). Row 1 replicates a specification reported by Amihud and Stoyanov (2016); other rows provide alternative specifications.…”

Institutional and Legal Context in Natural Experiments: The Case of State Antitakeover Laws

“…(), Dharmapala, Foley, and Forbes (), Faulkender and Petersen (), Tsoutsoura ()); securities and financial reforms to examine firm value, governance, and financing (Coates (), Zhang (), Atanasov et al. (), Iliev (), Vig ()); legislated subsidies to examine financial constraints (Butler and Cornaggia ()); and court decisions to examine the impact of firm governance on firm value, disclosures, and exposure to securities lawsuits (Cohen and Wang (), Furchtgott and Partnoy (), Crane and Koch (), Amihud and Stoyanov (), Licht et al. ())…”

As California Goes, So Goes the Nation? The Impact of Board Gender Quotas on Firm Performance and the Director Labor Market

“…In Column 3, we test whether penny stocks drive our results and exclude all stocks in our sample with day-end closing prices below USD 1 on the event date from the sample (e.g., Amihud and Stoyanov, 2017). In Columns 4 and 5, we winsorize the cumulative abnormal returns at the 0.5th and 99.5th and 5th and 95th percentiles, respectively, instead of the 1st and 99th percentiles.…”