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dc.contributor.authorBebchuk, Lucian Arye
dc.contributor.authorCohen, Alma
dc.date.accessioned2013-12-04T14:33:21Z
dc.date.issued2005
dc.identifier.citationLucian A. Bebchuk & Alma Cohen, The Costs of Entrenched Boards, 78 J. Fin. Econ. 409 (2005).en_US
dc.identifier.issn0304-405Xen_US
dc.identifier.urihttp://nrs.harvard.edu/urn-3:HUL.InstRepos:11350501
dc.description.abstractThis paper investigates empirically how the value of publicly traded firms is affected by arrangements that protect management from removal. Staggered boards, which a majority of U.S. public companies have, substantially insulate boards from removal in either a hostile takeover or a proxy contest. We find that staggered boards are associated with an economically meaningful reduction in firm value (as measured by Tobin's Q). We also provide suggestive evidence that staggered boards bring about, and not merely reflect, an economically significant reduction in firm value. Finally, the correlation with reduced firm value is stronger for staggered boards that are established in the corporate charter (which shareholders cannot amend) than for staggered boards established in the company's bylaws (which shareholders can amend).en_US
dc.language.isoen_USen_US
dc.publisherElsevieren_US
dc.relation.isversionofhttp://www.sciencedirect.com/science/article/pii/S0304405X05001169#en_US
dc.relation.hasversionhttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=556987en_US
dc.relation.hasversionhttp://www.nber.org/papers/w10587en_US
dc.relation.hasversionhttp://www.law.harvard.edu/faculty/bebchuk/pdfs/03.Bebchuk-Cohen.Entrenched-Boards.pdfen_US
dc.relation.hasversionhttp://www.law.harvard.edu/faculty/bebchuk/pdfs/Bebchuk-Cohen_Costs-of-Entrenched-Boards.pdfen_US
dash.licenseMETA_ONLY
dc.titleThe Costs of Entrenched Boardsen_US
dc.typeJournal Articleen_US
dc.description.versionVersion of Recorden_US
dc.relation.journalJournal of Financial Economicsen_US
dash.depositing.authorBebchuk, Lucian Arye
dash.embargo.until10000-01-01
dash.contributor.affiliatedCohen, Alma
dash.contributor.affiliatedBebchuk, Lucian


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