Plausibly Exogenous [1473] - Staggered Boards (02/14/2024)

LHS Variable
Firm value

RHS Variable
Staggered boards

Source of Exogenous Variation
two Delaware court rulings—separated by several weeks and going in opposite directions—that affected the antitakeover force of SBs

- Cohen and Wang (2013), “How do staggered boards affect shareholder value? Evidence from a natural experiment“