This chapter from the forthcoming Research Handbook on Mergers and Acquisitions provides an overview of the practice, economic theory, and evidence regarding staggered boards in U.S. public companies. In doing so, it pursues a twofold purpose. First, it aims at illustrating the extent to which empirical studies documenting a detrimental effect of staggered boards on firm value have influenced both academic discussions and the practice of staggered boards, in spite of inherent methodological limitations. Second, based on more recent empirical evidence asserting the opposite conclusion, it argues for a new direction in staggered board research.
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Front Matter
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PART I: HISTORY AND OVERVIEW
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PART II: FOUNDATIONAL PRINCIPLES
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PART III: TRANSACTION STRUCTURING
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Chapter IV: TAKEOVER AND DEAL DEFENSES
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PART V: STANDARDS OF REVIEW
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PART VI: LITIGATION
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PART VII: STATUTORY ISSUES
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PART VIII: SHAREHOLDER ACTIVISM
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PART IX: COMPARATIVE PERSPECTIVES
