Research Handbook on Mergers and Acquisitions
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Research Handbook on Mergers and Acquisitions

Edited by Claire A. Hill and Steven Davidoff Solomon

Global in scope and written by leading scholars in the field, the Research Handbook on Mergers and Acquisitions is a modern-day survey of the state of M & A. Its chapters explore the history of mergers and acquisitions and also consider the theory behind the structure of modern transaction documentation. The book also address other key M & A issues, such as takeover defenses; judges and practitioners' perspectives on litigation; the appraisal remedy and other aspects of Federal and state law, as well as M & A considerations in the structure of start-ups. This Handbook will be an invaluable resource for scholars, practitioners, judges and legislators.
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Chapter 9: Staggered boards: practice, theory, andevidence

Simone M. Sepe


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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