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Publications

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  • All HBS Web  (7)
    • Faculty Publications  (4)

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    • All HBS Web  (7)
      • Faculty Publications  (4)

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      • 2015
      • Working Paper

      Staggered Boards and Shareholder Value: A Reply to Amihud and Stoyanov

      By: Alma Cohen and Charles C.Y. Wang
      In a paper published in the Journal of Financial Economics in 2013, we provided evidence that market participants perceive staggered boards to be on average value-reducing. In a recent response paper, Amihud and Stoyanov (2015) “contest” our results. They...  View Details
      Keywords: Staggered Boards; Takeover Defense; Antitakeover Provision; Firm Value; Agency Costs; Delaware; Chancery Court; Airgas; Governing and Advisory Boards; Acquisition; Corporate Governance; Business and Shareholder Relations; Delaware
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      Cohen, Alma, and Charles C.Y. Wang. "Staggered Boards and Shareholder Value: A Reply to Amihud and Stoyanov." Harvard Business School Working Paper, No. 16-097, February 2016.
      • Summer 2015
      • Article

      The Effect of Delaware Doctrine on Freezeout Structure and Outcomes: Evidence on the Unified Approach

      By: Fernan Restrepo and Guhan Subramanian
      Historically, Delaware corporate law provided different standards of judicial review for buyouts by controlling shareholders (also known as "freezeouts") based on what transactional form was used: deferential business judgment review for freezeouts executed as tender...  View Details
      Keywords: Laws and Statutes; Business and Shareholder Relations; Delaware
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      Restrepo, Fernan, and Guhan Subramanian. "The Effect of Delaware Doctrine on Freezeout Structure and Outcomes: Evidence on the Unified Approach." Harvard Business Law Review 5, no. 2 (Summer 2015): 205–236.
      • December 2013
      • Article

      How Do Staggered Boards Affect Shareholder Value? Evidence from a Natural Experiment

      By: Alma Cohen and Charles C.Y. Wang
      The well-established negative correlation between staggered boards (SBs) and firm value could be due to SBs leading to lower value or a reflection of low-value firms' greater propensity to maintain SBs. We analyze the causal question using a natural experiment...  View Details
      Keywords: Staggered Board; Takeover Defense; Antitakeover Provision; Proxy Fight; Tobin's; Firm Value; Agency Cost; Delaware; Chancery Court; Airgas; Governing and Advisory Boards; Corporate Governance
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      Cohen, Alma, and Charles C.Y. Wang. "How Do Staggered Boards Affect Shareholder Value? Evidence from a Natural Experiment." Journal of Financial Economics 110, no. 3 (December 2013): 627–641.
      • Research Summary

      Corporate Governance

      By: Charles C.Y. Wang

      The characteristics and structure of boards of directors have important implications for firm performance. Professor Wang has found that firms with well-connected boards whose members have strong network connections provide economic benefits that are not immediately...  View Details

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