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  • Winter 2021
  • Article

Can Staggered Boards Improve Value? Causal Evidence from Massachusetts
By: Robert Daines, Shelley Xin Li and Charles C.Y. Wang
We study the effect of staggered boards (SBs) using a quasi-experiment: a 1990 law that imposed an SB on all Massachusetts-incorporated firms. The law led to an increase in Tobin's Q, investment in CAPEX and R&D, patents, higher-quality patented innovations, and...  View Details
Keywords: Staggered Board; Entrenchment; Life-cycle; Tobin's Q; Innovation; Profitability; Investor Composition; Governing and Advisory Boards; Investment; Innovation and Invention; Institutional Investing; Value
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  • July 2016
  • Article

Under New Management: Equity Issues and the Attribution of Past Returns
By: Malcolm Baker and Yuhai Xuan
There is a strong link between measures of stock market performance, such as changes in Tobin's Q or past stock returns, and equity issues. Typically, this performance is thought to be a characteristic of the firm, not the CEO who happens to run the firm. In contrast...  View Details
Keywords: Performance; Management Teams; Equity
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  • winter 1988
  • Article

Diversification, Ricardian rents, and Tobin's q
By: Cynthia A. Montgomery and Birger Wernerfelt
Keywords: Diversification; Strategy
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  • March 1988
  • Article

Tobin's q and the Importance of Focus in Firm Performance
By: Cynthia A. Montgomery and Birger Wernerfelt
Keywords: Business Ventures; Performance
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