Staggered Boards and the Wealth of Shareholders: Evidence from Two Natural Experiments
---- Acknowledgements -----
For helpful comments on earlier drafts, we are grateful to Steven Davidoff, Jeff Gordon, Guhan Subramanian, and participants in a Harvard workshop. We have also benefitted from conversations with a number of participants in the Airgas takeover battle and the market trading surrounding it, including Isaac Corree, Jeff Gordon, Matthew Mark, David Millstone, Ted Mirvis, and Tim Wallach. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.