Our paper provides novel evidence suggesting that a central pillar of the U.S. litigation and corporate governance system, securities class action...Read more
Oliver Spalt
Elisabeth Kempf
19 August 2019
Presentation
We study the effect of staggered boards on long-run firm value using a natural experiment: a 1990 law that imposed a staggered board on all firms incorporated in Massachusetts. We find a significant and positive average (and median) increase in Tobins Q for innovating firms, particularly those facing greater Wall Street scrutiny. This increase in value appears to come, at least in part, from increased investment in R&D and capital expenditures and from valuable patents.
March 28 2024
Blog
Why climate disclosure is the SEC’s job – Not investors’