For decades, the value of corporate diversification has interested academics, investors, and managers. The finding that diversified firms, on average, trade at a substantial discount compared to focused firms ignited the debates on diversification discount. Given that diversification destroys...

This paper reexamines the relation between firm value and classified boards. The previous studies on large-sample data document a negative relation between classified boards and firm value. Event study evidence also shows a positive market response to the elimination of classified boards and a...