Key points are not available for this paper at this time.
Lucian Arye Bebchuk, John C. Coates IV, Guhan Subramanian, The Powerful Antitakeover Force of Staggered Boards: Theory, Evidence, and Policy, Stanford Law Review, Vol. 54, No. 5 (May, 2002), pp. 887-951
Bebchuk et al. (Wed,) studied this question.