True Or False? Golden Parachutes Benefit Shareholders

Golden parachute arrangements are often included in discussions of anti-takeover devices. For example, the late Harold Marsh, Jr. in his magnum opus, Marsh’s California Corporation Law, discusses golden parachutes in a section entitled “Defenses of Control”.

Can it be that golden parachutes actually have the opposite effect?

A recent study by Professor Eliezer Fich, Ahn Tran, and Ralph Walkling concludes “yes, but”...

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