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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