Golden parachutes, information and shareholder value.

From: Atlantic Economic Journal | Date: March 1, 1995| Author: Shmanske, Stephen; Khan, Nabeela | Copyright information

Golden parachutes may increase shareholder value by aligning the incentives of the managers with those of the shareholders. In particular, when a hostile takeover bid is made directly to shareholders via a tender offer, the shareholders will rely on information they receive from incumbent management only if the shareholders believe that the incumbent management has no incentive to mislead them. Otherwise, the shareholders base their actions only on observable information. The golden parachute...

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