Takeovers are usually lucrative for shareholders of the target firm:
对于目标公司的股东而言,收购通常会带来丰厚回报:
in America between 1990 and 2008, they have received a median premium of 35%. But theboss s interests are quite different.
在美国1990年至2008年间的收购项目中,目标公司股东的收益溢价中值为35%。
If the firm is acquired, he is likely to be fired.
但老板的权益相去甚远;如果公司最终被收购,其可能官位难保。
A golden parachute can persuade the boss not to obstruct a takeover.
妥善的金色降落伞条款可促使老板不为收购设置障碍。
But their notoriety dissuades firms from using them.
但鉴于该条款通常不受欢迎,公司不太会动用。
Dirk Jenter of Stanford University and Katharina Lewellen of Tuck Business School find thatgolden parachutes are rarer and stingier than they should be.
斯坦福大学的德克?珍特和塔克商学院的卡特琳娜?卢埃林研究认为:金色降落伞条款不应该像现在这般罕见且苛刻。
To test whether bosses block takeovers, they looked at what happens when they are nearingretirement, and therefore have no future career to sacrifice.
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