Antitakeover Measures, Golden Parachutes, and Target Firm Shareholder Welfare
分析反收购措施如何增强目标公司管理层的谈判能力，从而为股东争取更多并购收益，并探讨在管理层损失较大时，搭配金色降落伞的最优方案。
Adopting antitakeover measures can enable the shareholders of a targetfirm to increase their share of any synergy gains expected to result from combining their firm with a bidder. Adopting such measures enhances the bargaining power of the target's manager, who will be a tougher bargainer than the nonmanagerial shareholders will, owing to his expected loss of his job following the target's acquisition. If the manager's expected loss of utility is very large, targetfirm shareholders may maximize their takeover-related gain by both adopting antitakeover measures and awarding the manager a golden parachute of the optimal size.