We investigate outside director departures prior to management buyout offers (MBOs). In these transactions, managers have both an information advantage and incentives to make a lowball offer to shareholders. Outside directors can safeguard against managerial self‐dealing by negotiating for the best terms for public shareholders from either management or another bidder.

中文翻译：

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战斗还是逃跑：外部董事在有争议的管理层收购要约之前离职

我们会在管理层收购要约（MBO）之前调查外部董事离职情况。在这些交易中，管理者既有信息优势，又有激励向股东低价出价的动机。外部董事可以通过与管理层或其他要约人协商为公众股东提供最佳条款的方式，来防止管理层自我交易。