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A Short History of Golden Parachutes

Harvard Business Review

This was quickly followed by the era of hostile takeovers in the 1980s. The junk bond market made financing large takeovers possible and even the biggest among the Fortune 500 firms were no longer safe from a forced acquisition. In the past, such takeovers had largely been restricted to the world of smaller firms.

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How Business Schools Can Help Reduce Inequality

Harvard Business Review

But starting in the late 1970s, a new vision of the corporation and the role of CEOs emerged – prodded by corporate “raiders,” hostile takeovers, junk bonds, and leveraged buyouts. American companies and American citizens achieved a virtuous cycle of higher profits accompanied by more and better jobs.