caa a22 4500 465817211 CHVBK 20180323112126.0 cr unu---uuuuu 170327e19900701xx s 000 0 eng 10.1007/BF00383215 doi (NATIONALLICENCE)springer-10.1007/BF00383215 The unethical exploitation of shareholders in management buyout transactions [Elektronische Daten] [F. Schadler, J. Karns] The accurate pricing of securities in the capital markets depends upon the markets being both efficient and fair. In management buyout transactions (MBOs), the price bid by inside managers enhances the efficient pricing of securities but raises a reasonable doubt about the fairness to existing shareholders. This study addresses this fairness question in MBOs and offers short-term and long-term legal alternatives which allow both the efficiency and fairness criteria to be met. In the short-term the case law established in the Basic v. Levinson decision for merger negotiation disclosures should be applied to MBO transactions. Over the longer horizon, legislative changes should be made to existing securities laws. Applying the investor protection principles of the 1933 and 1934 securities acts to MBO transactions will suppress the temptation of managers to extract shareholder wealth for their personal gain. Kluwer Academic Publishers, 1990 Schadler F. School of Business, East Carolina University, Greenville, N.C., USA aut Karns J. School of Business, East Carolina University, Greenville, N.C., USA aut Journal of Business Ethics Kluwer Academic Publishers 9/7(1990-07-01), 595-602 0167-4544 9:7<595 1990 9 10551 https://doi.org/10.1007/BF00383215 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/BF00383215 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Schadler F. School of Business, East Carolina University, Greenville, N.C., USA aut NATIONALLICENCE 700 1- Karns J. School of Business, East Carolina University, Greenville, N.C., USA aut NATIONALLICENCE 773 0- Journal of Business Ethics Kluwer Academic Publishers 9/7(1990-07-01), 595-602 0167-4544 9:7<595 1990 9 10551 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer