Bian, Bo; Li, Yingxiang; Nigro, Casimiro A. - 2022
shareholders, leaving board members with conflicting fiduciary duties and litigation risks. Exploiting an important court ruling … that establishes the board’s fiduciary duties to common shareholders as a priority, we find that after the ruling maturing … has important implications for optimal fiduciary duty design in VC-backed start-ups. …