Abstract
Michael Jensen addressed the agency costs of overvalued equity, a subject that is both in contrast and a complement to his earlier work on the agency costs of just the contrary, undervalued equity. Historically, he has been a strong proponent of the proposition that the maximisation of shareholder value is the objective of the firm, and he still is.
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© 2006 Geoffrey Owen, Tom Kirchmaier and Jeremy Grant
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Owen, G., Kirchmaier, T., Grant, J. (2006). Michael Jensen on Agency Costs of Overvalued Equity. In: Corporate Governance in the US and Europe. Palgrave Macmillan, London. https://doi.org/10.1057/9780230512450_2
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DOI: https://doi.org/10.1057/9780230512450_2
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-54717-3
Online ISBN: 978-0-230-51245-0
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