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Agency Costs of Overvalued Equity

I define and analyze the agency costs of overvalued equity. They explain the dramatic increase in corporate scandals and value destruction in the last five years; costs that have totaled hundreds of billions of dollars. When a firm's equity becomes substantially overvalued it sets in motion a set... Full description

1st Person: Jensen, Michael C.
Source: in Financial management : FM Vol. 34, No. 1 (2005), p. 5-19
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Type of Publication: Article
Language: English
Published: 2005
Keywords: research-article
Online: Volltext
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