Michael Jensen on Agency Costs of Overvalued Equity

Geoffrey Owen, Tom Kirchmaier () and Jeremy Grant
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Geoffrey Owen: Interdisciplinary Institute of Management, London School of Economics and Political Science
Jeremy Grant: Graduate Institute of International Studies

Chapter 2 in Corporate Governance in the US and Europe, 2006, pp 21-24 from Palgrave Macmillan

Abstract: 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.

Keywords: Corporate Governance; Agency Cost; Share Price; Short Seller; Market Valuation (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-51245-0_2

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DOI: 10.1057/9780230512450_2

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