Programming note: Money Stuff will be off tomorrow, back on Monday.
Who is a company for?
The most interesting theoretical problem in corporate governance today is, if you are the chief executive officer of a public company, should you try to maximize the value of your company’s stock, or should you try to maximize the value of your stockholders’ portfolios? I guess you could do other things too, but the popular model these days is that your job is to maximize shareholder value. One way to maximize value for your shareholders — the traditional way — is to make your ...
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