Stulz, René M. (contributor) - 1999 - [Elektronische Ressource]
, management has its own objectives that may differ from those of investors. This is the
3 See Stulz (1990).
3
agency costs … problem. These two problems interact in important ways. Typically, management wants the
firm to grow. As a result, managers …, it will almost always be the case that investors
do not believe that expected cash flows are as high as management …