Working Paper | 2004

Agency Costs of Overvalued Equity

by Michael C. Jensen


Jensen, Michael C. "Agency Costs of Overvalued Equity." ECGI Working Paper Series in Finance, No. 39-2004, May 2004. (This paper is drawn from “The Agency Cost of Overvalued Equity and the Current State of Corporate Finance” (Keynote Lecture, European Financial Management Association), London, June 2002. It is also included in the Negotiation, Organizations and Markets Research Paper Series, Harvard NOM Research Paper No. 04-26.)