Introduction: "the dumbest idea in the world" -- The rise of shareholder value thinking -- How shareholder primacy gets corporate law wrong -- How shareholder primacy gets corporate economics wrong -- How shareholder primacy gets the empirical evidence wrong -- Short-term speculators versus long-term investors -- Keeping promises to build successful companies -- Hedge funds versus universal investors -- Making room for shareholder conscience -- Conclusion: "slaves of some defunct economist."
Summary
In this radical debunking of pervasive myths about how corporations and investors behave, UCLA professor and legal celebrity Lynn Stout shows how--contrary to entrenched belief--"shareholder primacy" is not mandated by corporate law and actually harms shareholders themselves
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