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Agency Costs of Overvalued Equity
Michael C. Jensen
/ defirie and analyze the agency co.Us of overvalued equity. They explain the dramatic increase
in corporate scandals and value destruction in the last five years: costs that have totaled
hundreds of billions of dollars. When a firm s equity becomes substantially overvalued it sets
in motion a set of organizational forces that are extremely difficult to manage -forces that
almost inevitably lead to destruction of part or all ofthe core value of the firm. WorldCom.
Enron, Nortel, and eToys are only a few examples of what can happen when these forces go
unmanaged. Because we currently have no simple .solutions to the agency costs of overvalued
equity this is a promising area for future research.
In the past few years, we have seen many fine companies end up in ruins and watched record
numbers of senior executives go to jail . And we will surely hear of more investigations, more prison
terms, and more damaged reputations. Shareholders and society have bome value destruction in the
hundreds of bilhons of dollars.
What went wrong? Were managers overtaken by a fit of greed? Did they wake up one morning and
decide to be crooks? No. Although there were some crooks in the system, the root cause of the
problem was not the people but the system in which they were operating—a system in which equity
became so dangerously overvalued that many CEOs and CFOs found themselves caught in a vicious
bind where excessively high stock valuations released a set of damaging organizational forces that
led to massive destruction of corporate and soeial value. And the problem was made far worse than
it had to be because few managers or boards had any idea ofthe destructive forces involved.
I. Wha
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