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ON VALUE MAXIMIZATION AND ALTERNATIVE OBJECTIVES OF THE FIRM

Authors

  • S. J. Grossman,

  • J. E. Stiglitz

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    • Stanford University. This work was supported in part by National Science Foundation Grants SOC74−22382, SOC74−11446-A01 and SOC76−18771. The authors are also indebted to the Dean Witter Foundation and IBM. We are very grateful to Oliver Hart for helpful comments.


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