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Agency costs refer to the costs of any conflicts of interest between stockhelders and management the fact that managors know how to manage the firm

Agency costs refer to
the costs of any conflicts of interest between stockhelders and management
the fact that managors know how to manage the firm better than stockholders.
the total dividends paid to stochboliers over the lifetime of a firm.
stockholders having unreasonable expectations about managerial performance.
the costs that result from default and bankruptey of a firm.
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