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Carl Icahn (institutional activist) is leading an effort to convince Dell's shareholders that they should be paid back through dividends, or their stocks bought back

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Carl Icahn (institutional activist) is leading an effort to convince Dell's shareholders that they should be paid back through dividends, or their stocks bought back by Dell's board to raise share-price. All the following represent agency-theory arguments for why Apple's large cash holdings should be paid back, EXCEPT the following? Stock price is best measure of performance Shareholders own the firm Company is undervalued based P/E ratio R&D is a strategic asset

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