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We can imagine the financial manager doing several things on behalf of the firm s stockholders. But in well - functioning capital markets, shareholders will
We can imagine the financial manager doing several things on behalf of the firms stockholders. But in wellfunctioning capital markets, shareholders will vote for only one of these goals. Which one?
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Modify the firms investment plan to help shareholders achieve a particular time pattern of consumption.
Choose high or lowrisk assets to match shareholders risk preferences.
Make shareholders as wealthy as possible by investing in real assets.
Help balance shareholders checkbooks.
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