(DOWNLOAD) "An Improved Pedagogy of Corporate Finance: A Constrained Shareholder Wealth Maximization Goal." by Academy of Educational Leadership Journal ~ eBook PDF Kindle ePub Free
eBook details
- Title: An Improved Pedagogy of Corporate Finance: A Constrained Shareholder Wealth Maximization Goal.
- Author : Academy of Educational Leadership Journal
- Release Date : January 01, 2007
- Genre: Education,Books,Professional & Technical,
- Pages : * pages
- Size : 262 KB
Description
ABSTRACT The most prominent textbooks in finance literature present the goal of a firm or financial manager as "unconstrained shareholder wealth maximization (USWM)" and focus on economic efficiency and maximization of shareholder wealth, providing limited information about potential constraints. In contrast, constrained shareholder wealth maximization (CSWM) requires students to put equal emphasis on both the objective function (maximizing shareholder wealth) and the constraint (keeping natural stakeholders protected). Our survey of finance textbooks reveals an inadequate level of introduction to these topics, possibly misleading students to believe that society should define its laws in favor of firms (shareholders) at the expense of natural stakeholders. Thus, misinformed students might see stakeholder wealth expropriation as fair game in its extreme form due to our outdated finance pedagogy. In attaining the teaching goal of CSWM as an improved pedagogy, we offer specific suggestions to finance textbook authors.
 "An Improved Pedagogy of Corporate Finance: A Constrained Shareholder Wealth Maximization Goal." by Academy of Educational Leadership Journal ~ eBook PDF Kindle ePub Free){kind=link}