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2009

Corporate governance

Faculty Scholarship

Duke Law

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Conflicts And Financial Collapse: The Problem Of Secondary-Management Agency Costs, Steven L. Schwarcz Jan 2009

Conflicts And Financial Collapse: The Problem Of Secondary-Management Agency Costs, Steven L. Schwarcz

Faculty Scholarship

Corporate governance scholarship has long focused on conflicts of interest between firms and their top executive officers. This Essay contends that increasing leverage and financial complexity make it important for scholars to also focus on conflicts of interest between firms and their secondary managers.