Cliff Asness: Shareholder Value Is Undervalued
Cliff Asness: Shareholder Value Is Undervalued by AQR Capital Management SORRY! This content is exclusively for paying members. If you are subscribed and having an account error please clear cache and cookies if that does not work email [email protected] or click Chat.
The idea that corporate management should focus on maximizing shareholder value is under attack, often in hyperbolic terms, with this idea blamed for great and varied harm (e.g., underinvestment, inefficiency, inequality and the failure of people to appreciate the film Ishtar). Recently, James Montier of the esteemed, including by me, money manager Grantham, Mayo, Van Otterloo & Co., voicing the views of many, wrote a piece calling it “
