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Business Ethics Journal Review
Volume 7, Issue 6, 2019
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Business Ethics Journal Review:
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Issue: 6
Kenneth Silver
Modern Portfolio Theory and Shareholder Primacy
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Shareholders assume risk by investing. Sollars and Tuluca (2018) argue that while this does not justify a managerial policy of shareholder wealth maximization, it does justify compensating shareholders at the often-calculated cost of equity—the cost that investors require given the level of risk they assume. Here, I show that this can be unfair if the cost of equity is unfair. I then show how shareholder wealth maximization as a managerial imperative is better justified on other grounds.