And learning to do them well provides a framework for thinking and effort that can serve you in any arena, and support you in creating the life, work, business or relationships you desire.
Motivated by the growing literature studying the effects of stock market mispricing on firm behaviour (see for example Stein 1996, Shleifer and Vishny 2003, and Baker 2009), we develop a simple framework for thinking about how stock market mispricing can offset agency costs and induce controlling shareholders to raise outside equity.