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[Music] these days if we open up the the roster of the top shareholders in any publicity company especially large-cap you see the top 5 pretty much on 15 to 20 percent and from a economics Nobel laureate professor Oliver Hart who won a Nobel Prize a couple years ago so he recently wrote quite influential article bases say you know the purpose of the the company should not be maximize shareholder value per se as the the market value but maximize shareholder utility or shareholder welfare so the argument is that suppose I am the sole shareholder of a company obviously I would tell the CEO to do that maximize my welfare not necessarily maximize my world so his argument that this should not change if the if theyre multiple shareholders now as both professors pointed out when a company is very diverse the old its very difficult to docHub a consensus or the shareholder welfare utility is and probably the common denominator is shareholder value I think thats thats a common standard but th
