Conflicts and Financial Collapse: The Problem of Secondary-Management Agency Costs
The most up-to-date version of this piece can be found in the Duke Law Scholarship
published at, 26 Yale Journal on Regulation 457 (2009)
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.
Date of Authorship for this Version
conflicts of interest, financial leverage, corporate governance
Schwarcz, Steven L., "Conflicts and Financial Collapse: The Problem of Secondary-Management Agency Costs" (2009). Duke Law School Faculty Scholarship Series. Paper 160.