Question: What does it mean to say that managers should maximize shareholder wealth 'subject to ethical constraints ? The Securities Exchange Act of 1934 limits, but

  • What does it mean to say that managers should maximize shareholder wealth 'subject to ethical constraints"?
  • The Securities Exchange Act of 1934 limits, but does not prohibit, corporate insiders from trading in their own firm's shares. Should this be an ethical concern?

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