%0 Journal Article %A David J. Collison %A George M. Frankfurter %T Are We Really Maximizing Shareholder Wealth? Or %B What Investors Must Know When We Do %D 2000 %R 10.3905/joi.2000.319373 %J The Journal of Investing %P 55-63 %V 9 %N 3 %X This article deals with the overriding objective of maximizing shareholder wealth. We show that the maxim evolved from a false interpretation of Adam Smith's ideas and philosophy, and that it masquerades as a well-defined and unambiguously measurable concept. We also argue that, even if it were a well-defined concept, it still should not be an overriding goal of business activity, especially when its short-term long-term consequences are being explicitly studied. %U https://joi.pm-research.com/content/iijinvest/9/3/55.full.pdf