Question 1: What does it mean to say that managers should maximize shareholders' wealth "subject to ethical constraints"? What ethical considerations might enter into decisions that result in cash flow and stock price effects that are valued lower than they might otherwise have been?

Question 2: What role do primary financial markets play in our economy? What role do secondary markets fill? Describe the relationship that exists between financial institutions and financial markets and suggest a method in which this relationship can run more smoothly. Support your rationale with at least one citation from the literature.

Question 3: What role do primary financial markets play in our economy? What role do secondary markets fill? Describe the relationship that exists between financial institutions and financial markets and suggest a method in which this relationship can run more smoothly. Support your rationale with at least one citation from the literature.