It's true that they are different, though I disagree that the next-best option is always going to be "vary close"). However, in this case the "shareholder value

It's true that they are different, though I disagree that the next-best option is always going to be "vary close"). However, in this case the "shareholder value" problem is systemic, meaning that there really isn't anywhere else for shareholders to put their money. This potentially helps explain some of the asset bubbles we've seen, as well as the startup bubble (if one exists). Regardless of how the analysis falls out for the shareholder, then, the situation is almost certainly sub-optimal for the economy as a whole.