The key factor, and at the same time encourage the development of financial engineering is the concept of agency costs (agency costs), launched in 1976 by Michael Jensen and William Meckling. The idea of this concept reflects the fact the managers of the company’s own interests do not always coincide with the interests of the owners of the firm. Managers are able to enter into contracts, very profitable for itself, bringing in the “ sacrifice ” the interests of long-term growth of the company’s own premium bonuses. This is the agency costs.