A REEXAMINATION OF THE MODIGLIANI MILLER THEOREM PDF

Joseph E. Stiglitz, “A Re-Examination of the Modigliani Miller Theorem,” Cowles Foundation Discussion Papers , Cowles Foundation for Research in . Joseph Stiglitz’s landmark work, “A Re-Examination of the Modigliani-. Miller Theorem.” Although these revisions are essential for the. American Economic Association. A Re-Examination of the Modigliani-Miller Theorem Author(s): Joseph E. Stiglitz Source: The American Economic Review, Vol.

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A Re-Examination of the Modigliani Miller Theorem

Help us Corrections Found an error or omission? We have no references for this item. When requesting a correction, please mention this item’s handle: Strictly speaking, even if the two debt ratios are the same, the opportunity cost of capital of the comparable firm is not necessarily equal to that of the project unless the two costs of capital are identical functions of the debt ratio.

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Download full text from publisher File URL: If you are a registered author of this item, you may also want to check the “citations” tab in your RePEc Author Service mlller, as there may be some citations waiting for confirmation. In a perfect market with corporate taxes, given that the cost of debt is increasing and concave up and that the firm rebalances its debt, the cost of equity is rexamination increasing and concave up function of the debt ratio if and only millrr the third derivative of the cost of debt is non-negative; otherwise, the cost of equity is increasing but its exact shape cannot be ascertained.

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EconPapers: A Re-Examination of the Modigliani-Miller Theorem

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Stiglitz, Joseph E, Stiglitz, Joseph E, More about this item Statistics Access and download statistics. This allows to link your profile to this item. In an imperfect market, the WACC may not have an absolute minimum between zero and percent debt.

Therefore, this method may not be valid. RePEc uses bibliographic data supplied by the respective publishers.

A Re-Examination of the Modigliani-Miller Theorem

If you have authored ,iller item and are not yet registered with RePEc, we encourage you to do it here. RePEc uses bibliographic data supplied by the respective publishers. The American Economic Review, 59, More about this item Statistics Access and download statistics. More about this item Statistics Access and download statistics Corrections All material on this site has been provided by the respective publishers and authors.

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Evidence from Chinese Listed Companies. If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. Other versions of this item: A Re-Examination of Prospect Theory. Jiller you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item.

Even if it does, the minimum may not occur at the debt ratio that maximizes firm value. In all cases, however, the cost of equity must be concave up initially.

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A Re-Examination of the Modigliani Miller Theorem

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: You can help correct errors and omissions. You can help correct errors and omissions. For technical questions regarding milldr item, or to correct its authors, title, abstract, bibliographic or download information, contact: Also in this world, the weighted average cost of capital of the firm, WACC, is decreasing and concave down.