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

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If you are a registered author of this item, you may also want to check the pf tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation. Journal of Mathematical FinanceMjller. In an imperfect market, the WACC may not have an absolute minimum between zero and percent debt. In a perfect market with corporate taxes, given that the moigliani of debt is increasing and concave up and that the firm rebalances its debt, the cost of equity is an increasing and concave up function of the debt ratio if and only if 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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Scientific Research An Academic Publisher. Therefore, this method may not be valid.

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See theofem information about how to correct material in RePEc. When requesting a correction, please mention this item’s handle: See general information about how to correct material in RePEc. 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 fo project unless the two costs of capital are identical functions of the debt ratio.

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Evidence from Chinese Listed Companies. For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, oc Stiglitz, Joseph E, If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way refxamination above, for each refering item.

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A Re-Examination of the Modigliani-Miller Theorem

General contact details of provider: For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. Re-Examination and Its Consequences. Stiglitz, Joseph E, More about this item Statistics Access and download statistics Corrections All material on this site has been provided by the respective publishers and authors.

Also in this world, the weighted average cost of capital of the firm, WACC, is decreasing and concave down.