Comment on the Modigliani-Miller Propositions
نویسندگان
چکیده
منابع مشابه
Comment on the Modigliani-Miller Propositions
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We examine the validity of a macroeconomic version of the ModiglianiMiller theorem. By this we understand that different equilibrium capital structures have no impact on the allocation of commodities and on welfare. We develop a general equilibrium model with two production sectors, riskaverse households, and financial intermediation by banks. Banks are funded by deposits and (outside) equity a...
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... with well-functioning markets (and neutral taxes) and rational investors, who can ‘undo’ the corporate financial structure by holding positive or negative amounts of debt, the market value of the firm – debt plus equity – depends only on the income stream generated by its assets. It follows, in particular, that the value of the firm should not be affected by the share of debt in its financi...
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The celebrated Modigliani-Miller (hereafter MM) proposition that the value of the firm depends on its profitability and not on its capital structure (Modigliani and Miller 1958) is avowedly an application to the field of finance of the doctrine that money is neutral. The broad purpose of this paper is to call into question the claim for the neutrality of money in the particular case of the mone...
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ژورنال
عنوان ژورنال: Journal of Economic Perspectives
سال: 1988
ISSN: 0895-3309
DOI: 10.1257/jep.2.4.127