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 – Joseph E. Stiglitz – Google Books

Other versions of this item: 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 an mmodigliani 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. Download full text from publisher File URL: Please note that corrections may take a couple of weeks to filter through milled various RePEc services.

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The American Economic Review, 59, A Re-Examination of Prospect Theory. This allows to link your profile to this item. Re-Examination and Its Consequences. Modigljani if it does, the minimum may not occur at the debt ratio that maximizes firm value. If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. Corrections All material on this site has been provided by the respective fo and authors.

We have no references for this item. Therefore, this method may not be valid. General contact details of provider: Other versions of this item: If you are a registered author of this item, you may also want to check the “citations” tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

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Stiglitz, Joseph E, Evidence from Chinese Listed Companies. Help us Corrections Found an error or omission? When requesting a correction, please mention this item’s handle: You can help ov errors and omissions. Journal of Mathematical FinanceVol. You can help correct errors and omissions. Scientific Research An Academic Publisher.

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A Re-Examination of the Modigliani Miller Theorem

More about this item Statistics Access and download statistics Corrections All material on this site has been provided by the respective publishers and authors. Please note that corrections may take a couple of weeks to filter through the various RePEc services.

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If you are a registered author of this item, you may also want to check the “citations” tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation. More about this item Statistics Access and download statistics Corrections All material on this site has been provided by the respective publishers and authors.

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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RePEc uses bibliographic data supplied by the respective publishers. In all cases, however, the cost of equity must be concave up initially. More about this item Statistics Access and download statistics. For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Stiglitz, Joseph E,