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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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 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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Stiglitz, Joseph E, Corrections All material on this site has been provided by the respective publishers and authors. Journal of Mathematical FinanceVol.

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We have no references for this item. 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. Help reexaamination Corrections Found an error or omission?

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A Re-Examination of the Modigliani Miller Theorem

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A Re-Examination of the Modigliani-Miller Theorem

This allows to link your profile to this item. This allows to link your profile to this item. Download full text from publisher File URL: Even if it does, the minimum may not occur at the debt ratio that maximizes firm value.

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A Re-Examination of the Modigliani Miller Theorem

You can help adding them by using this form. Evidence from Chinese Listed Companies. Other versions of this item: For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Other versions of this item: It also allows you to accept potential citations to this item that we are uncertain about. Scientific Research An Academic Publisher.

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

It also allows you to accept potential citations to this item that we are uncertain about. The American Economic Review, 59, In all cases, however, the cost of equity must be concave up initially. Stiglitz, Joseph E, Help us Corrections Found an error or omission?

Corrections All material on this site has been provided by the respective publishers and authors. See general information about how to correct material in RePEc. RePEc uses bibliographic data supplied by the respective publishers.

In an imperfect market, the WACC may not have an absolute minimum between zero and percent debt. If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. 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 profile, as there may be some citations waiting for confirmation.

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