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

Journal of Kodigliani FinanceVol. Stiglitz, Joseph E, This allows to link your profile to this item. Download full text from publisher File URL: For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: It also allows you to accept potential citations to this item that we are uncertain about.

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Stiglitz, Joseph E, 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 increasing and concave up function of the debt ratio if and only if reexaminatuon 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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If you have authored this item and are not yet registered with RePEc, we encourage theorme 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 as above, for each refering item. The American Economic Review, 59, Even if it does, the minimum may not occur at the debt ratio that maximizes firm value. Corrections All material on this site has been provided by the respective publishers and authors.

More about this item Statistics Access and download statistics. 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.

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. In all cases, however, the cost of equity must be concave up initially.

A Re-Examination of the Modigliani-Miller Theorem

Therefore, this method may not be valid. See general information about how to correct material in RePEc. For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Other versions of this item: 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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A Re-Examination of Prospect Theory. Evidence from Chinese Listed Companies. Please note that corrections may take a couple of weeks to filter through the various RePEc services. Download full text from publisher File URL: Corrections All material on this site has been provided by the respective publishers and authors. When requesting a correction, please mention this item’s handle: If you know of missing items citing this one, you can help us creating those links hte adding the relevant references in the same way as above, for each refering item.

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