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 reexamiation 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. A Re-Examination of Prospect Theory.

Please note that corrections may take a couple of weeks to filter through the various RePEc services. We have no references for this item. We have no references for this item. Even if it does, the minimum may not occur at the debt ratio that maximizes firm value. Strictly speaking, even if the two debt ratios are the same, the opportunity cost of capital of the comparable firm is not necessarily reexaminatiom to that of the project unless the two costs of capital are identical functions of the debt ratio.

More about this item Statistics Access and download statistics. RePEc uses bibliographic data supplied by the respective publishers. Also in this world, the weighted average cost of capital of the firm, WACC, is decreasing and concave down.

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A Re-examination of the Modigliani-Miller Theorem – Joseph E. Stiglitz – Google Books

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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. See general information about how to correct material in RePEc. For technical modjgliani regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Download full text from publisher File URL: 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.

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. Journal of Mathematical FinanceVol.

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EconPapers: A Re-Examination of the Modigliani-Miller Theorem

Re-Examination and Its Consequences. 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. Please note that corrections may take a couple of weeks to filter through the various RePEc services.

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Evidence from Chinese Listed Companies. If you know jiller 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. General contact details of provider: This allows to link your profile to this item. Scientific Research An Academic Publisher. For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Corrections All material on this site has been provided by the respective publishers and authors.

Therefore, this reedamination may not be valid.

The American Economic Review, 59, General contact details of provider: You can help correct errors and omissions. Stiglitz, Joseph E, See general information about how to correct material in RePEc. As the access to this document is restricted, you may want to look for a different version below or search for a different version of it. It also allows you to accept potential citations to this item that we are uncertain about.

You can help correct errors and omissions. More about this item Statistics Access and download statistics Corrections All material on this site has been provided by the respective publishers and authors.

Other versions of this item: In an imperfect market, the WACC may not have an absolute minimum between zero and percent debt. Help us Corrections Found an error or omission?

In all cases, however, the cost of equity must be concave up initially. When requesting a correction, please mention this item’s handle: