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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General contact details of provider: 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

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General contact details of provider: 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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Re-Examination and Its Consequences. This allows to link your profile to 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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Help us Corrections Found an error or omission? Other versions of this item: RePEc uses bibliographic data supplied by the respective publishers. Evidence from Chinese Listed Companies. Stiglitz, Joseph E, For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: 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.

Even if it does, the minimum may not occur theorrem the debt ratio that maximizes firm value.

A Re-Examination of the Modigliani-Miller Theorem

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Therefore, this method may not be valid. More about this item Statistics Reexxamination and download statistics Corrections All material on this site has been provided by the respective publishers and authors.

A Re-Examination of the Modigliani Miller Theorem

In an theorrem market, the WACC may not have an absolute minimum between zero and percent debt. See general information about how to correct material in RePEc. Download full text from publisher File URL: See general information about how to correct material in RePEc. Scientific Research An Academic Publisher.

In all cases, however, the cost of equity must be concave up initially. Corrections All material on this site has been provided by the respective publishers and authors. Corrections All material on this site has been provided by the respective publishers and authors. You can help adding them by using this form. It also allows you to accept potential citations to this item that we are uncertain about. This allows to link your profile to this item.