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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Evidence from Chinese Listed Companies. Journal of Mathematical FinanceVol. More about this item Statistics Access and download statistics.

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The American Economic Review, 59, Other versions reexaminahion this item: Please note that corrections may take a couple of weeks to filter through the various RePEc services. 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.

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. In all cases, however, the cost of equity must be concave up initially. This allows to link your profile to this item.

Other versions of this item: Stiglitz, Joseph E, In an imperfect market, the WACC may not have an absolute minimum between zero and percent debt.

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

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A Re-Examination of the Modigliani-Miller Theorem

Corrections All material on this site has been provided by the respective publishers and authors. Reexaminahion Re-Examination of Prospect Theory. Therefore, this method may not be valid. You can help adding them by using this form.

A Re-Examination of the Modigliani Miller Theorem

Scientific Research An Academic Publisher. You can help correct errors and omissions. 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. Stiglitz, Joseph E, 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.

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