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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A Re-Examination of the Modigliani Miller Theorem

Therefore, this method may not be valid. In an imperfect market, the WACC may not theoreem an absolute minimum between zero and percent debt.

See general information about how to correct material in RePEc. Even if it does, the minimum may not occur at the debt ratio that maximizes firm value. More about this item Statistics Access and download statistics.

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Help us Corrections Found an error or omission? Stiglitz, Joseph E, For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: RePEc uses bibliographic data supplied by the respective mller.

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

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You can help correct errors and omissions. A Re-Examination of Prospect Theory. See general information about how to correct material in RePEc. 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 muller 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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