Modigliani, F. and M. Miller (1958), "The Cost of Capital, Corporation Finance and the Theory of Investment", American Economic Review, 48: 261--297. Home/Search Document Not in Database Summary Related Articles Check |
This paper is cited in the following contexts:
Modeling and Simulation of Debt Portfolios - Andersson, Aronsson (2002) (Correct)
....in this area. Section 7 presents concluding remarks. 1 For more information on the Monte Carlo method see Rebonato [17] and Lyuu [13] 2 Capital structure: A firm s mix of debt and equity, determined by its mancial decisions. For further reading on capital structure, study Miller and Modigliani [14], Levy [12] and Titman and Wessels [21] 2. Theories on an Optimal Debt Portfolio The existing literature surrounding optimal debt portfolio deals in first hand with the corporate debt maturity puzzle. A central question in this area has been: What determined a firm s optimal debt maturity Many ....
Miller, M.H. and Modigliani, F.F. "The Cost of Capital Corporation Finance, and the Theory of Investment." American Economic Review (June 1958).
Corporate Financial Reporting: A Methodological Review Of.. - By Michael Jensen (Correct)
....cut a tree generally occurs before it reaches the maximum height. Similarly, the optimal time to publish an article occurs before it is perfect . I know of no papers that have proposed and answered all questions in an area even the pathbreaking contributions to capital structure theory made by Modigliani and Miller (1958, 1963, 1966) to portfolio theory made by Markowitz (1952, 1959) to the efficient market literature made by Harry Roberts (1959) and to asset pricing theory made by Sharpe (1964) Lintner (1965) and Mossin (1966) It is interesting that we spend so little time as scientists thinking about the ....
Modigliani, F., and Miller, M. H. "The Costs of Capital, Corporation Finance, and the Theory of Investment", American Economic Review, Vol. 48 (June, 1958), pp. 261-297.
The Challenges of Risk Management in Diversified Financial.. - Cumming, al. (2001) (Correct)
....framework for a similar range of topics. 6. This framework is best developed in Principles for the Management of Credit Risk, published in September 2000. The Committee has also published work on interest rate risk, in 1997; operational risk, in 1998; and liquidity risk, in 2000. 7. The work of Modigliani and Miller (1958) and Miller and Modigliani (1961) suggests that any risk altering actions taken by a firm s management are redundant and resource wasting because shareholders can achieve their optimal degree of diversification independently. See Cummins, Phillips, and Smith (1998) for a discussion of the ....
Modigliani, Franco, and Merton H. Miller. 1958. "The Cost of Capital, Corporation Finance, and the Theory of Investment." American Economic Review 48 (June): 261-97.
Intellectual Property Intensity (IPI) and the Value-Growth Effect - Malki (1997) (Correct)
....statements can reflect only the tangible portion of the firm s value, markets evaluate firms according to the full scope of their 5 assets worth. Thus, we can estimate the value of intangible assets by combining market data with fundamentals. A significant insight, initially presented by Modigliani Miller (MM, 1958), is that the value of a firm is the sum of its equity market value and its debt market value. Debt market value is usually assumed to equal the respective book value, and thus we can calculate the firm s market value as the sum of its market capitalization and the book value of its current ....
Modigliani, Franco and Merton H. Miller, 1958, "The cost of capital, corporation finance, and the theory of investment", American Economic Review, June, 261-297.
Finance Applications of Game Theory - Allen, Morris (1998) (Correct)
....implementable and of great practical use. 2.2 Corporate Finance The second important area considered by finance is concerned with the financial decisions made by firms. These include the choice between debt and equity and the amount to pay out in dividends. The seminal work in this area was Modigliani and Miller (1958) and Miller and Modigliani (1961) They showed that with perfect markets (i.e. no frictions and symmetric information) and no taxes the total value of a firm is independent of its debt equity ratio. Similarly they demonstrated that the value of the firm is independent of the level of dividends. ....
....by the ability of the creditor to seize the entrepreneur s assets. Subsequent contributions include Hart and Moore (1994; 1998) Aghion and Bolton (1992) Berglof and von Thadden (1994) and von Thadden (1995) Hart (1995) contains an excellent account many of the main ideas in this literature. The Modigliani and Miller (1958) theory of capital structure is such that the product market decisions of firms are separated from financial market decisions. Essentially this is achieved by assuming there is perfect competition in product markets. 15 In an oligopolistic industry where there are strategic interactions between ....
Modigliani, F. and M. Miller (1958), "The Cost of Capital, Corporation Finance and the Theory of Investment," American Economic Review 48, 261-297.
A Financial Theory of Firm Growth - Strulik (1999) (Correct)
....Pfann (1996) and the study of Leland (1998) which demonstrates the dominant role of taxes and default costs in the determination of the financial structure of the firm. By focusing on taxes and interest cost this paper presents a kind of back to the roots approach that stands in the tradition of Modigliani and Miller (1958, 1963) Indeed it will be shown in Section 2 that the introduction of labour as a second variable factor of production re establishes the Modigliani Miller result for a special case: A firm will show no interdependence of its real and financial decisions if it operates with constant returns to ....
Modigliani, F., and M. Miller (1958): "The Cost of Capital, Corporation Finance and the Theory of Investment", American Economic Review, 48, 267-- 297.
The Impact of Warrant Listing on Underlying Stock's Volatility - Leemakdej (1998) (Correct)
....to finance new investment rather than to restructure capital source (no share repurchase) The new investment therefore increases the size of firm and transforms the capital structure from pure stock financing into a mixture of stock and warrant. However, with respect to the irrelevance theorem of Modigliani and Miller (1958), and Miller (1977) which has proven that change in capital structure does not affect the underlying process of the equity rate of return (1) if there is no change in tax implication or bankruptcy cost. This study follows Galai and Schneller (1978) and others in assuming that the market is so ....
Modigliani, F., and M.H. Miller, "The Cost of Capital, Corporation Finance, and the Theory of Investment," American Economic Review, 1958, 261-297.
The Dynamics of Capital Structure - Banerjee, al. (1999) (Correct)
....profitable firms may signal quality by leveraging up (Jensen, 1986) In this is true, then there will be a positive relationship between optimal leverage and profitability. We use the ratio of net income to total assets as a measure of profitability. 6. Non debt tax shields (NDTS) As stated in Modigliani and Miller (1958), the main incentive for borrowing is to take advantage of interest tax shields. This is only true if the firm has enough taxable income to justify debt. The presence of other non debt tax shields like depreciation and amortization reduces this incentive. Using the ratio of depreciation to total ....
Modigliani F. and M.H. Miller, "The Cost Of Capital, Corporation Finance And The Theory Of Investment," American Economic Review, 48, 1958.
Public Debt Neutrality And Private Consumption Some Evidence From .. - Afonso (1999) (Correct)
....when it is financed by public debt, that is, deficits do not influence real variables, and have no effects on aggregate demand should be visible. 6 Some authors envisage this public expense financing indifference as an extension, applied to the public sector, of the Modigliani Miller theorem (Modigliani and Miller[1958] and Stiglitz [1969] formerly postulated for the financing of enterprises. The paper is organised as follows: Barro s result for debt neutrality is presented in a very simple and intuitive way in section two, with also a few words for the conditions necessary for that result to hold; theoretical ....
Modigliani, F and Miller, M. (1958). "The Cost of Capital, Corporation Finance, and the Theory of Investment," American Economic Review, 48, June, 261-297.
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Modigliani, F. and M. Miller (1958), "The Cost of Capital, Corporation Finance and the Theory of Investment", American Economic Review, 48: 261--297.
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Modigliani, F.; and M. Miller. (1958) "The Cost of Capital, Corporation Finance, and the Theory of Investment", American Economic Review, Vol. 49, No. 2, pp. 261297.
A Framework for the Analysis of the Performance and.. - Schreiner (1997) (5 citations) (Correct)
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Modigliani, F.; and M. Miller. (1958) "The Cost of Capital, Corporation Finance, and the Theory of Investment", American Economic Review, Vol. 49, No. 2, pp. 261-297.
A Framework for the Analysis of the Performance and.. - Schreiner (1998) (5 citations) (Correct)
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Modigliani, F.; and M. Miller. (1958) "The Cost of Capital, Corporation Finance, and the Theory of Investment", American Economic Review, Vol. 49, No. 2, pp. 261-297.
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F. Modigliani and M. H. Miller (1958), "The Cost of Capital, Corporation Finance and the Theory of Investment", American Economic Review , 48, 261 - 97.
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F. Modigliani and M. Miller, "The Cost of Capital, Corporation Finance, and the Theory of Investment", American Economic Review 48 (1958) June, pp. 261-297.
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Modigliani, Franco and M. H. Miller. "The Cost Of Capital, Corporation Finance And The Theory Of Investment," American Economic Review, 1958, v48(3), 261-297.
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MODIGLIANI, F., MILLER, M. H. (1958). - "The Cost of Capital, Corporation Finance, and the Theory of Investment," American Economic Review, 48, pp. 261-297.
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Modigliani, F. and M. Miller (1958), "The cost of capital, corporation finance and the theory of investment,"American Economic Review, 48, 261 - 297. 23
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Modigliani, F. and M. H. Miller, (1958) "The Cost of Capital, Corporation Finance and the Theory of Investment", American Economic Review, 48, 261-275.
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Modigliani, F. and Miller, M.H. (1958), "The Cost of Capital, Corporation Finance and the Theory of Investment," American Economic Review, 48, 261-297.
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