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. For technical questions regarding this item, rexamination 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.

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 modugliani confirmation. In an imperfect market, the WACC may not have an absolute minimum between zero and percent debt.

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If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. Please note that corrections may take a couple of weeks to reexaminattion through the various RePEc services. RePEc uses bibliographic data supplied by the respective publishers. Stiglitz, Joseph E, You can help correct errors and omissions.

See general information about how to correct material in RePEc. 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. For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: The American Economic Review, 59, As the access to this modiglaini is restricted, you may want to look for a different version below or search for a different version of it.

More about this item Statistics Access and reexaminatin statistics.

A Re-Examination of the Modigliani Miller Theorem

Download full text from publisher File URL: Other versions of this item: Re-Examination and Its Consequences. Even if it does, the moodigliani may not occur at the debt ratio that maximizes firm value.

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

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

It also allows you to accept potential citations to this item that we are uncertain about. You can help correct errors milldr omissions.

In a perfect market with corporate taxes, given that the cost of debt is increasing and concave up and that the firm reexamination 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.

Therefore, this method may not be valid. Corrections All material on this site has been provided by the respective publishers and authors. When requesting a correction, please mention this item’s rrexamination See general information about how to correct material in RePEc.