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Una rivisitazione delle teorie di Modigliani sulla finanza

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  • Terenzio Cozzi

    ()
    (Università degli Studi di Torino, Dipartimento di Economia, Torino)

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    Abstract

    The article examines the influence of the contributions of Modigliani on issues of finance. The preferred habitat theory, proposed to explain the term structure of interest rates, has been used by financial operators until the 80s. Then it was put aside as obsolete, but it seems that can again resume validity. The Modigliani-Miller theorem, the subject of many criticisms, it remains a pillar in the theory of finance. On the other hand, the thesis on the irrational underestimation of stock prices during periods of inflation has left quite indifferent financial operators. But many economists agree with the conclusion that markets can play hurt for a long time the task of directing resources towards more productive uses.

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    File URL: http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9739/9625
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    Bibliographic Info

    Article provided by Economia civile in its journal Moneta e Credito.

    Volume (Year): 58 (2005)
    Issue (Month): 230-231 ()
    Pages: 233-254

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    Handle: RePEc:psl:moneta:2005:212

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    Related research

    Keywords: Modigliani; finanza; habitat preferito; Modigliani; Miller;

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    References

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    1. Joseph E. Stiglitz, 1967. "A Re-Examination of the Modigliani Miller Theorem," Cowles Foundation Discussion Papers 242, Cowles Foundation for Research in Economics, Yale University.
    2. Franco Modigliani & Richard Sutch, 1967. "Debt Management and the Term Structure of Interest Rates: An Empirical Analysis of Recent Experience," Journal of Political Economy, University of Chicago Press, vol. 75, pages 569.
    3. Mark L. Gertler, 1988. "Financial Structure and Aggregate Economic Activity: An Overview," NBER Working Papers 2559, National Bureau of Economic Research, Inc.
    4. Merton H. Miller & Franco Modigliani, 1961. "Dividend Policy, Growth, and the Valuation of Shares," The Journal of Business, University of Chicago Press, vol. 34, pages 411.
    5. Merton H. Miller, 1989. "The Modigliani-Miller Propositions After Thirty Years," Journal of Applied Corporate Finance, Morgan Stanley, vol. 2(1), pages 6-18.
    6. Shiller, Robert J. & Huston McCulloch, J., 1990. "The term structure of interest rates," Handbook of Monetary Economics, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 13, pages 627-722 Elsevier.
    7. Joel Lander & Athanasios Orphanides & Martha Douvogiannis, 1997. "Earnings forecasts and the predictability of stock returns: evidence from trading the S&P," Finance and Economics Discussion Series 1997-6, Board of Governors of the Federal Reserve System (U.S.).
    8. Black, Fischer & Scholes, Myron S, 1973. "The Pricing of Options and Corporate Liabilities," Journal of Political Economy, University of Chicago Press, vol. 81(3), pages 637-54, May-June.
    9. Stiglitz, Joseph E, 1988. "Why Financial Structure Matters," Journal of Economic Perspectives, American Economic Association, vol. 2(4), pages 121-26, Fall.
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