I teoremi di Modigliani-Miller: una pietra miliare della finanza
AbstractThe theorems of Modigliani and Miller (MM) is a cornerstone of finance for two reasons.The first is substantial and is derived from the nature of "propositions irrelevant": they identify a case in which the financial structure and dividend policy will not affect the value of firms, and in doing so give us a clear point of reference to understand instead what circumstances these decisions affect the value of firms, and why. In fact, the whole subsequent evolution of corporate finance has explored the consequences of removing the assumptions of MM. The second reason for the importance of the fundamental theorems of MM is methodological: they have been demonstrated with a reasoning based arbitrage, which has set a precedent not only in the area of ??corporate finance but also in that of the determination of prices of financial securities.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Economia civile in its journal Moneta e Credito.
Volume (Year): 58 (2005)
Issue (Month): 230-231 ()
Contact details of provider:
Web page: http://www.economiacivile.it
Find related papers by JEL classification:
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Merton H. Miller, 1989.
"The Modigliani-Miller Propositions After Thirty Years,"
Journal of Applied Corporate Finance,
Morgan Stanley, vol. 2(1), pages 6-18.
- Miller, Merton H, 1988. "The Modigliani-Miller Propositions after Thirty Years," Journal of Economic Perspectives, American Economic Association, vol. 2(4), pages 99-120, Fall.
- William Barnett & Robert Solow, 2004.
"An Interview With Franco Modigliani,"
WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS
200407, University of Kansas, Department of Economics, revised Jun 2004.
- Joseph E. Stiglitz, 1972.
"On the Irrelevance of Corporate Financial Policy,"
Cowles Foundation Discussion Papers
339, Cowles Foundation for Research in Economics, Yale University.
- Ross, Stephen A, 1988. "Comment on the Modigliani-Miller Propositions," Journal of Economic Perspectives, American Economic Association, vol. 2(4), pages 127-33, Fall.
- Gale, Douglas & Hellwig, Martin, 1985. "Incentive-Compatible Debt Contracts: The One-Period Problem," Review of Economic Studies, Wiley Blackwell, vol. 52(4), pages 647-63, October.
- Francesca Cornelli & Oved Yosha, 2003. "Stage Financing and the Role of Convertible Securities," Review of Economic Studies, Oxford University Press, vol. 70(1), pages 1-32.
- 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.
- Schmidt, Klaus M., 1999.
"Convertible Securities and Venture Capital Finance,"
CEPR Discussion Papers
2317, C.E.P.R. Discussion Papers.
- Klaus M. Schmidt, 2003. "Convertible Securities and Venture Capital Finance," Journal of Finance, American Finance Association, vol. 58(3), pages 1139-1166, 06.
- Klaus Schmidt, 1999. "Convertible Securities and Venture Capital Finance," CESifo Working Paper Series 217, CESifo Group Munich.
- Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
- Francesca Cornelli & Oved Yosha, 2003. "Stage Financing and the Role of Convertible Securities," Review of Economic Studies, Wiley Blackwell, vol. 70(1), pages 1-32, January.
- Schmidt, Klaus M., 2003. "Convertible Securities and Venture Capital Finance," Munich Reprints in Economics 19769, University of Munich, Department of Economics.
- Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
- Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Carlo D'Ippoliti).
If references are entirely missing, you can add them using this form.