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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)

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.

Suggested Citation

  • Terenzio Cozzi, 2005. "Una rivisitazione delle teorie di Modigliani sulla finanza," Moneta e Credito, Economia civile, vol. 58(230-231), pages 233-254.
    • Handle: RePEc:psl:moneta:2005:212
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    File URL: http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9739/9625
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    References listed on IDEAS

    as
    1. Martha Douvogiannis & Joel Lander & Athanasios Orphanides, "undated". "Earnings Forecasts and the Predictability of Stock Returns: Evidence from Trading the S&P;," Finance and Economics Discussion Series 1997-06, Board of Governors of the Federal Reserve System (U.S.), revised 10 Dec 2019.
    2. Mark Gertler, 1988. "Financial structure and aggregate economic activity: an overview," Proceedings, Federal Reserve Bank of Cleveland, pages 559-596.
    3. Merton H. Miller, 1989. "The Modigliani‐Miller Propositions After Thirty Years," Journal of Applied Corporate Finance, Morgan Stanley, vol. 2(1), pages 6-18, March.
    4. 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 569-569.
    5. 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.
    6. 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 411-411.
    7. Stiglitz, Joseph E, 1969. "A Re-Examination of the Modigliani-Miller Theorem," American Economic Review, American Economic Association, vol. 59(5), pages 784-793, December.
    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 637-654, May-June.
    9. Stiglitz, Joseph E, 1988. "Why Financial Structure Matters," Journal of Economic Perspectives, American Economic Association, vol. 2(4), pages 121-126, Fall.
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    Cited by:

    1. Roberto Marchionatti, 2023. "Terenzio Cozzi, 1939-2022. Ricordo di "un uomo di Cambridge" (Terenzio Cozzi, 1939-2022. Paying tribute to a "Cambridge Man")," Moneta e Credito, Economia civile, vol. 76(302), pages 169-178.

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    More about this item

    Keywords

    Modigliani; finanza; habitat preferito; Modigliani; Miller;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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