Una rivisitazione delle teorie di Modigliani sulla finanza
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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- Joel Lander & Athanasios Orphanides & Martha Douvogiannis, "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.).
- 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.).
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