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I teoremi di Modigliani-Miller: una pietra miliare della finanza

  • Marco Pagano

    ()

    (Università degli Studi di Napoli Federico II, Dipartimento di Teoria e Storia dell’Economia Pubblica, Napoli)

The 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.

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

Volume (Year): 58 (2005)
Issue (Month): 230-231 ()
Pages: 255-267

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Handle: RePEc:psl:moneta:2005:213
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  1. Schmidt, Klaus M., 2003. "Convertible Securities and Venture Capital Finance," Munich Reprints in Economics 19769, University of Munich, Department of Economics.
  2. 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.
  3. Stiglitz, Joseph E, 1974. "On the Irrelevance of Corporate Financial Policy," American Economic Review, American Economic Association, vol. 64(6), pages 851-66, December.
  4. 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.
  5. 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.
  6. 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.
  7. William A. Barnett & Robert Solow, 2004. "An Interview with Franco Modigliani," Macroeconomics 0409002, EconWPA.
  8. Ross, Stephen A, 1988. "Comment on the Modigliani-Miller Propositions," Journal of Economic Perspectives, American Economic Association, vol. 2(4), pages 127-33, Fall.
  9. 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.
  10. 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.
  11. 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.
  12. 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.
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