IDEAS home Printed from
   My bibliography  Save this article

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.

Suggested Citation

  • Marco Pagano, 2005. "I teoremi di Modigliani-Miller: una pietra miliare della finanza," Moneta e Credito, Economia civile, vol. 58(230-231), pages 255-267.
  • Handle: RePEc:psl:moneta:2005:213

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. 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.
    2. 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.
    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.
    4. Klaus M. Schmidt, 2003. "Convertible Securities and Venture Capital Finance," Journal of Finance, American Finance Association, vol. 58(3), pages 1139-1166, June.
    5. Barnett, William A. & Solow, Robert, 2000. "An Interview With Franco Modigliani," Macroeconomic Dynamics, Cambridge University Press, vol. 4(02), pages 222-256, June.
    6. Stiglitz, Joseph E, 1974. "On the Irrelevance of Corporate Financial Policy," American Economic Review, American Economic Association, vol. 64(6), pages 851-866, December.
    7. 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.
    8. 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.
    9. Ross, Stephen A, 1988. "Comment on the Modigliani-Miller Propositions," Journal of Economic Perspectives, American Economic Association, vol. 2(4), pages 127-133, Fall.
    10. 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.
    11. Douglas Gale & Martin Hellwig, 1985. "Incentive-Compatible Debt Contracts: The One-Period Problem," Review of Economic Studies, Oxford University Press, vol. 52(4), pages 647-663.
    Full references (including those not matched with items on IDEAS)

    More about this item


    struttura finanziaria; politica dei dividendi; valore delle imprese;

    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


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:psl:moneta:2005:213. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Carlo D'Ippoliti). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.