The Cost of Capital, Corporation Finance and the Theory of Investment de Merton Miller

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Publisher : Encyclopaedia Universalis
ISBN 13 : 234100105X
Total Pages : 32 pages
Book Rating : 4.3/5 (41 download)

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Book Synopsis The Cost of Capital, Corporation Finance and the Theory of Investment de Merton Miller by : Encyclopaedia Universalis,

Download or read book The Cost of Capital, Corporation Finance and the Theory of Investment de Merton Miller written by Encyclopaedia Universalis, and published by Encyclopaedia Universalis. This book was released on 2015-11-10 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bienvenue dans la collection Les Fiches de lecture d’Universalis Franco Modigliani (1918-2003) et Merton Miller (1923-2000) ont jeté les bases de la finance d’entreprise moderne avec la publication, en juin 1958, de leur article The Cost of Capital, Corporation Finance and the Theory of Investment (Coût du capital, finance d’entreprise et théorie de l’investissement) dans l’American Economic Review. Une fiche de lecture spécialement conçue pour le numérique, pour tout savoir sur The Cost of Capital, Corporation Finance and the Theory of Investment de Merton Miller Chaque fiche de lecture présente une œuvre clé de la littérature ou de la pensée. Cette présentation est couplée avec un article de synthèse sur l’auteur de l’œuvre. A propos de l’Encyclopaedia Universalis : Reconnue mondialement pour la qualité et la fiabilité incomparable de ses publications, Encyclopaedia Universalis met la connaissance à la portée de tous. Écrite par plus de 7 400 auteurs spécialistes et riche de près de 30 000 médias (vidéos, photos, cartes, dessins...), l’Encyclopaedia Universalis est la plus fiable collection de référence disponible en français. Elle aborde tous les domaines du savoir.

The cost of capital, corporation finance and the theory of investment

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Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (174 download)

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Book Synopsis The cost of capital, corporation finance and the theory of investment by : Franco Modigliani

Download or read book The cost of capital, corporation finance and the theory of investment written by Franco Modigliani and published by . This book was released on 1958 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Selected Works of Merton H. Miller

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Publisher : University of Chicago Press
ISBN 13 : 0226527476
Total Pages : 467 pages
Book Rating : 4.2/5 (265 download)

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Book Synopsis Selected Works of Merton H. Miller by : Merton H. Miller

Download or read book Selected Works of Merton H. Miller written by Merton H. Miller and published by University of Chicago Press. This book was released on 2002-06 with total page 467 pages. Available in PDF, EPUB and Kindle. Book excerpt: Widely regarded as one of the founders of modern corporate finance, Merton H. Miller was awarded a Nobel Prize in 1990 for his work in the theory of finance and financial economics. Selected Works of Merton H. Miller gathers together in two volumes a selection of Miller's most influential contributions over more than fifty years of active research. A common theme running throughout both volumes is Miller's conviction about the utility of market-based approaches to topics as diverse as dividend policy, bank regulation, the structure of securities markets, and competition between research universities and teaching colleges. Miller was perhaps best known for a series of highly influential papers he cowrote in the 1950s and 1960s with fellow Nobel laureate Franco Modigliani that advanced a set of capital structure theorems later dubbed the "M and M propositions." In brief, the M and M propositions state that the actions of investors, firms, and capital markets will cause the market value of a firm to be independent of its capital structure. In other words, a corporation's value depends on its investments in people, ideas, and physical capital goods and not on the mix of bonds, stocks, and other securities used to finance the investments. Four of these papers are reprinted here, together with important later work by Miller in macroeconomics, corporate capital structure, management science, asset pricing, and the economic and regulatory problems of the financial services industry. Diverse and innovative, the papers in Selected Works of Merton H. Miller will interest students and practitioners of economics, finance, and business, as well as policymakers responsible for market regulation.

The Cost of Capital, Corporation Finance, and the Theory of Investment: Comment

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Publisher :
ISBN 13 :
Total Pages : 654 pages
Book Rating : 4.:/5 (227 download)

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Book Synopsis The Cost of Capital, Corporation Finance, and the Theory of Investment: Comment by : David Durand

Download or read book The Cost of Capital, Corporation Finance, and the Theory of Investment: Comment written by David Durand and published by . This book was released on 1959 with total page 654 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Short Introduction to Corporate Finance

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Publisher : Cambridge University Press
ISBN 13 : 1316984117
Total Pages : 196 pages
Book Rating : 4.3/5 (169 download)

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Book Synopsis Short Introduction to Corporate Finance by : Raghavendra Rau

Download or read book Short Introduction to Corporate Finance written by Raghavendra Rau and published by Cambridge University Press. This book was released on 2017-01-11 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Short Introduction to Corporate Finance provides an accessibly written guide to contemporary financial institutional practice. Rau deploys both his professional expertise and experience of teaching MBA and graduate-level courses to produce a lively discussion of the key concepts of finance, liberally illustrated with real-world examples. Built around six essential paradigms, he builds an integrated framework covering all the major ideas in finance over the past half-century. Ideal for students and practitioners alike, it will become core reading for anyone aspiring to become an effective manager.

The Development of Economic Thought on the Modigiliani-Miller Theory of the Cost of Capital, Corporation Finance and the Theory of Investment

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Publisher :
ISBN 13 :
Total Pages : 254 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis The Development of Economic Thought on the Modigiliani-Miller Theory of the Cost of Capital, Corporation Finance and the Theory of Investment by : Richard W. Walker

Download or read book The Development of Economic Thought on the Modigiliani-Miller Theory of the Cost of Capital, Corporation Finance and the Theory of Investment written by Richard W. Walker and published by . This book was released on 1982 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt:

A Critical Review of Modigliani and Miller's Theorem of Capital Structure

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Publisher :
ISBN 13 :
Total Pages : 11 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis A Critical Review of Modigliani and Miller's Theorem of Capital Structure by : Faruk Ahmeti

Download or read book A Critical Review of Modigliani and Miller's Theorem of Capital Structure written by Faruk Ahmeti and published by . This book was released on 2015 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: In their study “The cost of capital, corporation finance and the theory of investment” (1958) laureates of Nobel Price Nobel Franco Modigliani and Merton Miller represent what could possibly be the most important theory for the structure of capital, through which they explain the effect of the capital structure for the value of companies. Despite the hard work by Modigliani and Miller and the entire time spent by numerous scholars in developing concepts regarding this theory, we can say that it still remains unclear and faces many objections. This paper attempts to assess and make a critical review of Modigliani and Miller's Theory and the dominating literature that is pro and against this theory, aiming to identify the theory's importance and contribute to the field modern finances. To this end, the paper assessed and analyses Modigliani and Miller's theorem by considering the original work of authors Modigliani and Miller (1958, 1961 and 1963) as well as the dominating literature that covers this theorem, by mirroring the firmest opinions from different authors either pro or against. This paper aims to present the implications of Modigliani and Miller's Theory, its importance and theoretical contribution.

Generalized Modigliani–Miller Theory

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Publisher : Springer
ISBN 13 : 9783030938956
Total Pages : 0 pages
Book Rating : 4.9/5 (389 download)

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Book Synopsis Generalized Modigliani–Miller Theory by : Peter Brusov

Download or read book Generalized Modigliani–Miller Theory written by Peter Brusov and published by Springer. This book was released on 2023-03-30 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The original theory of capital cost and capital structure put forward by Nobel Prize Winners Modigliani and Miller has since been modified by many authors, and this book discusses some of them. The book’s authors have created general theory of capital cost and capital structure – the Brusov–Filatova–Orekhova (BFO) theory, which generalizes the Modigliani–Miller theory to encompass companies of an arbitrary age (and arbitrary lifetime). Despite the availability of this more general theory, the classical Modigliani–Miller theory is still widely used in practice. In this book, the authors for the first time generalize it for cases of practical relevance: for the case of variable profit; for the case of advance tax-on-profit payments and interest on debt payments; for the case of several tax-on-profit and interest on debt payments per period; and for the combination of all three effects. These generalizations lead to valuable theoretical results as well as significantly widen of practical application this theory in practice and increase of the quality of finance management of the company. As well, the book investigates the applications of said results in corporate finance, investments, taxation and ratings, where employing a generalized Modigliani–Miller theory can be very fruitful.

Structured Finance and Insurance

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Publisher : John Wiley & Sons
ISBN 13 : 1118160991
Total Pages : 680 pages
Book Rating : 4.1/5 (181 download)

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Book Synopsis Structured Finance and Insurance by : Christopher L. Culp

Download or read book Structured Finance and Insurance written by Christopher L. Culp and published by John Wiley & Sons. This book was released on 2011-09-13 with total page 680 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Structured Finance & Insurance "More and more each year, the modern corporation must decide what risks to keep and what risks to shed to remain competitive and to maximize its value for the capital employed. Culp explains the theory and practice of risk transfer through either balance sheet mechanism such as structured finance, derivative transactions, or insurance. Equity is expensive and risk transfer is expensive. As understanding grows, and, as a result, costs continue to fall, ART will continue to replace equity as the means to cushion knowable risks. This book enhances our understanding of ART." --Myron S. Scholes, Frank E. Buck Professor of Finance, Emeritus, Graduate School of Business, Stanford University "A must-read for everyone offering structured finance as a business, and arguably even more valuable to any one expected to pay for such service." --Norbert Johanning, Managing Director, DaimlerChrysler Financial Services "Culp's latest book provides a comprehensive account of the most important financing and risk management innovations in both insurance and capital markets. And it does so by fitting these innovative solutions and products into a single, unified theory of financial markets that integrates the once largely separate disciplines of insurance and risk management with the current theory and practice of corporate finance." --Don Chew, Editor, Journal of Applied Corporate Finance (a Morgan Stanley publication) "This exciting book is a comprehensive read on alternative insurance solutions available to corporations. It focuses on the real benefits, economical and practical, of alternatives such as captives, rent-a-captive, and mutuals. An excellent introduction to the very complex field of alternative risk transfer (ART)." --Paul Wohrmann, PhD, Head of the Center of Excellence ART and member of theExecutive Management of Global Corporate in Europe, Zurich Financial Services "Structured Finance and Insurance transcends Silos to reach the Enterprise Mountaintop. Culp superbly details integrated, captive, multiple triggers and capital market products, and provides the architectural blueprints for enterprise risk innovation." --Paul Wagner, Director, Risk Management, AGL Resources Inc.

Generalized Modigliani-Miller Theory

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Publisher :
ISBN 13 : 9783030938949
Total Pages : 0 pages
Book Rating : 4.9/5 (389 download)

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Book Synopsis Generalized Modigliani-Miller Theory by : Peter Brusov

Download or read book Generalized Modigliani-Miller Theory written by Peter Brusov and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The original theory of capital cost and capital structure put forward by Nobel Prize Winners Modigliani and Miller has since been modified by many authors, and this book discusses some of them. The book's authors have created general theory of capital cost and capital structure - the Brusov-Filatova-Orekhova (BFO) theory, which generalizes the Modigliani-Miller theory to encompass companies of an arbitrary age (and arbitrary lifetime). Despite the availability of this more general theory, the classical Modigliani-Miller theory is still widely used in practice. In this book, the authors for the first time generalize it for cases of practical relevance: for the case of variable profit; for the case of advance tax-on-profit payments and interest on debt payments; for the case of several tax-on-profit and interest on debt payments per period; and for the combination of all three effects. These generalizations lead to valuable theoretical results as well as significantly widen of practical application this theory in practice and increase of the quality of finance management of the company. As well, the book investigates the applications of said results in corporate finance, investments, taxation and ratings, where employing a generalized Modigliani-Miller theory can be very fruitful.

Bonds and the Bond Market

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Publisher :
ISBN 13 :
Total Pages : 224 pages
Book Rating : 4.3/5 (243 download)

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Book Synopsis Bonds and the Bond Market by : American Academy of Political and Social Science

Download or read book Bonds and the Bond Market written by American Academy of Political and Social Science and published by . This book was released on 1920 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Corporate Capital Structures in the United States

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Publisher : University of Chicago Press
ISBN 13 : 0226264238
Total Pages : 404 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis Corporate Capital Structures in the United States by : Benjamin M. Friedman

Download or read book Corporate Capital Structures in the United States written by Benjamin M. Friedman and published by University of Chicago Press. This book was released on 2009-05-15 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: The research reported in this volume represents the second stage of a wide-ranging National Bureau of Economic Research effort to investigate "The Changing Role of Debt and Equity in Financing U.S. Capital Formation." The first group of studies sponsored under this project, which have been published individually and summarized in a 1982 volume bearing the same title (Friedman 1982), addressed several key issues relevant to corporate sector behavior along with such other aspects of the evolving financial underpinnings of U.S. capital formation as household saving incentives, international capital flows, and government debt management. In the project's second series of studies, presented at the National Bureau of Economic Research conference in January 1983 and published here for the first time along with commentaries from that conference, the central focus is the financial side of capital formation undertaken by the U.S. corporate business sector. At the same time, because corporations' securities must be held, a parallel focus is on the behavior of the markets that price these claims.

Cost of Capital, Corporation Finance, and the Theory of Investment

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Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.:/5 (456 download)

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Book Synopsis Cost of Capital, Corporation Finance, and the Theory of Investment by : Edward W. Clarke

Download or read book Cost of Capital, Corporation Finance, and the Theory of Investment written by Edward W. Clarke and published by . This book was released on 1969 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Modern Corporate Finance, Investments and Taxation

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Publisher :
ISBN 13 : 9783319147338
Total Pages : pages
Book Rating : 4.1/5 (473 download)

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Book Synopsis Modern Corporate Finance, Investments and Taxation by : Peter Brusov

Download or read book Modern Corporate Finance, Investments and Taxation written by Peter Brusov and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This monograph is devoted to the modern theory of capital cost and capital structure and its application to the real economy. In particular, it presents a possible explanation to the causes of global financial crisis. The authors of the book modify the theory of Nobel Prize winners Modigliani and Miller to describe an alternative theory of capital cost and capital structure that can be applied to corporations with arbitrary lifetime and investment projects with arbitrary duration. The authors illustrate their theory with examples from corporate practice and develop investment models that can be applied by companies in their financial operations.

Behavioral Corporate Finance

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Publisher : College Ie Overruns
ISBN 13 : 9781259254864
Total Pages : 300 pages
Book Rating : 4.2/5 (548 download)

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Book Synopsis Behavioral Corporate Finance by : Hersh Shefrin

Download or read book Behavioral Corporate Finance written by Hersh Shefrin and published by College Ie Overruns. This book was released on 2017-04-16 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:

U-Shaped Cost of Equity Function? Digging into Modigliani-Miller (1958) Mistake

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Publisher :
ISBN 13 :
Total Pages : 22 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis U-Shaped Cost of Equity Function? Digging into Modigliani-Miller (1958) Mistake by : Hugo Oscar Berlingeri

Download or read book U-Shaped Cost of Equity Function? Digging into Modigliani-Miller (1958) Mistake written by Hugo Oscar Berlingeri and published by . This book was released on 2006 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modigliani and Miller (1958, The cost of capital, corporation finance and the theory of investment, The American Economic Review, Vol. 48, Nordm; 3) assert that, beyond some high level of leverage, the cost of equity curve may be decreasing. Despite the lack of rigour of their argument, this proposition received a small amount of criticism. However, it is wrong: in an MM world, the cost of equity function must be increasing, because under the dynamics of MM Proposition II, the marginal cost of debt must be lower than the cost of equity. Should, by any chance, the marginal cost of debt be higher than the cost of equity, arbitrage opportunities, incompatible with market equilibrium, would emerge. In this way, the intuitive idea that the cost of equity may increase unboundedly is recovered. Nevertheless, the cost of equity function will tend to infinity only if the first derivative of the interest cost function also tends to infinity. Otherwise, in the limit, the cost of equity will tend to a finite number. These findings reinforce the theoretical validity of MM propositions.

The Cost of Capital, Corporate Finance, and the Theory of Investment with Corporate Income Taxes and Bankruptcy Costs

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Publisher :
ISBN 13 :
Total Pages : 22 pages
Book Rating : 4.:/5 (868 download)

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Book Synopsis The Cost of Capital, Corporate Finance, and the Theory of Investment with Corporate Income Taxes and Bankruptcy Costs by : Ramón Codina

Download or read book The Cost of Capital, Corporate Finance, and the Theory of Investment with Corporate Income Taxes and Bankruptcy Costs written by Ramón Codina and published by . This book was released on 1977 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: