haku: @author Gottardi, P. / yhteensä: 7
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| Tekijä: | Gottardi, P. |
| Otsikko: | An analysis of the conditions for the validity of Modigliani-Miller theorem with incomplete markets |
| Lehti: | Economic Theory
1995 : VOL. 5:2, p. 191-208 |
| Asiasana: | ECONOMICS THEORIES INCOMPLETE MARKETS |
| Kieli: | eng |
| Tiivistelmä: | In this paper the authors investigate the consequences of the firms' financial decisions in the framework of a perfectly competitive general equilibrium model with incomplete markets. When markets are complete or there are no derivative securities written on the firms' shares, these decisions are irrelevant. This result reaffirms and qualifies the original claim by Modigliani and mIller. On the other hand, if markets are incomplete, the author shows that in the presence of any type of derivative security a change in the capital structure of a firm will modify, generically, both the real equilibrium allocation and the value of the firm. |
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