Journal articles: 'Modigliana'

1

Thunder-McGuire, Steve, and Martin Gray. "Modigliani." Studies in Art Education 43, no. 3 (2002): 282. http://dx.doi.org/10.2307/1321091.

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ALEXANDRE, NOEL. "MODIGLIANI." Art Book 1, no. 1 (January 1994): 24–25. http://dx.doi.org/10.1111/j.1467-8357.1994.tb00095.x.

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Akhmátova, Ana. "Amedeo Modigliani." Estudos Avançados 12, no. 32 (April 1998): 83–89. http://dx.doi.org/10.1590/s0103-40141998000100008.

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4

Goldberg, Sônia Salztein. "Amedeo Modigliani." Revista Brasileira de Psiquiatria 34, no. 3 (September 2012): i. http://dx.doi.org/10.1016/j.rbp.2012.12.004.

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5

Morris, David B. "Eros Modigliani." Iowa Review 36, no. 1 (April 2006): 149–69. http://dx.doi.org/10.17077/0021-065x.6218.

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Herbertsson, Tryggvi Thor, and Gylfi Zoega. "The Modigliani ‘puzzle’." Economics Letters 76, no. 3 (August 2002): 437–42. http://dx.doi.org/10.1016/s0165-1765(02)00089-7.

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7

Onyinyechi, Uzokwe Grace. "Capital Structure and the Value of Quoted Firms in Nigeria: A Test of Miller and Modigliani Irrelevant Hypothesis." Australian Finance & Banking Review 3, no. 2 (October 5, 2019): 1–15. http://dx.doi.org/10.46281/afbr.v3i2.403.

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This study tested an insignificant hypothesis of the capital structure of Miller and Modiglian in Nigeria. The aim was to investigate the validity of the irrelevant hypothesis. The Tobins Q market value measure was modeled as a function of debt-to-equity ratio, long-term debt to equity ratio, and retained earnings ratio. Twenty companies were selected on the basis of the information needed to conduct the survey and the availability of annual financial reports for the ten-year period 2008-2017. Cross-sectional data were obtained from the annual accounts and annual reports of the companies. Random effects were used in the analysis of fixed and random effects. The study showed that 77% volatility in market value can be predicted by the variation of independent variables in the regression model. The beta coefficient of the variables found that the debt-to-equity ratio, the long-term debt-to-equity ratio, the capital-to-earnings ratio is positively and significantly related to the market value of the selected listed companies. The study concludes that capital structure is relevant, unlike Miller's and Modiglian's irrelevant hypothesis. Therefore, it is recommended that managers ensure an adequate combination of capital and debt.

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8

Szego, G. "Franco Modigliani (1918–2003)." Journal of Banking & Finance 28, no. 8 (August 2004): iii—vii. http://dx.doi.org/10.1016/j.jbankfin.2004.04.001.

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9

Merton, Robert C. "In Honor of Nobel Laureate, Franco Modigliani." Journal of Economic Perspectives 1, no. 2 (November 1, 1987): 145–55. http://dx.doi.org/10.1257/jep.1.2.145.

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When Gary Becker asked me to introduce Franco Modigliani on this occasion celebrating Franco's Nobel Prize, he noted that, by tradition, the honoree does not speak. It is the introducer who speaks, devoting 30 minutes or so to the laureate's chief contributions to economics. Now, I know of no meeting of economists attended by Franco where he didn't speak. But this occasion is designed to do Franco Modigliani honor, rather than delegate him to perform still another feat of critical summary for the enduring benefit of his fellow economists. Where shall I begin? Franco Modigliani is a great macroeconomist. He is also a great microeconomist. Still, it is the composite of theoretical, empirical, applied, and policy-oriented work that provides the unmistakable Franco Modigliani stamp. In the parlance of corporate finance, he is a complete, horizontally and vertically integrated, economic-research system.

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10

Sultan Obeidat, Mohammed Ibrahim. "The Validity of Modigliani-Miller Theorem at the Commercial Banking Industry of Jordan." WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS 18 (June 1, 2021): 929–40. http://dx.doi.org/10.37394/23207.2021.18.88.

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The study objects for investigating whether the findings of Modigliani-Miller Theorem (1958-1963), are valid in the environment of listed commercial banks at Amman Stock Exchange. To achieve the objective of the study, data of 13 out of a total of 15 listed commercial banks, covering the period (2010-019), had been collected and tested, using descriptive statistics and the ordinary least square method. The analysis of the data and hypothesis testing leads to an existence of a significant positive impact of debt on the firm market value. Opposite to Modigliani-Miller theorem, the study finds that debt is relevant to the bank market value, and it has a positive significant on bank market value. The conclusion is not in conflict with the finding of Modigliani-Miller 1958, where the authors assumed free tax, while the commercial banks of Jordan are subject to tax. Therefore, the finding of the current study are consistent with the adjusted Modigliani-Miller 1963 theory. More studies taking into consideration different industries and different business environments are strongly recommended.

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11

MAYER, THOMAS. "MODIGLIANI ON MONETARISM: A RESPONSE." Contemporary Economic Policy 6, no. 4 (October 1988): 19–24. http://dx.doi.org/10.1111/j.1465-7287.1988.tb00541.x.

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12

Barnett, William A., and Robert Solow. "AN INTERVIEW WITH FRANCO MODIGLIANI." Macroeconomic Dynamics 4, no. 2 (June 2000): 222–56. http://dx.doi.org/10.1017/s1365100500015042.

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Franco Modigliani's contributions in economics and finance have transformed both fields. Although many other major contributions in those fields have come and gone, Modigliani's contributions seem to grow in importance with time. His famous 1944 article on liquidity preference has not only remained required reading for generations of Keynesian economists but has become part of the vocabulary of all economists. The implications of the life-cycle hypothesis of consumption and saving provided the primary motivation for the incorporation of finite lifetime models into macroeconomics and had a seminal role in the growth in macroeconomics of the overlapping generations approach to modeling of Allais, Samuelson, and Diamond. Modigliani and Miller's work on the cost of capital transformed corporate finance and deeply influenced subsequent research on investment, capital asset pricing, and recent research on derivatives. Modigliani received the Nobel Memorial Prize for Economics in 1985.In macroeconomic policy, Modigliani has remained influential on two continents. In the United States, he played a central role in the creation of a the Federal Reserve System's large-scale quarterly macroeconometric model, and he frequently participated in the semiannual meetings of academic consultants to the Board of Governors of the Federal Reserve System in Washington, D.C. His visibility in European policy matters is most evident in Italy, where nearly everyone seems to know him as a celebrity, from his frequent appearances in the media. In the rest of Europe, his visibility has been enhanced by his publication, with a group of distinguished European and American economists, of “An Economists' Manifesto on Unemployment in the European Union,” which was signed by a number of famous economists and endorsed by several others.This interview was conducted in two parts on different dates in two different locations, and later unified. The initial interview was conducted by Robert Solow at Modigliani's vacation home in Martha's Vineyard. Following the transcription of the tape from that interview, the rest of the interview was conducted by William Barnett in Modigliani's apartment on the top floor of a high-rise building overlooking the Charles River near Harvard University in Cambridge, Massachusetts. Those concluding parts of the interview in Cambridge continued for the two days of November 5–6, 1999 with breaks for lunch and for the excellent espresso coffee prepared by Modigliani in an elaborate machine that would be owned only by someone who takes fine coffee seriously.Although the impact that Modigliani has had on the economics and finance professions is clear to all members of those professions, only his students can understand the inspiration that he has provided to them. However, that may have been adequately reflected by Robert Shiller at Yale University in correspondence regarding this interview, when he referred to Modigliani as: “my hero.”

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13

Roberts, Charles S. "Modigliani, Italian Painter in France." JAMA: The Journal of the American Medical Association 254, no. 6 (August 9, 1985): 805. http://dx.doi.org/10.1001/jama.1985.03360060109038.

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14

Gersbach, Hans, Hans Haller, and Jürg Müller. "The macroeconomics of Modigliani–Miller." Journal of Economic Theory 157 (May 2015): 1081–113. http://dx.doi.org/10.1016/j.jet.2015.02.003.

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15

Dostaler, Gilles. "Modigliani ou le keynésianisme édulcoré." Alternatives Économiques 250, no. 9 (September 1, 2006): 80. http://dx.doi.org/10.3917/ae.250.0080.

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16

Bhattacharya, Sudipto. "Corporate Finance and the Legacy of Miller and Modigliani." Journal of Economic Perspectives 2, no. 4 (November 1, 1988): 135–47. http://dx.doi.org/10.1257/jep.2.4.135.

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[This is a comment on “The Modigliani-Miller Propositions after Thirty Years” by Merton H. Miller in this same issue.] The influence of the Modigliani-Miller (1958) propositions on capital structure and the Miller-Modigliani (1961) theses on dividend policy permeates almost all aspects of financial economics to this day. In this commentary, I shall focus on the influence of Miller's and Modigliani's contributions on a couple of key areas in corporation finance, and review research progress by later contributors. Broadly speaking, these two themes can be summarized as: (A) integrated tax- and information-related considerations in capital structure and dividend policy choices; and (B) the impact of inflation and nominally denominated debt contracts on the valuation of corporate equity.

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17

Wiberg, Daniel. "Risk-adjusted performance of Swedish bond funds in the years 2000-2003; An application of the Modigliani-measure." Corporate Ownership and Control 4, no. 1 (2006): 284–92. http://dx.doi.org/10.22495/cocv4i1c2p4.

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This paper compare Swedish long-term bond funds’ returns against the OMRX-TBond, which is the major index of long-term bonds issued by the Swedish National Debt Office and other major Swedish bond issuers. The evaluation is made on a total return level as well as on a risk-adjusted basis. To measure risk-adjusted performance a performance measure developed by Modigliani and Modigliani (1997) is used. The main advantage with the Modigliani-measure is that it measures performance in basis points like the original return of any asset. By using the Modigliani-measure the study illustrates the importance of risk-adjustment when comparisons are made between benchmarks, such as an index, and mutual funds or portfolios investing in that particular market. When risk-adjusted, the performance of many of the Swedish mutual funds improved noticeably, most of them however, still underperform the index OMRX-TBond by a few percentage points when risk-adjusted with the M2-model. This result gives support to the idea originally presented by Sharpe (1966) and Jensen (1968), that the majority of mutual funds significantly underperform the market

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18

Khárdjiev, Nicolai. "Sobre um desenho de Amedeo Modigliani." Estudos Avançados 12, no. 32 (April 1998): 90–92. http://dx.doi.org/10.1590/s0103-40141998000100009.

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19

Coyne, John D. "Modigliani-Like Art in Surgical Pathology." International Journal of Surgical Pathology 22, no. 6 (August 13, 2014): 528. http://dx.doi.org/10.1177/1066896914545397.

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20

Ross, Stephen A. "Comment on the Modigliani-Miller Propositions." Journal of Economic Perspectives 2, no. 4 (November 1, 1988): 127–33. http://dx.doi.org/10.1257/jep.2.4.127.

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[This is a comment on “The Modigliani-Miller Propositions after Thirty Years” by Merton H. Miller in this same issue.] What a treat it is to have the opportunity to read Merton Miller's ruminations on the MM Propositions. A comment on Miller and Modigliani's work can easily become a discussion of any facet of modern finance. I will focus on the two areas of arbitrage and taxation. Since the original MM analysis, economists have learned an enormous amount about the role played by no arbitrage conditions in financial markets. Taxation is where the real world meets the theory. At first blush, the corporate deduction for interest seemed to doom the MM analysis to an academic curiosity, since it appeared to give debt an obvious cost advantage over equity. It was the genius of Miller to see that the arbitrage analysis went much too deeply into the workings of the financial markets and the economy as a whole to be easily unseated by even something as powerful as the tax code.

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21

SHILLER, ROBERT J. "IN MEMORY OF FRANCO MODIGLIANI, 19182003." Macroeconomic Dynamics 8, no. 1 (February 2004): 1–2. http://dx.doi.org/10.1017/s1365100504030172.

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22

Carabaño Aguado, I. "Gitana con niño: Amadeo Modigliani, 1919." Pediatría Atención Primaria 16, no. 61 (March 2014): 93–94. http://dx.doi.org/10.4321/s1139-76322014000100019.

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23

Modigliani, Franco. "The Keynesian Gospel According to Modigliani." American Economist 47, no. 1 (March 2003): 3–24. http://dx.doi.org/10.1177/056943450304700101.

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24

Dostaler, Gilles. "Franco Modigliani, ou le keynésianisme édulcoré." Les dossiers d’alternatives économiques N° 17, no. 3 (April 1, 2019): 56–58. http://dx.doi.org/10.3917/dae.017.0056.

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25

Seto, Émilie. "Le vrai du faux du Modigliani." Monde commun N° 2, no. 1 (March 13, 2019): 106–18. http://dx.doi.org/10.3917/moco.002.0106.

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26

Maulinda, Rerin, and Juwita Lewani Barus. "TRADISI MEMBURU KEPALA MANUSIA DI NIAS SELATAN TAHUN 1886 PADANOVEL TANAH PARA PENDEKAR KARYA VANNI PUCCIONI (KAJIAN ANTROPOLOGI SASTRA)." Jurnal Serunai Bahasa Indonesia 18, no. 1 (April 8, 2021): 13–21. http://dx.doi.org/10.37755/jsbi.v18i1.340.

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Novel Tanah Para Pendekar karya Vanni Puccioni menceritakan petualangan seorang antropolog asal Florence, bernama Elio Modigliani di Pulau Nias Selatan tahun 1886. Sepanjang perjalanan, Elio Modigliani menemukan tradisi di daerah Pulau Nias. Tujuan penelitian ini untuk mendeskripsikan novel Tanah Para Pendekar mengenai tradisi pada isi cerita novel Tanah Para Pendekar, mendeskripsikan pandangan dan sikap masyarakat dalam atau luar terhadap tradisi memburu kepala manusia. Penelitian ini menggunakan metode deskriptif kualitatif. Hasil penelitian pada novel Tanah Para Pendekar menunjukkan bahwa adanya tradisi yang meliputi daerah Pulau Nias yaitu perdagangan budak dan memburu kepala manusia, akan tetapi yang dominan dalam isi cerita novel adalah tradisi memburu kepala manusia. Pandangan masyarakat Pulau Nias terhadap tradisi memburu kepala manusia yaitu tradisi yang memiliki nilai dan arti, sikap yang digunakan dengan menjalankan tradisi tersebut. Sedangkan, pandangan Elio Modigliani sebagai masyarakat luar Pulau Nias yaitu berdiri pada pendirian dantak gentar dengan sikap yang mengandalkan kecerdasan dan membina hubungan baik oleh masyarakat Pulau Nias.Kata kunci : Antropolgi, Novel, dan Tradisi Memburu

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27

Herrera, Julián Augusto Casas, and José Mauricio Gil León. "Evidencia empírica de la teoría del consumo para Colombia 2000-2010." APUNTES DEL CENES 30, no. 52 (April 17, 2013): 59. http://dx.doi.org/10.19053/01203053.v30.n52.2011.25.

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En este trabajo se evalúan las hipótesis de consumo de Keynes, Friedman, Modigliani y Hall,mostrando sus elementos teóricos, junto con la verificación econométrica de cada una para Colombia, con datos trimestrales, en el periodo 2000-2010. Se muestran las diferencias que se pueden obtener en el análisis de estas, con sus respectivos impactos en la política económica. En el texto se concluye que la hipótesis keynesiana es útil para un estudio de política económica a corto plazo; mientras que la de Friedman, con expectativas adaptativas, resultó, más consistente a largo plazo que la de Modigliani y la de Hall.

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Setiawan, Kristanto, and Dyah Nurul Maliki. "HIP-HOP CULTURE REPRESENTATION IN TELEVISION ADVERTISING." Jurnal Komunikasi dan Bisnis 8, no. 2 (November 2, 2020): 75–84. http://dx.doi.org/10.46806/jkb.v8i2.673.

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This research used framing analysis by Gamson and Modigliani. This research utilized framing analysis to tell storyline of Nano-Nano Chewy Advertising. Framing Analysis by Gamson and Modigliani has been using to get hip-hop culture representative by using framing devices and reasoning devices element. This research using descriptive qualitative approach. Technique Data collecting in this research is documentation, participant passive observation, and interview. Data collecting in this research is framing analysis by Gamson and Modigliani. The result of research showing that there is an hip-hop culture representative in Nano-Nano Chewy Advertising. The representative is showing by rapping, breakdance, grafiti and fashion element. Nano-Nano Chewy Advertising have an objective to create an cool, fun, and cheeful association. This association was developed specially for Nano-Nano target market which is an teenager. This research tell that there is a functional and emotional benefit from Nano-Nano Chewy product. The Creative concept that looks cheerfull is associates with the brand tagline “Rame Rasanya”. This Advertising was create to maintain Nano-Nano top of mind brand awareness. Keyword: framing, hip-hop, representation, Advertising, Nano-Nano Chewy.

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29

Aboura, Sofiane, Sofiane Aboura, Emmanuel Lepinette, and Emmanuel Lepinette. "New developments on the Modigliani - Miller theorem." Teoriya Veroyatnostei i ee Primeneniya 61, no. 1 (2016): 114–28. http://dx.doi.org/10.4213/tvp5045.

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30

Breuer, Wolfgang. "Das Irrelevanztheorem von Modigliani und Miller (1958)." WiSt - Wirtschaftswissenschaftliches Studium 45, no. 10 (2016): 554–56. http://dx.doi.org/10.15358/0340-1650-2016-10-554.

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31

F. McDonald, John. "The Modigliani-Miller Theorem for Equity Participation." Theoretical Economics Letters 02, no. 04 (2012): 361–64. http://dx.doi.org/10.4236/tel.2012.24066.

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32

Laitenberger, Jörg, and Arnd Lodowicks. "Das Modigliani-Miller-Theorem mit ausfallgefährdetem Fremdkapital." WiSt - Wirtschaftswissenschaftliches Studium 34, no. 3 (2005): 145–50. http://dx.doi.org/10.15358/0340-1650-2005-3-145.

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33

McDonald, John F. "The Modigliani-Miller Theorem with Financial Intermediation." Modern Economy 02, no. 02 (2011): 169–73. http://dx.doi.org/10.4236/me.2011.22022.

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34

Vignaux, Valérie. "« Cet homme a existé ! Modigliani 1884-1921 »." 1895, no. 34-35 (October 1, 2001): 303–18. http://dx.doi.org/10.4000/1895.201.

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35

Diez-Lage Sánchez, A., and E. González Fernández. "Los ojos en la pintura de Modigliani." Archivos de la Sociedad Española de Oftalmología 86, no. 3 (March 2011): 94. http://dx.doi.org/10.1016/j.oftal.2010.11.013.

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36

Miller, Merton H. "The Modigliani-Miller Propositions After Thirty Years." Journal of Economic Perspectives 2, no. 4 (November 1, 1988): 99–120. http://dx.doi.org/10.1257/jep.2.4.99.

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This issue of the Journal of Economic Perspectives appears on the 30th anniversary of the Modigliani-Miller propositions in “The Cost of Capital, Corporation Finance and the Theory of Investment,” published in the American Economic Review, June 1958. The editors have invited me, if not to celebrate, at least to mark the event with a retrospective look at what we set out to do on that occasion and an appraisal of where the propositions stand today after three decades of intense scrutiny and often bitter controversy.

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37

SHILLER, ROBERT J. "IN MEMORY OF FRANCO MODIGLIANI, 1918–2003." Macroeconomic Dynamics 8, no. 1 (January 30, 2004): 1–2. http://dx.doi.org/10.1017/s1365100503030177.

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Franco Modigliani was a great clarifier of fundamental economic concepts. Often the mathematical rigor of our economic models is misleading, since underlying our actual use of these precisely defined models are some less-rigorous, sometimes even fallacious, concepts. Modigliani's energetic mind drove him to reflect on how our models actually function to yield policy prescriptions, and from that thinking to refine and redefine the concepts that underlie the models.

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38

Aboura, S., and E. Lepinette. "New Developments on the Modigliani--Miller Theorem." Theory of Probability & Its Applications 61, no. 1 (January 2017): 3–14. http://dx.doi.org/10.1137/s0040585x97t988010.

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39

Vane, H. R. "Franco Modigliani: A Mind That Never Rests." History of Political Economy 42, no. 2 (May 4, 2010): 401–2. http://dx.doi.org/10.1215/00182702-2010-017.

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Potter, Polyxeni. "Amedeo Modigliani (1884-1920). Self-Portrait, 1919." Emerging Infectious Diseases 8, no. 11 (November 2002): 1364. http://dx.doi.org/10.3201/eid0811.ac0811.

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41

Miller, Merton H. "The Modigliani-Miller Propositions After Thirty Years." Journal of Applied Corporate Finance 2, no. 1 (March 1989): 6–18. http://dx.doi.org/10.1111/j.1745-6622.1989.tb00548.x.

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Manrique Joya, Gloria Mercedes, and Gustavo Enrique Salazar Otálora. "Reflexiones teóricas sobre la estructura de capital de las pymes." Visión Empresarial 1, no. 1 (October 31, 2015): 12. http://dx.doi.org/10.24267/24629898.90.

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En el presente artículo se abordan referentes teóricos sobre la estructura del costo de capital de las pymes, con énfasis en una reflexión sobre las teorías desarrolladas por Modigliani y Miller (1958; citados por Miller & Modigliani, 1963): la teoría MM (la teoría trade-off) y la teoría de la jerarquía financiera (pecking order theory) de Myers y Majluf (1984). También se presentan referentes empíricos para explicar la estructura financiera y su consecuente costo de capital, y finalmente se realiza un acercamiento a la estructura de capital de las pymes en Colombia y la región, bajo el modelo propuesto por Berger y Udell (1998).

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Meza Martínez, Juan Carlos. "La teoría del ciclo vital de Franco Modigliani: enfoque en los salarios de los trabajadores colombianos." Questionar: Investigación Específica 5, no. 1 (January 1, 2017): 131–40. http://dx.doi.org/10.29097/23461098.106.

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La teoría de ciclo vital de Franco Modigliani estudia el salario, el ahorro y el consumo futuro en relación con la edad y el mercado laboral; esta teoría establece que hay un mayor ahorro en las primeras etapas de la vida y un desahorro al final del ciclo vital. Según el autor, la renta de las personas que se encuentran en el promedio de trabajadores que se retiran del mercado laboral tiende a disminuir en la medida que el trabajador envejece. En lo que respecta a la población ocupada, los hechos empíricos demuestran que el salario de los trabajadores aumenta hasta alcanzar un máximo, que cae después del retiro laboral, cumpliéndose de esta manera la teoría de Modigliani.

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Liu, Min, and Rupert Rhodd. "Review and Comments on Accrual Accounting Valuation Models." International Journal of Accounting and Financial Reporting 8, no. 1 (February 27, 2018): 37. http://dx.doi.org/10.5296/ijafr.v8i1.12728.

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Early work by Miller and Modigliani (1961) proposes that a firm’s value is irrelevant to its dividend policy and relevant to its risk (i.e., earnings risk, volatility risk...) (Modigliani and Miller 1958). Inspired by Miller and Modigliani’s works, a line of research has developed accrual accounting valuation models based on the results of dividends policy irrelevance (i.e., Feltham and Ohlson, 1995; Ohlson, 1995; Penman, 2010; and etc.). Because of the profound effects of the accrual accounting valuation models on academic research and investment practices, any possible improvements will not be trivial. This paper reviews two popular accrual accounting valuation models and provides some comments on these models and future research suggestions for this line of research.

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45

Mkhethwa, Mkhize, and Pumela Msweli. "The impact of female business leaders on the performance of listed companies in South Africa." South African Journal of Economic and Management Sciences 14, no. 1 (March 17, 2011): 1–7. http://dx.doi.org/10.4102/sajems.v14i1.145.

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The purpose of this study is to determine the impact of female business leaders in JSE-listed companies on the financial performance of those companies. This is as result of the proposition that women, over and above men, bring unique skills to the workplace. However, it is hypothesized in this study that JSE-listed companies led by a high percentage of women do not outperform similar companies led by a low percentage of women. The Lean Modigliani and France Modigliani measure (M2) was used to test this hypothesis. Results of this study indicate that companies led by women do not outperform similar companies led by men. As a result, the null hypothesis is not rejected. Implications of these results are discussed.

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Brusov, Peter, Tatiana Filatova, Natali Orekhova, Veniamin Kulik, She-I. Chang, and George Lin. "Generalization of the Modigliani–Miller Theory for the Case of Variable Profit." Mathematics 9, no. 11 (June 3, 2021): 1286. http://dx.doi.org/10.3390/math9111286.

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For the first time we have generalized the world-famous theory by Nobel Prize winners Modigliani and Miller for the case of variable profit, which significantly extends the application of the theory in practice, specifically in business valuation, ratings, corporate finance, etc. We demonstrate that all the theorems, statements and formulae of Modigliani and Miller are changed significantly. We combine theoretical and numerical (by MS Excel) considerations. The following results are obtained: (1) Discount rate for leverage company changes from the weighted average cost of capital, WACC, to WACC–g (where g is growing rate), for a financially independent company from k0 to k0–g. This means that WACC and k0 are no longer the discount rates as it takes place in case of classical Modigliani–Miller theory with constant profit. WACC grows with g, while real discount rates WACC–g and k0–g decrease with g. This leads to an increase of company capitalization with g. (2) The tilt angle of the equity cost ke(L) grows with g. This should change the dividend policy of the company, because the economically justified value of dividends is equal to equity cost. (3) A qualitatively new effect in corporate finance has been discovered: at rate g < g* the slope of the curve ke(L) turns out to be negative, which could significantly alter the principles of the company’s dividend policy.

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47

Brusov, Peter, and Tatiana Filatova. "The Modigliani–Miller Theory with Arbitrary Frequency of Payment of Tax on Profit." Mathematics 9, no. 11 (May 25, 2021): 1198. http://dx.doi.org/10.3390/math9111198.

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The main purpose of the current study is the generalization and further development of the Modigliani–Miller theory taking into account one of the conditions of the real functioning of companies for the case of paying income tax with an arbitrary frequency (monthly, quarterly, semi-annual or annual payments). While a return is not required more than once a year, businesses may be responsible for filing estimated taxes based on profits earned. This requirement is dependent on showing a profit. For example, sole proprietors must file estimated taxes on profits quarterly, on the 15th day of April, June, September and January. In Russia, tax on profit payments could be made annually, quarterly, or monthly. We suppose, that more frequent payment of income tax impacts on all main financial indicators of the company and leads to some important consequences. We use analytical and numerical methods: we derive all main formulas of the modified Modigliani–Miller theory theoretically and then use them to obtain all main financial indicators of company and their dependences on different parameters by MS Excel. We show that: (1) all Modigliani–Miller theorems, statements and formulas change; (2) all main financial indicators, such as the weighted average cost of capital (WACC), company value, V, and equity cost, ke, depend on the frequency of tax on profit payments; (3) in the case of income tax payments more than once per year (at p≠1), as takes place in practice, the WACC, company value, V and equity cost, and ke start depend on debt cost, kd, while in ordinary (classical) Modigliani–Miller theory all these values do not depend on kd; (4) obtained results allow a company to choose the number of payments of tax on profit per year (of course, within actual tax legislation): more frequent payments of income tax are beneficial for both parties, for the company and for the tax regulator.

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48

Hernández Amezcua, Roxana Sofía. "Sobre: “El París de Modigliani y sus contemporáneos”." Revista de Arte Ibero Nierika 10, no. 19 (December 7, 2020): 235–42. http://dx.doi.org/10.48102/nierika.v10i19.52.

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49

Townsend, Henry. "Another Look at the Modigliani and Cohn Equation." Financial Analysts Journal 42, no. 5 (September 1986): 63–66. http://dx.doi.org/10.2469/faj.v42.n5.63.

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50

Sethi, S. P., N. A. Derzko, and J. P. Lehoczky. "A Stochastic Extension of the Miller-Modigliani Framework." Mathematical Finance 1, no. 4 (October 1991): 57–76. http://dx.doi.org/10.1111/j.1467-9965.1991.tb00019.x.

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Journal articles on the topic 'Modigliana'

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