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Relevant bibliographies by topics / Modigliani-Miller

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Journal articles

Academic literature on the topic 'Modigliani-Miller'

Author: Grafiati

Published: 4 June 2021

Last updated: 5 February 2022

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Journal articles on the topic "Modigliani-Miller"

1

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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2

Bhattacharya, Sudipto. "Corporate Finance and the Legacy of Miller and Modigliani." Journal of Economic Perspectives 2, no. 4 (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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3

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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4

Ross, Stephen A. "Comment on the Modigliani-Miller Propositions." Journal of Economic Perspectives 2, no. 4 (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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5

Liu, Min, and Rupert Rhodd. "Review and Comments on Accrual Accounting Valuation Models." International Journal of Accounting and Financial Reporting 8, no. 1 (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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6

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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7

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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8

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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9

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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10

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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