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  2. Modigliani–Miller theorem - Wikipedia

    en.wikipedia.org/wiki/ModiglianiMiller_theorem

    The ModiglianiMiller theorem (of Franco Modigliani, Merton Miller) is an influential element of economic theory; it forms the basis for modern thinking on capital structure. [1] The basic theorem states that in the absence of taxes , bankruptcy costs, agency costs , and asymmetric information , and in an efficient market , the enterprise ...

  3. Dividend policy - Wikipedia

    en.wikipedia.org/wiki/Dividend_policy

    The ModiglianiMiller theorem states that dividend policy does not influence the value of the firm. [4] The theory, more generally, is framed in the context of capital structure, and states that — in the absence of taxes, bankruptcy costs, agency costs, and asymmetric information, and in an efficient market — the enterprise value of a firm is unaffected by how that firm is financed: i.e ...

  4. Capital structure - Wikipedia

    en.wikipedia.org/wiki/Capital_structure

    The ModiglianiMiller theorem, proposed by Franco Modigliani and Merton Miller in 1958, forms the basis for modern academic thinking on capital structure. It is generally viewed as a purely theoretical result since it disregards many important factors in the capital structure process factors like fluctuations and uncertain situations that may ...

  5. Dividend puzzle - Wikipedia

    en.wikipedia.org/wiki/Dividend_puzzle

    A further and related observation is that these dividends attract a higher tax rate as compared, e.g., to capital gains from the firm repurchasing shares as an alternative payout policy. For other considerations, see dividend policy and Pecking order theory. A range of explanations is provided.

  6. John Burr Williams - Wikipedia

    en.wikipedia.org/wiki/John_Burr_Williams

    Williams also anticipated the ModiglianiMiller theorem. [14] In presenting the "Law of the Conservation of Investment Value" (Theory, pg. 72), he argued that since the value of an enterprise is the "present worth" of all its future distributions – whether interest or dividends – it "in no [way] depends on what the company's ...

  7. Dividend discount model - Wikipedia

    en.wikipedia.org/wiki/Dividend_discount_model

    If the stock does not currently pay a dividend, like many growth stocks, more general versions of the discounted dividend model must be used to value the stock. One common technique is to assume that the ModiglianiMiller hypothesis of dividend irrelevance is true, and therefore replace the stock's dividend D with E earnings per share ...

  8. ‘Modi, Three Days on the Wing of Madness’ Review ... - AOL

    www.aol.com/modi-three-days-wing-madness...

    At 61, Johnny Depp has both handily outlived Modigliani and outranked him in terms of antemortem celebrity. … ‘Modi, Three Days on the Wing of Madness’ Review: Johnny Depp’s Broad, Busy ...

  9. Capital structure substitution theory - Wikipedia

    en.wikipedia.org/wiki/Capital_structure...

    The theory is used to explain trends in capital structure, stock market valuation, dividend policy, the monetary transmission mechanism, and stock volatility, and provides an alternative to the ModiglianiMiller theorem that has limited descriptive validity in real markets.