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The Modigliani–Miller 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 ...
Merton Howard Miller (May 16, 1923 – June 3, 2000) was an American economist, and the co-author of the Modigliani–Miller theorem (1958), which proposed the irrelevance of debt-equity structure. He shared the Nobel Memorial Prize in Economic Sciences in 1990, along with Harry Markowitz and William F. Sharpe .
The Wallace neutrality [1] (also known as Wallace Irrelevance Proposition, [2] [3] Modigliani–Miller theorem for government finance [4]), is an economics proposition asserting that in certain environment, holding fiscal policy constant, alternative paths of the government financial policies have no effect on the sequences for the price level and for real allocations in the economy.
The Ford Mustang I is a small, mid-engined (4-cylinder), open two-seater concept car with aluminium body work that was built by Ford in 1962. Although it shared few design elements with the final production vehicle, it did lend its name to the line.
The rational expectations hypothesis is considered by economists [11] to originate in the [12] paper written by Modigliani and Emile Grunberg in 1954. [13] [14] When he was a member of the Carnegie Mellon University faculty, he formulated in 1958, along with Merton Miller, the Modigliani–Miller theorem for corporate finance.
What is puzzling, however, is that it should not matter to investors whether a firm pays dividends or not: [2] as an owner of the firm, the investor should be indifferent as to receiving dividends or having these re-invested in the business; see Modigliani–Miller theorem.
In his paper from 2002, Charles C. Holt describes how a young but very distinguished-to-be group of economists (himself, Franco Modigliani, John Muth and Herbert A. Simon) came together at the Graduate School of Industrial Administration (GSIA) at Carnegie Mellon University in the 1950s and set out to develop quantitative and computerized decision methods for business and industry.
The 1961 World Sportscar Championship was the ninth season of FIA World Sportscar Championship motor racing. It was contested over a five race series, [1] which ran from 25 March to 15 August 1961. The title was won by Italian manufacturer Ferrari. [1]