What is the" cost of capital" to a firm in a world in which funds are used to acquire assets
whose yields are uncertain; and in which capital can be obtained by many different media, …

THE SOMEWHAT HETERODOX VIEWS about debt and taxes that will be presented here
have evolved over the last few years in the course of countless discussions with several of my …

… markets; Merton Miller understands markets. As this volume demonstrates, Professor Miller
is … Vintage Merton Miller: zesty writing and forcefully communicated ideas, not only on …

I was asked to discuss whether (and how) the M &M Propositions apply to banking. Doing
so here will let me finish at last a heated colloquy I had on that topic some 15 years ago at …

Market liquidity is modeled as being determined by the demand and supply of immediacy.
Exogenous liquidity events coupled with the risk of delayed trade create a demand for …

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 …

The purpose of this communication is to correct an error in our paper" The Cost of Capital,
Corporation Finance and the Theory of Investment"(this Review, June 1958). In our discussion …

Tz i~ xeffect of a firm's dividend policy on the current price of its shares is a matter of considerable
importance, not only to the corporate officials who must set the policy, but to investors …

Dividends seem a natural area in finance where the introduction of behavioral/cognitive
elements might help resolve long-standing anomalies, particularly the seeming failure of supply …

The characteristic business school approach tends to be what we would call in our jargon “micro
normative.” That is, a decision-maker, whether an individual investor or a corporate …