La huella indeleble de Modigliani y MillerMM (1958-2008)

  1. Azofra Palenzuela, Valentín
  2. Fuente Herrero, Gabriel de la
Revista:
Boletín de estudios económicos

ISSN: 0006-6249

Any de publicació: 2008

Títol de l'exemplar: Algunas reflexiones sobre recientes normativas y su impacto en la actividad empresarial

Volum: 63

Número: 194

Pàgines: 373-401

Tipus: Article

DIALNET GOOGLE SCHOLAR

Altres publicacions en: Boletín de estudios económicos

Resum

The publication of Franco Modigliani and Merton Miller's article "The Cost of Capital, Corporation Finance and the Theory of Investment" in the American Economic Review in June 1958, changed the rules of the academic debate and paved the way for the flow of Corporate Finance to follow. Since that moment, finance has been seen through the eyes of Mogiliani and Miller. Like a veritable river, its waters have not ceased to flow. Its volume of knowledge has grown spectacularly. Fifty years on nothing is the same: Panta rhei. Only Modigliani and Miller's legacy remains immanent in the stream of finance. Market value is the only relevant issue, financing and dividend decisions are irrelevant. Maximizing market value transforms subjective perceptions of different individuals into an objective fact, the subjective criteria of an investor considered as an individual is subsumed in the objective and impersonal principle, expressed in the equilibrium value. The absence of arbitrage does not require the economy to be in equilibrium, whereas a competitive equilibrium is invariably arbitrage free.

Referències bibliogràfiques

  • AZOFRA, V. (1994): “Estructura del Capital y Política de Dividendos”, en A.I. Fernández, Introducción a las Finanzas, Editorial Civitas, Madrid, pp. 249-270.
  • BAILEY, R.E. (2007): The Economics of Financial Markets, Cambridge University Press.
  • BARRO, R. (1974): “Are Government Bonds Net Wealth?”, Journal of Political Economy, Vol. 82(6), pp. 1095-1117.
  • CHANG, K.-P. (2004): “A Reconsideration of the Modigliani-Miller Propositions”, SSRN working paper: http://ssrn.com/abstract=657921.
  • CHEREMUSHKIN, S.V. (2008): “The Seamy Side of the MM Irrelevance Propositions: A Break-Through Through the Haze”, SSRN working paper: http://ssrn.com/abstract=1018675.
  • DEANGELO, H. y DEANGELO, L. (2006): “The Irrelevance of the MM Dividend Irrelevance Theorem”, Journal of Financial Economics, Vol. 79, pp. 293-315.
  • DEANGELO, H. y DEANGELO, L. (2007): “Payout Policy Pedagogy: What matters and why”, Journal of Financial Economics, Vol. 13, pp. 11-27.
  • DUFFIE, J.D. (1994): “Modigliani-Miller Theorem”, The New Palgrave Dictionary of Money Finance, The Macmillan Press Limited, London, pp. 462-472.
  • DURAND, D. (1952): “Cost of Debt and Equity Funds for Business: Trends and Problems of Measurement,” Conference on Research in Business Finance, National Bureau Economics, New York, pp. 215-247.
  • DURAND, D. (1959): “The Cost of Capital, Corporation Finance and the Theory of Investment: Comment,” American Economic Review, Vol.43 (3), pp. 639- 654.
  • FISHER, I. (1930): The Theory of Interest: As Determined by Impatience to Spend Income and Opportunity to Invest It, Macmillan, New York. Reimpreso en 1955, Augustus M. Kelley, New York.
  • GIFFORD Jr., D. (1998): “After the Revolution Forty years ago, the Modigliani-Miller propositions started a new era in corporate finance. How does M&M hold up today?” CFO Magazine, July.
  • GONZÁLEZ, J.I. (2003): “La financiación de las empresas en las perspectivas de Modigliani-Miller y Williamson”, Cuadernos de Economía, Vol. XXII (39), pp. 85-98.
  • GRAHAM, B. y D. D. (1934): Security Analysis, McGraw-Hill Inc., New York.
  • HANDLEY, J.C. (2008): “Dividend Policy: Reconciling DD with MM”, Journal of Financial Economics, Vol. 87, pp. 528-531.
  • HIRSHLEIFER, J. (1966): “Investment Decision under Uncertainty: Applications of the State-Preference Approach”, Quarterly Journal of Economics, Vol. 80 (2), pp. 252-277.
  • KLAMER, A. (1983): Conversations with Economists, Rowman & Allanheld, Totowa.
  • MAYER, C. (1994): “Corporate Finance”, The New Palgrave Dictionary of Money Finance, The Macmillan Press Limited, London, pp. 715-717.
  • MERTON, R.C. (1987): “In Honor of Nobel Laureate, Franco Modigliani”, Journal of Economic Perspectives, Vol. 1 (2), pp. 145-155.
  • MILLER, M.H. (1977): “Debt and Taxes”, Journal of Finance, Vol. 32 (2), pp. 261-75.
  • MILLER, M.H. (1988): “The Modigliani-Miller Propositions After Thirty Years”, Journal of Economic Perspectives, Vol. 2 (4), pp. 99-120.
  • MILLER, M.H. (1991): Financial Innovations and Market Volatility, Blackwell Publishers, Cambridge, MA.
  • MILLER, M.H. (1999): “The History of Finance”, Journal of Portfolio Management, Vol. 25 (4), pp. 95-101.
  • MILLER, M.H. (2000): “The History of Finance: An Eyewitness Account”, Journal of Applied Corporate Finance, Vol. 15 (2), pp. 8-14.
  • MILLER, M. H. y F. MODIGLIANI (1961): “Dividend Policy, Growth, and the Valuation of Shares”, Journal of Business, Vol. 34, pp. 411-433.
  • MILLER, M.H. (1963). “Corporate Income Taxes and the Cost of Capital: A Correction”, American Economic Review, Vol. 53 (3), pp. 433-43.
  • MODIGLIANI, F. and M.H. MILLER (1958): “The Cost of Capital, Corporation Finance and the Theory of Investment”, American Economic Review, Vol. 48 (3), pp. 261-297.
  • MODIGLIANI, F. and M.H. MILLER (1969): “Reply to Heins and Sprenkle”, American Economic Review, Vol. 59 (4), pp. 592-595.
  • PAGANO, M. (2005): “The Modigliani-Miller Theorems: A Cornerstone of Finance”, Centre for Studies in Economics and Finance, Working Paper no. 139.
  • RUBINSTEIN, M.E. (2003): “Great Moments in Financial Economics: II. ModiglianiMiller Theorem”, Journal of Investment Management, Vol. 1 (2), pp. 7–13.
  • STIGLITZ, J.E. (1969): “A Re-Examination of the Modigliani-Miller Theorem,” American Economic Review, Vol. 59 (5), pp. 784-793.
  • STIGLITZ, J.E. (1974): “On the Irrelevance of Corporate Capital Structure,” American Economic Review, Vol. 64 (6), pp. 851-866.
  • STULZ, R.N. (2000): “Merton Miller and Modern Finance”, Financial Management, Vol. 29 (4), pp. 119-131.
  • TOBIN, J. (1958): “Liquidity Preference as Behavior Towards Risk”, Review of Economic Studies Vol. 25 (1), pp. 65-86.
  • VILLAMIL, A.P. (2000): “The Modigliani-Miller Theorem”, En Steven N. Durlauf and Lawrence E. Blume (Eds.), The New Palgrave Dictionary of Economics, Palgrave Macmillan, Segunda edición.
  • WILLIAMS, J.B. (1938): The Theory of Investment Value, Harvard University Press, Cambridge, MA. Reimpreso en 1997, Fraser Publishing, Burlington, VT.
Fuente de los datos: Dialnet