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The Modigliani and Miller Theorem and Market Efficiency / Sheridan Titman.
- Format:
- Book
- Author/Creator:
- Titman, Sheridan.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w8641.
- NBER working paper series no. w8641
- Language:
- English
- Subjects (All):
- Efficient market theory.
- Risk management.
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2001.
- Cambridge, Massachusetts : National Bureau of Economic Research, 2001.
- Summary:
- Most of the recent literature on risk management and capital structure assumes that markets are perfect, i.e., efficient and complete. This paper presents anecdotal evidence that suggests that different capital markets (e.g., debt, equity and warrants markets) may not be perfectly integrated, and discusses the implications of this lack of integration on financing strategies. I argue that although models that assume perfect markets are sufficient to explain cross-sectional differences in financing and risk management choices within an economy, that issues relating to market conditions may be necessary to explain differences in these choices across countries and across time.
- Notes:
- Print version record
- December 2001.
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