Les preferences des investisseurs portent sur les revenus pas les actifs. This study investigates the possible impact of increased capital requirements on banks cost of capital for the largest banks from us, uk and euro area. Modigliani et miller disent quil faut proceder en sens inverse. Application of modiglianimiller theorem to banking sector. It quantifies the impact of leverage on cost of equity and weighted average cost of capital and compare them between countries. Modigliani et miller remporterent le prix nobel deconomie. Pdf manuel complet cours et exercices corriges en finance.
Il recu le prix nobel deconomie en 1985 pour le theoreme modiglianimiller. This paper finds that consistently selecting positive npv projects with individual riskadjusted discount rates will. An implication of the modiglianimiller capital structuring. The modiglianimiller theorem of franco modigliani, merton miller is an influential element of economic theory. The basic theorem states that in the absence of taxes, bankruptcy costs, agency costs, and asymmetric information, and in an efficient market, the value of a firm is.
Sa demonstration est effectuee par une technique particuliere concernant les choix des investisseurs sur les marches financiers. Ulterieurement, merton miller, completera, en 1977, lanalyse. Click on title to download paper 189k, pdf visitor number 74347 as of october 4, 2001 an implication of the modiglianimiller capital structuring theorems on the relation between equity and debt. Faculte des sciences juridiques economiques et sociales. The basic theorem states that in the absence of taxes, bankruptcy costs, agency costs, and asymmetric information, and in an efficient market, the value of a firm is unaffected by how that firm is financed. The research question of interest is to what extent the modiglianimiller mm capital irrelevance theorem can be. Une premiere perspective sur le prix des actifs, le theoreme. Pdf on sep 7, 2017, michel albouy and others published merton h. Modiglianimiller sopposent a cette evidence intuitive. Modigliani et miller est verifiee, les decisions reelles des firmes par exemple. Les conclusions auxquelles les travaux ont conduit sont mieux formalisees et plus sophistiques. Cours m1 finance 20142015 8 9 seances du 14 et du 21.
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