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I teoremi di Modigliani-Miller: una pietra miliare della finanza

Author

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  • Marco Pagano

    (Università degli Studi di Napoli Federico II, Dipartimento di Teoria e Storia dell’Economia Pubblica, Napoli)

Abstract

The theorems of Modigliani and Miller (MM) is a cornerstone of finance for two reasons.The first is substantial and is derived from the nature of "propositions irrelevant": they identify a case in which the financial structure and dividend policy will not affect the value of firms, and in doing so give us a clear point of reference to understand instead what circumstances these decisions affect the value of firms, and why. In fact, the whole subsequent evolution of corporate finance has explored the consequences of removing the assumptions of MM. The second reason for the importance of the fundamental theorems of MM is methodological: they have been demonstrated with a reasoning based arbitrage, which has set a precedent not only in the area of ??corporate finance but also in that of the determination of prices of financial securities.

Suggested Citation

  • Marco Pagano, 2005. "I teoremi di Modigliani-Miller: una pietra miliare della finanza," Moneta e Credito, Economia civile, vol. 58(230-231), pages 255-267.
    • Handle: RePEc:psl:moneta:2005:213
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    File URL: http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9740/9626
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    struttura finanziaria; politica dei dividendi; valore delle imprese;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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