A theory on capital financing that states that in an efficient market, disregarding taxes and other statutory legal characteristics, the question of whether a firm is financed through stock issuance or going into debt does not affect the overall valuation of the firm. Also called Capital Structure Irrelevance Principle.
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Miller and Modigliani's irrelevance proposition. Theory that if financial markets are perfect, corporate financial policy (including hedging policy) is irrelevant.
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Miller and Modigliani's irrelevance proposition. Theory that if financial markets are perfect, corporate financial policy (including hedging policy) is irrelevant.
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Definition of Miller and Modigliani's Irrelevance Proposition: A theory on capital financing that states that in an efficient market, disregarding taxes and other ...
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Miller and Modigliani's irrelevance proposition. Theory that if financial markets are perfect, corporate financial policy (including hedging policy) is irrelevant.