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The Cost of Capital, Corporation Finance and the Theory of Investment
The potential advantages of the market-value approach have long been appreciated; yet analytical results have been meager. What appears to be keeping this line of development from achieving itsExpand
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DIVIDEND POLICY, GROWTH, AND THE VALUATION OF SHARES
In the hope that it may help to overcome these obstacles to effective empirical testing, this paper will attempt to fill the existing gap in the theoretical literature on valuation. We shall begin,Expand
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DEBT AND TAXES
Debt and Taxes Author(s): Merton H. Miller Source: The Journal of Finance, Vol. 32, No. 2, Papers and Proceedings of the Thirty-Fifth Annual Meeting of the American Finance Association, AtlanticExpand
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Dividend Policy under Asymmetric Information
We extend the standard finance model of the firm's dividend/investment/financing decisions by allowing the firm's managers to know more than outside investors about the true state of the firm'sExpand
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Liquidity and Market Structure
Market liquidity is modeled as being determined by the demand and supply of immediacy. Exogenous liquidity events coupled with the risk of delayed trade create a demand for immediacy. Market makersExpand
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A Model of the Demand for Money by Firms
I. Introduction, 413. — II. A model of cash flows and the costs of cash management for business firms, 416; assumptions underlying the model, 417; optimal values of the policy parameters, 420; someExpand
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Costly Arbitrage : Evidence from Closed-End Funds
Textbook arbitrage in financial markets requires no capital and entails no risk. In reality, almost all arbitrage requires capital, and is typically risky. Moreover, professional arbitrage isExpand
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Liquidity and Market Structure
Market liquidity is modeled as being determined by the demand and supply of immediacy. Exogenous liquidity events coupled with the risk of delayed trade create a demand for immediacy. Market makersExpand
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The Theory of Finance
This module presents the fundamental concepts of modern finance theory. This will form the foundation for other modules in finance and is primarily designed for finance students. This material isExpand
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Do the M & M propositions apply to banks?
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