On Relation between No-Arbitrage Pricing Principle and Modigliani-Miller Propositions
An extension of Merton’s (1974) model (EMM) taking account of the firm’s payments and generating a new statistical distribution for the firm value is suggested. In an open log-value space, this distribution evolves from the initially normal to negatively skewed one. When payments are zero or proport...
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| Format: | Article |
| Language: | English |
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ACRN Publishing
2020-08-01
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| Series: | ACRN Journal of Finance and Risk Perspectives |
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| Online Access: | http://www.acrn-journals.eu/resources/jofrp09l.pdf |