文章基本信息

标题：Rubinstein and the M&M Capital Structure-Dividend Policy Theorems
本地全文：下载
作者：Huseyin Yilmaz
期刊名称：Journal of Finance and Accounting
印刷版ISSN：2333-8849
电子版ISSN：2333-8857
出版年度：2021
卷号：9
期号：1
页码：41-47
DOI：10.12691/jfa-9-1-4
语种：English
出版社：Science and Education Publishing
摘要：Rubinstein criticizes both the Modigliani & Miller capital structure theorem and dividend policy theorem explained in M&M [6] and M&M [4]. He criticizes the M&M theorems in six points. They are similarity with some former opinions, firm value and stock value confusion, additional assumptions requirement opinion, general rejection of the capital structure irrelevancy, importance of separation opinion between dividend and retained earnings, and conflict between the M&M [6] and M&M [4] articles about dividend irrelevancy opinion. They do not accept the similarity assertion. After my study on Fisher [2], Williams [9], and Morton’s opinions in Rubinstein [8], I believe that, it could be thought that Rubinstein is right. Rubinstein also seems right about the conflict between the M&M [6] and M&M [4] articles. The other assertions of Rubinstein could be seen as a brain training. The M&M accept in advance that the M&M theorem is an innovation and a new opinion.
关键词：Modigliani & Miller theorem;M & M critics of Rubinstein;fisher’s separation theorem;williams’ law of the conservation of investment value;replies by the M & M to the critiques