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Trang 1The World of Modigliani and Miller
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Trang 2Robert Alan Hill
The World of Modigliani and Miller
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Trang 3The World of Modigliani and Miller
1st edition
© 2015 Robert Alan Hill & bookboon.com
ISBN 978-87-403-1062-7
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Trang 4The World of Modigliani and Miller
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Contents
Contents
Part One: An Introduction 9
1.1 he Foundations of Finance: An Overview 11
1.2 he Development of Financial Analysis 12
1.4 Fisher’s Legacy and Modigliani-Miller 18
Part Two: he Dividend Decision 24
2 How to Value a Share 25
2.1 he Capitalisation Concept 27
2.2 he Capitalisation of Dividends and Earnings 29
2.3 he Capitalisation of Current Maintainable Yield 31
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Contents
2.4 he Capitalisation of Earnings 32
3 he Role of Dividend Policy 36
3.2 Gordon’s ‘Bird in the Hand’ Model 39
4 MM and Dividends 43
4.1 he MM Dividend Hypothesis 43
4.2 he MM Hypothesis and Shareholder Reaction 45
4.3 he MM Hypothesis: A Corporate Perspective 47
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