The difference between Modigliani–Miller and Miles–Ezzell and its consequences for the valuation of annuities

This paper addresses the differences between the Modigliani-Miller [M&M] model (1958, 1963) and the Miles-Ezzell [M&E] model (1980, 1985). The main difference between these two models concerns the stochasticity of the free cash flows. While M&M assumes a strictly stationary process, M&E’s process is...

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Detalhes bibliográficos

Autor principal:	Denis M. Becker
Formato:	Artigo
Idioma:	Inglês
Publicado em:	Taylor & Francis Group 2021-01-01
coleção:	Cogent Economics & Finance
Assuntos:	capital structure leverage firm valuation discounted-cash-flow methods value of tax shield
Acesso em linha:	http://dx.doi.org/10.1080/23322039.2020.1862446
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