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Footnotes 1 . Franco Modigliani and Merton H. Miller , “ The Cost of Capital, Corporation Finance and the Theory of Investment ,” American Economic Review 48 ( 1958 June ): 261 – 297 . 2 . Franco Modigliani and Merton H. Miller , “ Corporate Income Taxes and the Cost of Capital: A Correction ,” American Economic Review 53 ( 1963 June ): 433 – 443 . 3 . Merton H. Miller , “ Debt and Taxes ,” Journal of Finance 32 ( 1977 May ): 261 – 275 . 4 . See, for example, Steven N. Kaplan , “ The Effects of Management Buyoutson Operations and Value ,” Journal of Financial Economics 24 ( 1989 June ): 217 – 254 . 5 . I undertook this project earlier. See, for example, my earlier article in this journal, “ The Modigliani‐Miller Propositions after Thirty Years ,” Journal of Applied Corporate Finance , Vol. 2 No. 1 (Spring 1989 ). A longer, more technical version of the same piece appeared earlier in the Journal of Economic Perspectives 2 (Fall 1988): 99–120. 6 . In the original M&M paper, that underlying real earning stream was taken as a given,
Journal of Applied Corporate Finance – Wiley
Published: Jun 1, 1991
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