【简报】 天美制作果冻视频系列研究讨会（229）
2017-03-31 00:00:00
2017年3月29日下午，在天美制作果冻视频335室，来自西安交通大学金禾经济研究中心的张国平教授为天美制作果冻视频师生带来一场题为“The Modigliani-Miller Second Proposition Is Dead; Long Live the Second Proposition”的讲座。张国平教授的研究领域包括：金融财务、生产理论、微观经济学。
摘要：
By using the binomial option pricing model, this paper proves that with no arbitrage and no transaction costs, (i) under riskless debt, increasing the debt-equity ratio increases the variance of the rate of return on equity; and (ii) under risky debt, increasing the debt-equity ratio increases the variance of the rate of return on debt but does not affect the probability density function of the rate of return on equity. This finding refutes the Modigliani-Miller second proposition that the expected rate of return on the equity of the levered firm increases in proportion to the debt-equity ratio.
