grad-mm-theorem
Modigliani-Miller Theorem
Overview
The Modigliani-Miller theorem (1958) establishes that in perfect capital markets, firm value is independent of capital structure. This irrelevance result serves as the benchmark — every real-world reason capital structure matters is a violation of MM's assumptions.
When to Use
- Evaluating whether a financing decision creates or destroys value
- Identifying which market imperfections make capital structure relevant
- Calculating the value of the tax shield from debt
- Teaching or analyzing the logical foundations of capital structure theory
When NOT to Use
- As a literal prescription — real markets are never frictionless
- When the analysis requires explicit bankruptcy cost modeling (use tradeoff theory)
- For financial institutions where capital structure is regulated
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