The Life-Cycle Hypothesis, Fiscal Policy, and Social Security [PDF]
The paper reviews some of the most important results of the Life Cycle Hypothesis for understanding individual and aggregate saving behaviour. It then turns to the implications for fiscal policy and social security, highlighting Modigliani’s seminal ...
Tullio Jappelli
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Incorporating default risk into Hamada's Equation for application to capital structure [PDF]
Implemented widely in the area of corporate finance, Hamada’s Equation enables one to separate the financial risk of a levered firm from its business risk.
Cohen, Ruben D
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Equivalence of the different discounted cash flow valuation methods. Different alternatives for determining the discounted value of tax shields and their implications for the valuation [PDF]
This paper addresses the valuation of firms by cash flow discounting. The first part shows that the four most commonly used discounted cash flow valuation methods (free cash flow discounted at the WACC; cash flow available for equity holders discounted ...
Fernández, Pablo
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Some aspects regarding the financial structure theories [PDF]
In this paper the authors survey financial structure theories, from the start-up point, which is considered Modigliani and Miller’s capital structure irrelevance theorem, to recent theories, such as the pecking order and the market timing theory.
Micuda, Dan, Visinescu, Sorin
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The Contribution of Intergenerational Transfers to Total Wealth: A Reply [PDF]
This paper responds to Franco Modigliani's recent critique of our 1981 paper on the importance of intergenerational transfers for U.S. savings. Modigliani's paper is the latest salvo in a long running debate over the importance of intergenerational ...
Laurence J. Kotlikoff +1 more
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Wealth and Economic Mobility [PDF]
, 2008 Reviews studies of how wealth shapes intergenerational mobility through education, neighborhood choice, and occupational choice. Examines the roles of intergenerational assets transfers, credit constraints, and home ownership in children's ...
Nathan Grawe
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The reduced form as an empirical tool: a cautionary tale from the financial veil [PDF]
An analysis of the limitations of the reduced-form empirical strategy as a method of testing the Modigliani-Miller model of corporate financial structure, demonstrating that an empirical strategy that is not closely tied to an underlying economic theory ...
Ben Craig, Christopher A. Richardson
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The history of the mainstream rejection of interdependent preferences [PDF]
, 2010 The notion of interdependent preferences has a long history in economic thought. It can be found in the works of authors such as Hume, Rae, Genovesi, Smith, Marx and Mill among others.
Drakopoulos, Stavros A.
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Modigliani : l’expérience de la sculpture auprès de Brancusi [PDF]
Revue Roumaine d'Histoire de l'Art : Série Beaux-Arts, 2015 En 1906, Modigliani va à Paris avec, dans ses bagages, une vaste culture littéraire et philosophique. Il y fait la connaissance, parmi d’autres, du docteur Paul Alexandre, son futur mécène, qui l’introduit à Brancusi, installé ici depuis 1904. Modigliani
Doina Lemny
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The Age-Saving Profile and the Life-Cycle Hypothesis [PDF]
The life-cycle hypothesis posits that saving is positive for young households and negative for the retired, so that wealth should be hump-shaped. Yet, if one looks at the microeconomic evidence on saving by age, dissaving by the elderly is limited or ...
Franco Modigliani, Tullio Jappelli
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