Welcome to Scribd. Sign in or start your free trial to enjoy unlimited e-books, audiobooks & documents.Find out more
Standard view
Full view
of .
Look up keyword
Like this
0 of .
Results for:
No results containing your search query
P. 1
Franco Modigliani

Franco Modigliani

|Views: 2|Likes:

More info:

Published by: Muhammad Mubasher Rafique on Dec 28, 2012
Copyright:Attribution Non-commercial


Read on Scribd mobile: iPhone, iPad and Android.
download as DOCX, PDF, TXT or read online from Scribd
See more
See less





Earlier Life Of Modigliani:
Franco Modigliani
was Italian economist.He was Born in Rome June 18, 1918. At age 17, he enrolled in the University of Rome to pursue alaw degree.
Modigliani left Italy for Paris to continue studying. In 1939, he briefly returned to the University of Rome to receive his Doctor Juris.
Franco Modigliani started hosting informal seminars.
Modigliani left the New School to take a professorship at NewJersey College for Women.
He joined Columbia University as instructor in economics andstatistics.
Franco Modigliani obtained his D. Soc. Sci. from the New Schoolfor Social Research.
Franco Modigliani became a U.S citizen
Franco Modigliani awarded the Political Economy Fellowship of the University of Chicago
Franco Modigliani’s work "Fluctuations in the Saving
Ratio: A Problem in Economic Forecasting, published in “Studies in
Income and Wealth
1952 to 1960:
Modigliani joined the Canegie Institute of Technology.Modigliani, along with Merton Miller ,formulated the important Modigliani- Miller theorem in corporate finance and financial markets.
Modigliani’s work with Merton Miller "Corporate Income
Taxes and the Cost of Capital" was published in American EconomicReview.
Franco Modigliani was awarded the Nobel Prize for Economics in 1985 for his work in savings the dynamics of financial markets.
Franco Modigliani died on September 25, 2003, at the age of 85.
Reaseacher Main Interest
Field of Reasearcher is
Financial economics
Financial economics is the branch of  economics studying the interrelation of financial variables,such as prices, interest rates and shares, as opposed to those concerning the real economy.
Books Written By Modgilaini
The Collected Paper volume1: Essays in Macroeconomicpublished 1989
Rethinking Pension Reformpublished 2004
Books Written With Co-Authur
published 1901 (first and most popular book
 Investment Management  Published 1995 
Contribution of Modigliani
Developed sub models of private consumption and the financial sector,studied the consequences for household saving of changes in demographyand economic growth, and laid the foundation for the field "corporatefinance.(contribution toward in field of economics and finance.)
Achievements and Awards
Modigliani was awarded the 1985 Nobel Prize in Economicsfor this and other contributions
(for household saving”The life cycle hypothesis modle”).
MIT's James R. Killian Faculty Achievement Award, 1985(for lecture deliver in household saving
Main Reasearch Theories
Miller theorem (M&M)
The theorem was first proposed by F. Modigliani and M. Miller in 1958.
 Franco Modigliani, Merton Miller  forms the basis for modern thinking on capital structure.The basic theorem states that, under a certain market price process (the classical random walk), in the absence of  taxes, bankruptcy costs, agency costs, and asymmetric information,  and in an efficient market,the value of a firm is unaffected by how that firm is financed .
It does not matter if the firm's capital is raised by issuing stock or  selling debt. It does not matter what the firm's dividend policy is. Therefore, the Modigliani
Miller theorem is also often called the
capital structure irrelevance principle

You're Reading a Free Preview

/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->