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The Impact of Speculation on Firms' Capital Structure

Lépinette, Emmanuel; Aboura, Sofiane (2013), The Impact of Speculation on Firms' Capital Structure. https://basepub.dauphine.fr/handle/123456789/12513

Type
Document de travail / Working paper
External document link
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2372790
Date
2013
Publisher
Université Paris-Dauphine
Published in
Paris
Pages
13
Metadata
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Author(s)
Lépinette, Emmanuel

Aboura, Sofiane
Abstract (EN)
Modigliani and Miller (1958) suppose that "nothing is involved in the way of specific assumptions about investor attitudes or behavior other than that investors behave consistently and prefer more income to less income, ceteris paribus." Moreover, it is assumed that arbitrage opportunities may only occur in presence of two firms having distinct values but same pro file. The natural question is why such investors dismiss speculative opportunities between firms having same values with distinct capital structures?
Subjects / Keywords
Regulation; Markowitz; Modigliani-Miller; Capital Structure; Speculation
JEL
D84 - Expectations; Speculations
G28 - Government Policy and Regulation
G21 - Banks; Depository Institutions; Micro Finance Institutions; Mortgages
G3 - Corporate Finance and Governance

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