On the irrelevance of financial policy under market incompleteness and trading constraints

被引：0
|
作者：
Atesagaoglu, Orhan Erem [1 ]
Carceles-Poveda, Eva [1 ]
机构：
[1] SUNY Stony Brook, Dept Econ, Stony Brook, NY 11794 USA
来源：
ECONOMICS LETTERS | 2015年 / 136卷
关键词：
Financial policy; Incomplete markets; Trading constraints; MODIGLIANI-MILLER THEOREM; ECONOMIES;
D O I：
10.1016/j.econlet.2015.09.007
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We study the Modigliani and Miller Theorem under portfolio constraints. We show that there exist state-dependent trading limits under which financial policy is irrelevant. In addition, a no short-selling constraint on equity is innocuous in spite of being state-independent. Published by Elsevier B.V.
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页码：125 / 128
页数：4
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