The Theorems of Modern Finance in a General Equilibrium Setting: Paradoxes Resolved

Paul H. Cootner

Journal of Financial and Quantitative Analysis, 1977, vol. 12, issue 4, 553-562

Abstract: Looking back over the last two decades, financial economists can find considerable cause for pride and self-congratulation in the development of their discipline. From the earliest steps toward a rigorous theory of capital budgeting, through the Modigliani-Miller theorems on corporate financing and cost of capital, to the development of the capital asset pricing theory, the field of finance has garnered a well-deserved reputation for rigor, analytic sophistication, and pace of intellectual growth.

Date: 1977
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