Concluding Remarks

Richard D. MacMinn
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Richard D. MacMinn: Illinois State University, USA

Chapter 10 in The Fisher Model and Financial Markets, 2005, pp 100-101 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe Fisher model provides the foundation for more than a demonstration of the origins of the net present value rule under certainty. The received theory of corporate finance can be posited in the context of the Fisher model under uncertainty as the analysis here has shown. The separation theorems in Chapters 4 and 8 are particularly important because they provide the basis for an endogenous determination of the corporate objective function. The objective function does not need to be and in fact should not be assumed as it so often has been in the literature.

Keywords: Fisher Separation; Complete Markets; Corporate Finance; Capital Structure; Dividend Policy; Modigliani-Miller Theorem; Corporate Finance Theorems; Agency Problems; Risk-Shifting Problem; Asset Substitution Problem; Under-Investment Problem; Stock Options; Convertible Bonds; Call Options; Put Options; Risk Management; Hedging; Futures Contracts; Forward Contracts (search for similar items in EconPapers)
Date: 2005
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