Junk bonds prove there's nothing magical in a Aaa bond rating. Merton Miller aaabondjunk Change image and share on social
I can't speak for them, of course, but I believe that most economists would accept the view that, while you sometimes can make a score by sheer luck, you can't do it constantly, unless you're willing to put the resources in. Merton Miller acceptconstantlyeconomist share on social
I was born in Boston, Massachusetts on May 16, 1923, the only child of Joel and Sylvia Miller. Merton Miller bearbostonchild Change image and share on social
Everyone recognizes that's a joke because obviously the number and shape of the pieces doesn't affect the size of the pizza. And similarly, the stocks, bonds, warrants, etc., issued don't affect the aggregate value of the firm. Merton Miller affectaggregatebond share on social
I should mention that I am a member of the board of directors of Dimensional Fund Advisors. Merton Miller advisorboarddimensional Change image and share on social
I had some of the students in my finance class actually do some empirical work on capital structures, to see if we could find any obvious patterns in the data, but we couldn't see any. Merton Miller capitalclassdatum Change image and share on social
Another is, if you take money out of your left pocket and put it in your right pocket, you're no richer. Merton Miller leavemoneypocket Change image and share on social
What counts is what you do with your money, not where it came from. Merton Miller countmoney Change image and share on social
Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices. Merton Miller amazinglydevicefavor Change image and share on social
What happened after publication of our paper was that, for the next 40 years, people said, all right, we now know the answer to the capital structure question under ideal conditions. Merton Miller answercapitalcondition Change image and share on social