Una rivisitazione delle teorie di Modigliani sulla finanza (A Reappraisal of Modgliani's Finance Theories)

Terenzio Cozzi

Abstract


L’articolo esamina l’influenza dei contributi di Modigliani su questioni di finanza. La teoria dell’habitat preferito, proposta per spiegare la struttura a termine dei tassi di interesse, è stata utilizzata dagli operatori finanziari fino agli anni '80. Poi è stata messa da parte come obsoleta, ma sembra che oggi possa di nuovo riprendere validità. Il teorema di Modigliani-Miller, oggetto di innumerevoli critiche, rimane comunque un pilastro nella teoria della finanza. Per contro, la tesi sulla sottovalutazione irrazionale della quotazioni azionarie nei periodi di inflazione ha lasciato del tutto indifferenti gli operatori finanziari. Ma molti economisti concordano con la conclusione che i mercati possono per lungo tempo svolgere male il compito di indirizzare le risorse verso gli impieghi più produttivi. 

 

The article examines the influence of the contributions of Modigliani on issues of finance. The preferred habitat theory, proposed to explain the term structure of interest rates, has been used by financial operators until the 80s. Then it was put aside as obsolete, but it seems that can again resume validity. The Modigliani-Miller theorem, the subject of many criticisms, it remains a pillar in the theory of finance. On the other hand, the thesis on the irrational underestimation of stock prices during periods of inflation has left quite indifferent financial operators. But many economists agree with the conclusion that markets can play hurt for a long time the task of directing resources towards more productive uses.

 

 

JEL Codes: B22, E43, E44, G10, G30

Keywords: Modigliani, finanza, habitat preferito, Modigliani, Miller



Keyword


Modigliani, finanza, habitat preferito, Modigliani, Miller

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Reg. Tribunale di Roma n.377/2009 del 19/11/2009