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That is that it did not matter in an efficient market that the "value of the firm is independent of its capital structure (that is the debt/equity ratio)" (Hamminga 1994 pg1). That is providing the absence of taxes, bankruptcy costs and other noise factors the theorem appears to hold true.
For example we have two firms which are expressed as pies...
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The first company we will call Blue Pty Ltd and the second company being Red Pty Ltd.
BLUE PTY LTD RED PTY LTD
BONDS + STOCKS = TOTAL ASSETS
Each Company has the same value of assets and does not matter how its debt or equity is structured. That is it does not matter you cut the pie the value of assets will remain the same...
ANALYSIS ON CAPITAL STRUCTURE, DIVIDEND POLICY & WORKING CAPITAL REQUIREMENTS OF CAPITAL MARKET ANALYSIS: A DICUSSION ON EFFICIENT MARKET HYPOTHESIS Capital One's Organizational Structure Capital Structure Capital Structure Capital structure capital structure Making Capital Budgeting and Capital Structure Decisions Optimal Capital Structure For Postie Plus Group Limited Optimal Capital Structures Optimal Capital Structures The impact of capital structure on a company’s cost of capital Why is perfect competition often described as the ideal market structure? Compare and contrast with other known market structures. capital structure Tesco'S Optimal Capital Structure
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