Jamal Awil

← An Engine, Not a Camera

The Modigliani-Miller propositions provide those pages with their central organizing themes. [fact]

The Modigliani-Miller propositions provide those pages with their central organizing themes, but the text's authors treat the empirical validity of those propositions as still an open question. Indeed, my impression is that a significant strand of opinion in financial economics does not regard the propositions as empirical claims, viewing them more as "benchmarks" against which deviations can be analyzed.'

Donald MacKenzie, An Engine, Not a Camera, loc. 390