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2015
- handle: 10670/1.w32zo9
- dumas-01349822
info:eu-repo/semantics/OpenAccess
Mots-clés
Modigliani-Miller theorem Basel III Capital structure Cost of capital Théorème de Modigliani-Miller Bâle III Structure du capital Coût du capital E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit G - Financial EconomicsSujets proches
Capital assets Fixed assetsCiter ce document
Maria Chesnokova, « Application of Modigliani-Miller theorem to banking sector », DUMAS - Dépôt Universitaire de Mémoires Après Soutenance, ID : 10670/1.w32zo9
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Résumé
This study investigates the possible impact of increased capital requirements on banks cost of capital for the largest banks from US, UK and Euro area. It quantifies the impact of leverage on cost of equity and weighted average cost of capital and compare them between countries. The research question of interest is to what extent the Modigliani-Miller (MM) capital irrelevance theorem can be applied to banks and if there are any differences in level of MM effect for the same industry across countries.