题目：The Modigliani-Miller Second Proposition Is Dead; Long Live the Second Proposition

　　报告人：张国平，西安交通大学，教授

　　时间：2017年6月14日(周三)15:30~17:00

　　地点：经管院B226

　　报告摘要如下：

　　By using the binomial option pricing model, this paper proves that with no arbitrage and no transaction costs, (i) under riskless debt, increasing the debt-equity ratio increases the variance of the rate of return on equity; and (ii) under risky debt, increasing the debt-equity ratio increases the variance of the rate of return on debt but does not affect the probability density function of the rate of return on equity. This finding refutes the Modigliani-Miller second proposition that the expected rate of return on the equity of the levered firm increases in proportion to the debt-equity ratio.

　　报告人简介：

　　张国平教授为美国宾夕法尼亚大学 (University of Pennsylvania) 博士，已发表十余篇论文于Management Science, European Journal of Operation Research等国际学术期刊，有四本财务金融学与微观经济学专著，拥有十余年公司企业经验，曾任台湾清华大学计量财务金融学系系主任、经济系系主任、清大总务长。