and Miller’s Proposition I, if he adopts the widely-accepted disequilibrium NPV. As a consequence, CAPM-minded agents …This paper shows that a decision maker using the CAPM for valuing firms and making decisions may contradict Modigliani …

and Miller’s Proposition I, if he adopts the widely-accepted disequilibrium NPV. As a consequence, CAPM-minded agents …This paper shows that a decision maker using the CAPM for valuing firms and making decisions may contradict Modigliani …