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Leverage/Nobel Lectures, Economics 1981-1990, World Scientific Publishing Co., Singapore

Опубликовано на портале: 05-12-2003
Singapore: World Scientific Publishing Company, 1992, cерия "Nobel Lectures", 344 с.
В 1990 году американский экономист Мертон Миллер получил премию памяти Альфреда Нобеля по экономике за вклад в развитие финансовой экономики, в частности, за фундаментальный вклад в теорию финансирования корпораций. Данная публикация представляет собой его нобелевскую лекцию, в которой содержатся основы созданной им теории. Лекция написана простым английским языком. Она находится в открытом доступе на официальном сайте.

"Under the terms of Alfred Nobel’s will, the Prizes were to be awarded for an “important discovery or invention.” Let it be clear from the outset, therefore, that my case must be one of the former, not the latter. Contrary to what you may have read in some press accounts following the announcement of the 1990 Nobel Prizes in Economic Sciences, I am not the coinventor of the leveraged buyout - the transaction that perhaps more than any other has come to symbolize the supposed financial excesses of the 1980’s. Leveraged buyouts (LBO’s), in which the younger, active managers of a firm borrowed the funds to buy the controlling shares from a firm’s retired founder (or from his estate) were an established feature of the corporate landscape long before Franco Modigliani, the 1985 laureate, and I published our first joint paper on leverage and the cost of capital in 1958. The LBO’s of the 1980’s differed only in scale, in that they involved publicly-held rather than privately-held corporations and in that the takeovers were often hostile..."