Nobel Prize winners in economics Franco Modigliani and Merton Miller have contributed to a better understanding of the value of debt in financial management.

Modigliani-Miller’s theorem is one of the fundamental theorems of modern corporate finance. It asserts that in a world without taxes, free of transaction costs and under the assumption of market efficiency, the value of economic assets is not affected by the choice of financing structure.

Professor Jacquet gives an exhaustive presentation, based on demonstrations of the role of the theorem in the current management of both start-ups and established multinationals.