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Capital Markets and Financial Assets

Capital Markets and Financial Assets

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This book is a discourse on the capital market and its interactive framework of acquisition and issuance of financial assets for investors and issuers of capital assets. The monograph consists of four essays in financial economics that offer a spectrum of revisions to the existing literature. Chapter 1 is a delineation of the capital markets over the past half century and major developments on these markets on issues that pertain to the investor''s opportunity set and the corporation''s capital-raising availability set. Chapter 2 is a rework on the Markowitz-Roy-Tobin structure of the efficient frontier and of the Separation Theorem. Taking the paradigm from a 2-asset to an n-asset portfolio, revision-theoretic exercises are performed under a comparative-statics framework, and the effect of a perceived risk/return change is explored. Chapter 3 questions the legitimacy of existing capital structure literature, points out the obfuscation of Modigliani-Miller''s Value Invariance Proposition, and corrects the major result. Chapter 4 is a re-examination of MM''s analysis with taxes. It is demonstrated that the literature needs correcting, and modifications on the classic results are shown.
Decisions on Acquisition and Issuance of Securities