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Modigliani-Miller Theorem - is it Any Good For Business Valuation?

Equilest

Modigliani-Miller Theorem in the no-tax world states that the value of a firm is independent of its capital structure, meaning that the mix of debt and equity used by the firm has no effect on its overall value. . . . Suppose each firm produces an annual cash flow of 10 million USD. Why is that?