Michael Milken’s sole traced academic paper ignored Modigliani and Miller.
Evidence
- Bruck 1989, pp. 11, 28; Milken 2000; Hickman 1958; Atkinson 1967. The one piece of academic research by Milken that I have been able to trace is a Wharton School working paper (Walter and Milken 1973), which Celso Brunetti kindly located for me. It discusses capital structure, but does not cite Modigliani and Miller. A representative of Mr. Milken declined my request for an interview with him. — Donald MacKenzie, An Engine, Not a Camera, 1635
Categorization
- SHARE: A niche fact for someone interested in Milken or the junk-bond era’s intellectual roots — that the era’s iconic figure produced exactly one academic paper, untouched by the dominant capital-structure theory.
- XREF: connects to: Tax-adjusted Modigliani-Miller implied postwar corporate debt levels were too low — Donald MacKenzie, An Engine, Not a Camera: How Financial…, 1141