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"What happened after publication of our paper was that, for the next 40 years, people said, all right, we now know the answer to the capital structure question under ideal conditions."
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Explore more quotes by Merton Miller

"So everybody has some information. The function of the markets is to aggregate that information, evaluate it, and get it incorporated into prices."

"Everyone recognizes that's a joke because obviously the number and shape of the pieces doesn't affect the size of the pizza. And similarly, the stocks, bonds, warrants, etc., issued don't affect the aggregate value of the firm."

"My research interests since then have shifted strongly towards the economic and regulatory problems of the financial services industry, and especially of the securities and options exchanges."

"I was born in Boston, Massachusetts on May 16, 1923, the only child of Joel and Sylvia Miller."

"I can't speak for them, of course, but I believe that most economists would accept the view that, while you sometimes can make a score by sheer luck, you can't do it constantly, unless you're willing to put the resources in."

"But in practice, if often comes down to not suffering a loss as big as the huge gain you made a while ago."

"I had some of the students in my finance class actually do some empirical work on capital structures, to see if we could find any obvious patterns in the data, but we couldn't see any."

"Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices."
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