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- Fisher_separation_theorem abstract ""Separation theorem" redirects here. You might be looking for Gabbay's separation theorem, the separating axis theorem, or the mutual fund separation theorem.In economics, the Fisher separation theorem asserts that the objective of a corporation will be the maximization of its present value, regardless of the preferences of its shareholders. The theorem therefore separates management's "productive opportunities" from the entrepreneur's "market opportunities". It was proposed by — and is named after — the economist Irving Fisher.The theorem has its "clearest and most famous exposition" [1] in the Theory of Interest (1930); particularly in the "second approximation to the theory of interest" (II:VI).The Fisher separation theorem states that: the firm's investment decision is independent of the consumption preferences of the owner; the investment decision is independent of the financing decision. the value of a capital project (investment) is independent of the mix of methods – equity, debt, and/or cash – used to finance the project.Fisher showed the above as follows:The firm can make the investment decision — i.e. the choice between productive opportunities — that maximizes its present value, independent of its owner's investment preferences.The firm can then ensure that the owner achieves his optimal position in terms of "market opportunities" by funding its investment either with borrowed funds, or internally as appropriate.".
- Fisher_separation_theorem wikiPageExternalLink fisherinvest.htm.
- Fisher_separation_theorem wikiPageExternalLink Model_PerfCapMarket.asp.
- Fisher_separation_theorem wikiPageExternalLink fisherinvest.htm.
- Fisher_separation_theorem wikiPageExternalLink I%20Present%20Value.doc.
- Fisher_separation_theorem wikiPageExternalLink firstpage-bar.
- Fisher_separation_theorem wikiPageExternalLink fishersseparationtheorem.asp.
- Fisher_separation_theorem wikiPageID "766775".
- Fisher_separation_theorem wikiPageRevisionID "542592420".
- Fisher_separation_theorem hasPhotoCollection Fisher_separation_theorem.
- Fisher_separation_theorem subject Category:Economics_theorems.
- Fisher_separation_theorem type Abstraction100002137.
- Fisher_separation_theorem type Communication100033020.
- Fisher_separation_theorem type EconomicsTheorems.
- Fisher_separation_theorem type Message106598915.
- Fisher_separation_theorem type Proposition106750804.
- Fisher_separation_theorem type Statement106722453.
- Fisher_separation_theorem type Theorem106752293.
- Fisher_separation_theorem comment ""Separation theorem" redirects here. You might be looking for Gabbay's separation theorem, the separating axis theorem, or the mutual fund separation theorem.In economics, the Fisher separation theorem asserts that the objective of a corporation will be the maximization of its present value, regardless of the preferences of its shareholders. The theorem therefore separates management's "productive opportunities" from the entrepreneur's "market opportunities".".
- Fisher_separation_theorem label "Fisher separation theorem".
- Fisher_separation_theorem label "Fisher-Separationstheorem".
- Fisher_separation_theorem label "分離定理".
- Fisher_separation_theorem sameAs Fisher-Separationstheorem.
- Fisher_separation_theorem sameAs 分離定理.
- Fisher_separation_theorem sameAs m.039r6f.
- Fisher_separation_theorem sameAs Q488541.
- Fisher_separation_theorem sameAs Q488541.
- Fisher_separation_theorem sameAs Fisher_separation_theorem.
- Fisher_separation_theorem wasDerivedFrom Fisher_separation_theorem?oldid=542592420.
- Fisher_separation_theorem isPrimaryTopicOf Fisher_separation_theorem.