1977•The Journal of FinanceOpen access
DEBT AND TAXES*
Merton H. Miller
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Abstract
THE SOMEWHAT HETERODOX VIEWS about debt and taxes that will be presented here have evolved over the last few years in the course of countless discussions with several of my present and former colleagues in the Finance group at Chicago-Fischer Black, Robert Hamada, Roger Ibbotson, Myron Scholes and especially Eugene Fama.Charles Upton and Joseph Williams have also been particularly helpful to me recently in clarifying the main issues.'My long-time friend and collaborator, Franco Modigliani, is absolved from any blame for the views to follow not because I think he would reject them, but because he has been absorbed in preparing his Presidential Address to the American Economic Association at this same Convention
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