# Irrelevance result

## A proposition by Modigliani and Miller which states that a firm cannot change the total value of its outstanding securities by changing its capital structure proportions. |

## A proposition by Modigliani and Miller which states that a firm cannot change the total value of its outstanding securities by changing its capital structure proportions. |

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Serial covariance

The covariance between a variable and the lagged value of the variable. In econometrics referred to as autocovariance.

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