Cost Marketing Merton Operations 
Harvard Business Review
APRIL 16, 2015
It’s been more than 50 years since Nobel prizewinners Franco Modigliani and Merton Miller identified return on investments as a major component of value creation (and value destruction). Unless your company’s return on capital exceeds its cost of capital, no amount of revenue growth can create value.
Harvard Business Review
NOVEMBER 29, 2010
In slightly more formal terms, Id suggest that they were able to take on, at least in tiny part, five of Robert Merton and Zvi Bodies six standard functions of a financial system: settling payments, providing information, setting incentives, pooling resources, and transferring resources. But perhaps the costs have risen, too.
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