The Revolution in Corporate Finance Beginning with the work of Merton Miller and Francisco Modigliani in the late 1950s A basic change in the theory of valuation "Accounting model"to "Economic model" 22-222-2 The Revolution in Corporate Finance The Revolution in Corporate Finance ƒ Beginning with the work of Merton Miller and Francisco Modigliani in the late 1950s ƒ A basic change in the theory of valuation “Accounting model ” to “Economic model