In 1958, Franco Modigliani and Merton Miller published the first of the articles containing one of the most surprising results of modern finance theory: the authors argued that the market value of any firm does not depend on the structure of its capital and is determined solely by its future income. This conclusion, now known as the MM theorem, had such large-scale consequences that, according to the American Financial Management Association, it had a greater impact on the practice of managing corporate finances than everything previously published.