Stockholder Unanimity in Making Production and Financial Decisions
证明，如果公司股票可以交易，仅靠“跨域”条件不足以让股东达成一致；只有当公司作为价格接受者时，一致性才成立。还分析了债务权益比率选择与Modigliani-Miller定理的关系。
We show that "spanning" does not imply stockholder unanimity if there is trading in the shares of firms. Each basis vector of the space spanned by all firms' output vectors can be treated like a composite commodity. If, in addition to spanning, firms act as price takers with respect to prices of composite commodities, then there is unanimity. We analyze the spanning assumption for the vector space of contingent claims generated by firms' choices of debt-equity ratios. We show that there is a strong relationship between the Modigliani-Miller theorem, spanning, and the existence of a complete set of markets.