Modigliani & Miller

If the Level II CFA exam were given as an oral exam, 95% of the candidates would fail. Why? Because they cannot pronounce heteroskedasticity correctly (<het-ter-row-ski-das-tis-sit-tee>, eight syllables), and they cannot pronounce Modigliani correctly (<moe-dill-yaw-nee>, four syllables).  Later in this article, we’ll hit upon another: homogeneous (<hoe-moe-gee-nee-us>, five syllables). Fortunately for most Level II candidates, […]