India, Dec. 18 -- Capital is an important area in financial management, as is evident by the huge amount of research this field has attracted over the last eight decades. This has given the academic world many doctrines like the Markowitz Portfolio Theory and the Modigliani and Miller Code of Capital Structure, to name a few. Then there is the Fama French Capital Asset Pricing Model, the Sharpe Index Model, the Black Scholes Option Pricing Model and so on. However, things have changed drastically in the business world due to the advent of globalisation, rapid developments in technology and environmental degradation.
Hence, the applicability of the theories and models of the last century in today's fluid environment is questionable. Even No...