According to MM, an increase in expected earnings per share can leave the share price unchanged if the:

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According to Modigliani and Miller's (MM) theory, in a world without taxes, the value of a firm is not affected by its capital structure. Therefore, an increase in expected earnings per share (EPS) can leave the share price unchanged if the required return on equity increases. This is because the increase in required return on equity would offset the positive impact of higher EPS on the share price, keeping the valuation unchanged.

According to MM, an Increase in Expected Earnings Per Share