1 There are a number of examples of such direct investments. Although we have not compiled a complete list of such investments, examples include the Ontario Teachers' Pension Plan's stake in airports and container ports (see OTPP 2010); the Canada Pension Plan Investment Board also has stakes in a wide range of infrastructure, including energy distribution and water (see CPP 2010).
2 Modigliani and Miller 1958.
3 Brealey and Myers 2003.
4 This analysis is primarily based on levels of total debt and shareholder equity reported in annual accounts of representative companies in each industry sector, primarily in the years 2007, 2008, and 2009.