The Brusov-Filatova-Orekhova Theory of Capital Structure : Applications in Corporate Finance, Investments, Taxation and Ratings / / Peter Brusov, Tatiana Filatova, and Natali Orekhova |
Autore | Brusov P. N (Petr Nikitovich) |
Edizione | [First edition.] |
Pubbl/distr/stampa | Cham, Switzerland : , : Springer Nature Switzerland AG, , [2023] |
Descrizione fisica | 1 online resource (XXXI, 769 p. 421 illus., 98 illus. in color.) |
Disciplina | 335.41 |
Soggetto topico |
Capital
Corporations - Finance Investments Taxation |
Soggetto non controllato |
Economics
Business & Economics |
ISBN | 3-031-27929-8 |
Formato | Materiale a stampa |
Livello bibliografico | Monografia |
Lingua di pubblicazione | eng |
Nota di contenuto | Introduction -- Capital Structure Theory: Past, Present, Future -- Main Theories of Capital Structure -- Modern theory of capital cost and capital structure - Brusov-Filatova-Orekhova theory (BFO theory) -- Bankruptcy of the famous trade off theory -- New mechanism of formation of the company optimal capital structure, different from suggested by trade off theory -- The global causes of the global financial crisis -- The role of taxing and leverage in evaluation of capital cost and capitalization of the company -- A qualitatively new effect in corporate finance: abnormal dependence of equity cost of company on leverage -- Inflation in Brusov–Filatova–Orekhova theory and in its perpetuity limit – Modigliani – Miller theory -- Benefits of Advance Payments of Tax on Profit: Consideration within Brusov–Filatova–Orekhova (BFO) Theory -- The Generalization of the Brusov–Filatova–Orekhova Theory for the Case of Payments of Tax on Profit with Arbitrary Frequency -- Influence of Method and Frequency of Profit Tax Payments on Company Financial Indicators -- Generalization of the Brusov–Filatova–Orekhova Theory for the Case of Variable Income -- BFO Theory with Variable Profit in Case of Advance Payments of Tax on Profit -- BFO Theory with Variable Profit: Two Types of Payments of Tax on Profit: Advanced Payments and at the Ends of Periods -- Investment models with debt repayment at the end of the project and their application -- Investment Models with Uniform Debt Repayment and Their Application -- The analysis of the exploration of efficiency of investment projects of arbitrary duration (within Brusov–Filatova–Orekhova theory) -- Whether it is possible to increase taxing and conserve a good investment climate in the country? -- Whether it is possible to increase of the investment effi-ciency, increasing tax on profit rate? -- Optimizing the Investment Structure of the Telecommunication Sector Company -- Innovative Investment Models with Frequent Payments of Tax on Income and of Interest on Debt -- The Role of the Central Bank and Commercial Banks in Creating and Maintaining of a Favorable Investment Climate in the Country -- The Golden Age of the Company (Three Colors of Company’s Time) -- A "golden age" of the companies: Conditions of its existence -- New meaningful effects in modern capital structure theory -- Rating: New Approach -- Rating methodology: new look and new horizons -- Application of the Modigliani–Miller Theory, Modified For the Case of Advance Payments of Tax on Profit, in Rating Methodologies -- Ratings of the Investment Projects of Arbitrary Durations: New Methodology -- Ratings of Investment Projects of Arbitrary Duration with a Uniform Debt Repayment: a new approach -- Conclusions. |
Record Nr. | UNINA-9910726278703321 |
Brusov P. N (Petr Nikitovich) | ||
Cham, Switzerland : , : Springer Nature Switzerland AG, , [2023] | ||
Materiale a stampa | ||
Lo trovi qui: Univ. Federico II | ||
|
Generalized Modigliani-Miller theory : applications in corporate finance, investments, taxation and ratings / / Peter Brusov, Tatiana Filatova, and Natali Orekhova |
Autore | Brusov P. N (Petr Nikitovich) |
Pubbl/distr/stampa | Cham, Switzerland : , : Springer International Publishing, , [2022] |
Descrizione fisica | 1 online resource (371 pages) |
Disciplina | 658.15 |
Collana | Contributions to Finance and Accounting |
Soggetto topico |
Corporations - Finance
Investments - Mathematical models |
ISBN | 3-030-93893-X |
Formato | Materiale a stampa |
Livello bibliografico | Monografia |
Lingua di pubblicazione | eng |
Nota di contenuto |
Intro -- Preface -- Contents -- About the Authors -- Chapter 1: Introduction -- References -- Part I: Modigliani-Miller Theory in Corporate Finance -- Chapter 2: Capital Structure: Modigliani-Miller Theory -- 2.1 Introduction -- 2.2 The Traditional Approach -- 2.3 Modigliani-Miller Theory -- 2.3.1 Modigliani-Miller Theory Without Taxes -- 2.3.2 Modigliani-Miller Theory with Taxes -- 2.3.3 Main Assumptions of Modigliani-Miller Theory -- 2.3.4 Modifications of Modigliani-Miller Theory -- References -- Chapter 3: Modern Theory of Capital Cost and Capital Structure: Brusov-Filatova-Orekhova Theory (BFO Theory) -- 3.1 Companies of Arbitrary Age and Companies with Arbitrary Lifetime: Brusov-Filatova-Orekhova Equation -- 3.2 Comparison of Modigliani-Miller Results (Perpetuity Company) with Myers Results (1-Year Company) and Brusov-Filatova-Orekh... -- 3.3 Brusov-Filatova-Orekhova Theorem -- 3.4 From Modigliani-Miller to General Theory of Capital Cost and Capital Structure -- 3.5 BFO Theory in the Case, When the Company Ceased to Exist at the Time Moment n (BFO-2 Theory) -- 3.5.1 Application of Formula BFO-2 -- 3.5.2 Comparison of Results Obtained from Formulas BFO and BFO-2 -- 3.6 Conclusions -- References -- Chapter 4: Optimal Capital Structure of the Company: Its Absence in Modigliani-Miller Theory with Risky Debt Capital -- 4.1 Optimal Capital Structure of the Company -- 4.2 Absence of the Optimal Capital Structure in Modified Modigliani-Miller Theory (MMM Theory) -- 4.3 Conclusion -- References -- Chapter 5: The Equity Cost in the Modigliani-Miller Theory -- 5.1 Introduction -- References -- Chapter 6: The Role of Taxing and Leverage in Evaluation of Capital Cost and Capitalization of the Company -- 6.1 The Role of Taxes in Modigliani-Miller Theory -- References -- Chapter 7: Inflation in Modigliani-Miller Theory.
7.1 Accounting of Inflation in Modigliani-Miller Theory without Taxes -- 7.1.1 Second Original MM Statement -- 7.1.2 Second Modified MM-BFO Statement -- 7.2 Accounting of Inflation in Modigliani-Miller Theory with Corporate Taxes -- 7.2.1 Fourth Original MM Statement -- 7.2.2 Fourth Modified MM-BFO Statement -- 7.3 Irregular Inflation -- 7.4 Inflation Rate for a Few Periods -- 7.5 Conclusions -- References -- Chapter 8: Modification of the Modigliani-Miller Theory for the Case of Advance Tax on Profit Payments -- 8.1 Introduction -- 8.2 Modified Modigliani-Miller Theory in Case of Advance Tax Payments -- 8.2.1 Tax Shield in Case of Advance Tax Payments -- 8.2.2 Capitalization of the Company -- 8.2.3 Equity Cost -- 8.3 The Dependence of the Weighted Average Cost of Capital, WACC, on Leverage Level in ``Classical´´ Modigliani-Miller Theory ... -- 8.4 Conclusions -- References -- Chapter 9: The Modigliani-Miller Theory with Arbitrary Frequency of Payment of Tax on Profit -- 9.1 Introduction -- 9.1.1 Literature Review -- 9.2 Focus and Objective of the Chapter -- 9.3 Modification of the Modigliani-Miller Theory for the Case of Arbitrary Frequency of Payments of Tax on Profit -- 9.3.1 Tax Shield -- 9.3.2 The Weighted Average Cost of Capital, WACC -- 9.3.3 Company Value, V -- 9.3.4 Equity Cost, ke -- 9.4 Dependence of the Weighted Average Cost of Capital, WACC, on Leverage Level L -- 9.4.1 Dependence of the Weighted Average Cost of Capital, WACC, on Leverage Level L at Different p and Fixed kd -- 9.5 Dependence of the Weighted Average Cost of Capital, WACC, on Leverage Level L at Different kd and Fixed p -- 9.6 Dependence of the Company Capitalization, V, on Leverage Level L -- 9.6.1 Dependence of the Company Capitalization, V, on Leverage Level L at Different p and Fixed kd. 9.6.2 Dependence of the Company Capitalization, V, on Leverage Level L at Different kd and Fixed p -- 9.7 Dependence of the Equity Cost, ke, on Leverage Level L -- 9.7.1 Dependence of the Equity Cost, ke, on Leverage Level L at Different p and Fixed kd = 0.16 -- 9.7.2 Dependence of the Equity Cost, ke, on Leverage Level L at Different kd and Fixed p = 2 -- 9.8 Conclusions -- References -- Chapter 10: How Frequently Should Companies Pay Tax on Profit -- 10.1 Introduction -- 10.2 Literature Review -- 10.3 Focus and Objective of the Chapter -- 10.4 Modification of the Modigliani-Miller Theory for the Case of Arbitrary Frequency of Advanced Payments of Tax on Profit -- 10.4.1 Tax Shield -- 10.4.2 The Weighted Average Cost of Capital, WACC -- 10.4.3 Company Value, V -- 10.4.4 Equity Cost -- 10.5 Dependence of the Weighted Average Cost of Capital, WACC, on Leverage Level L -- 10.5.1 Dependence of the Weighted Average Cost of Capital, WACC, on Leverage Level L at Different p and Fixed kd -- 10.5.2 Dependence of the Weighted Average Cost of Capital, WACC, and of Company Value, V, on Debt Cost Value kd at Fixed Value... -- 10.6 Dependence of the Company Capitalization, V, on Leverage Level L -- 10.6.1 Dependence of the Company Capitalization, V, on Leverage Level L at Different p and Fixed kd -- 10.7 Dependence of the Equity Cost, ke, on Leverage Level L -- 10.8 Dependence of the Equity Cost, ke, and the Weighted Average Cost of Capital, WACC, on Tax on Profit Value t -- 10.9 Discussions -- 10.10 Conclusions -- References -- Chapter 11: Generalization of the Modigliani-Miller Theory for the Case of Variable Profit -- 11.1 Introduction -- 11.1.1 The Traditional Approach -- 11.1.2 Modigliani-Miller Theory Without Taxes -- 11.2 Some Modifications of Modigliani-Miller Theory -- 11.2.1 Modigliani-Miller Theory with Taxes. 11.2.1.1 Weighted Average Cost of Capital, WACC -- 11.2.1.2 Equity Cost -- 11.2.2 Taking into Account Market Risk: Hamada Model -- 11.2.3 The Account of Corporate and Individual Taxes (Miller Model) -- 11.2.4 Brusov-Filatova-Orekhova (BFO) Theory -- 11.2.5 The General WACC Formula -- 11.2.6 Trade-Off Theory -- 11.3 Generalization of the Modigliani-Miller Theory for the Case of Variable Profit -- 11.3.1 Modigliani-Miller Theory Without Taxes -- 11.3.1.1 Company Value, V -- 11.3.1.2 The Weighted Average Cost of Capital, WACC -- 11.3.1.3 Equity Cost, ke -- 11.3.2 Modigliani-Miller Theory with Taxes -- 11.3.2.1 The Weighted Average Cost of Capital, WACC -- 11.3.2.2 The Company Value, V -- 11.3.2.3 Equity Cost, ke -- 11.4 Results and Discussions -- 11.4.1 Dependence of WACC on Leverage Level L in Generalized Modigliani-Miller Theory (GMM Theory) at k0 = 0.2 and Different V... -- 11.4.2 Dependence of the Weighted Average Cost of Capital WACC on Leverage Level L in Generalized Modigliani-Miller Theory (GM... -- 11.4.3 Dependence of Discount Rate i on Leverage Level L in Generalized Modigliani-Miller Theory (GMM Theory) at k0 = 0.2 and ... -- 11.4.4 Dependence of Discount Rate i on Leverage Level L in Generalized Modigliani-Miller Theory (GMM Theory) at k0 = 0.3 and ... -- 11.4.5 Dependence of Company Value V on Leverage Level L in Generalized Modigliani-Miller Theory (GMM Theory) at k0 = 0.2 and ... -- 11.4.6 Dependence of Company Value V on Leverage Level L in Generalized Modigliani-Miller Theory (GMM Theory) at k0 = 0.3 and ... -- 11.4.7 Dependence of Equity Cost ke on Leverage Level L in Generalized Modigliani-Miller Theory (GMM Theory) at k0 = 0.2 and D... -- 11.4.8 Dependence of Equity Cost ke on Leverage Level L in Generalized Modigliani-Miller Theory (GMM Theory) at k0 = 0.3 and D... -- 11.5 Conclusions -- References. Part II: Applications of the Modigliani-Miller Theory in Investments -- Chapter 12: Investment Models with Debt Repayment at the End of the Project and their Application -- 12.1 Investment Models -- 12.2 The Effectiveness of the Investment Project from the Perspective of the Equity Holders Only -- 12.2.1 With the Division of Credit and Investment Flows -- 12.3 Without Flows Separation -- 12.4 Modigliani-Miller Limit (Perpetuity Projects) -- 12.4.1 With Flows Separation -- 12.4.2 Without Flows Separation -- 12.5 The Effectiveness of the Investment Project from the Perspective of the Owners of Equity and Debt -- 12.5.1 With Flows Separation -- 12.5.2 Without Flows Separation -- 12.6 Modigliani-Miller Limit -- 12.6.1 With Flows Separation -- 12.6.2 Without Flows Separation -- References -- Chapter 13: Investment Models with Uniform Debt Repayment and Their Application -- 13.1 Investment Models with Uniform Debt Repayment -- 13.2 The Effectiveness of the Investment Project from the Perspective of the Equity Holders Only -- 13.2.1 With the Division of Credit and Investment Flows -- 13.2.2 Without Flows Separation -- 13.3 The Effectiveness of the Investment Project from the Perspective of the Owners of Equity and Debt -- 13.3.1 With Flows Separation -- 13.3.2 Without Flows Separation -- 13.4 Example of the Application of the Derived Formulas -- 13.5 Conclusions -- References -- Chapter 14: Innovative Investment Models with Debt Repayment at the End of the Project -- 14.1 Introduction -- 14.1.1 The Literature Review -- 14.2 Modern Investment Models -- 14.2.1 The Effectiveness of the Investment Project from the Perspective of the Equity Holders Only -- 14.2.2 Without Flows Separation -- 14.3 The Effectiveness of the Investment Project from the Perspective of the Owners of Equity and Debt -- 14.3.1 With Flows Separation -- 14.3.2 Without Flows Separation. 14.4 Discount Rates. |
Record Nr. | UNINA-9910556898803321 |
Brusov P. N (Petr Nikitovich) | ||
Cham, Switzerland : , : Springer International Publishing, , [2022] | ||
Materiale a stampa | ||
Lo trovi qui: Univ. Federico II | ||
|
Modern Corporate Finance, Investments and Taxation / / by Peter Brusov, Tatiana Filatova, Natali Orekhova, Mukhadin Eskindarov |
Autore | Brusov Peter |
Edizione | [1st ed. 2015.] |
Pubbl/distr/stampa | Cham : , : Springer International Publishing : , : Imprint : Springer, , 2015 |
Descrizione fisica | 1 online resource (374 p.) |
Disciplina |
330
332 657.8333 658.152 658.4092 |
Soggetto topico |
Corporations—Finance
Macroeconomics Leadership Corporate Finance Macroeconomics/Monetary Economics//Financial Economics Business Strategy/Leadership |
ISBN | 3-319-14732-3 |
Formato | Materiale a stampa |
Livello bibliografico | Monografia |
Lingua di pubblicazione | eng |
Nota di contenuto | Part I: Corporate Finance: Introduction -- Capital Structure: Modigliani–Miller Theory -- Modern Theory of Capital Cost and Capital Structure: Brusov-Filatova-Orekhova Theory (BFO Theory) -- Bankruptcy of the Famous Tradeoff Theory -- New Mechanism of Formation of the Company Optimal Capital Structure, Different from Suggested by Trade Off Theory -- The Global Causes of Global Financial Crisis -- The Role of Taxing and Leverage in Evaluation of Capital Cost and Capitalization of the Company -- A Qualitatively New Effect in Corporate Finance: Abnormal Dependence of Equity Cost of Company on Leverage -- Inflation in Brusov–Filatova–Orekhova Theory and in Its Perpetuity Limit – Modigliani – Miller Theory -- Part II: Investments: A Portfolio of Two Securities -- Investment Models with Debt Repayment at the End of the Project and Their Application -- Influence of Debt Financing on the Efficiency of Investment Projects: The Analysis of Efficiency of Investment Projects within the Perpetuity (Modigliani–Miller) Approximation -- The Analysis of the Exploration of Efficiency of Investment Projects of Arbitrary Duration (within Brusov–Filatova–Orekhova Theory) -- Investment Models with Uniform Debt Repayment and Their Application -- Whether It Is Possible to Increase Taxing and Conserve a Good Investment Climate in the Country?- Whether It Is Possible to Increase the Investment Efficiency, Increasing Tax on Profit Rate? An Abnormal Influence of Growth of Tax on Profit Rate on the Efficiency of the Investment -- Optimizing of the Investment Structure of the Telecommunication Sector Company -- The Golden Age of the Company (Three Colors of Company's Time) -- Conclusion. |
Record Nr. | UNINA-9910298472903321 |
Brusov Peter | ||
Cham : , : Springer International Publishing : , : Imprint : Springer, , 2015 | ||
Materiale a stampa | ||
Lo trovi qui: Univ. Federico II | ||
|
Modern Corporate Finance, Investments, Taxation and Ratings / / by Peter Brusov, Tatiana Filatova, Natali Orekhova, Mukhadin Eskindarov |
Autore | Brusov Peter |
Edizione | [2nd ed. 2018.] |
Pubbl/distr/stampa | Cham : , : Springer International Publishing : , : Imprint : Springer, , 2018 |
Descrizione fisica | 1 online resource (576 pages) |
Disciplina | 658.15 |
Soggetto topico |
Corporations—Finance
Accounting Bookkeeping Macroeconomics Financial crises Leadership Corporate Finance Accounting/Auditing Macroeconomics/Monetary Economics//Financial Economics Financial Crises Business Strategy/Leadership |
ISBN | 3-319-99686-X |
Formato | Materiale a stampa |
Livello bibliografico | Monografia |
Lingua di pubblicazione | eng |
Nota di contenuto | Part I: Corporate Finance -- Introduction -- Capital Structure: Modigliani–Miller Theory -- Modern Theory of Capital Cost and Capital Structure: Brusov-Filatova-Orekhova Theory (BFO Theory) -- Bankruptcy of the Famous Tradeoff Theory -- New Mechanism of Formation of the Company Optimal Capital Structure, Different from Suggested by Trade Off Theory -- The Global Causes of Global Financial Crisis -- The Role of Taxing and Leverage in Evaluation of Capital Cost and Capitalization of the Company -- A Qualitatively New Effect in Corporate Finance: Abnormal Dependence of Equity Cost of Company on Leverage -- Inflation in Brusov–Filatova–Orekhova Theory and in Its Perpetuity Limit – Modigliani – Miller Theory -- Part II: Investments -- A Portfolio of Two Securities -- Investment Models with Debt Repayment at the End of the Project and Their Application -- Influence of Debt Financing on the Efficiency of Investment Projects: The Analysis of Efficiency of Investment Projects within the Perpetuity (Modigliani–Miller) Approximation -- The Analysis of the Exploration of Efficiency of Investment Projects of Arbitrary Duration (within Brusov–Filatova–Orekhova Theory) -- Investment Models with Uniform Debt Repayment and Their Application -- Part III: Taxation -- It Is Possible to Increase Taxing and Conserve a Good Investment Climate in the Country?- It Is Possible to Increase the Investment Efficiency, Increasing Tax on Profit Rate? An Abnormal Influence of Growth of Tax on Profit Rate on the Efficiency of the Investment -- Optimizing of the Investment Structure of the Telecommunication Sector Company -- The Golden Age of the Company (Three Colors of Company's Time) -- A "Golden Age" of the Companies: Conditions of its Existence -- The Role of the Central Bank and Commercial Banks in Creating and Maintaining of a Favorable Investment Climate in the Country -- Part IV: Ratings and rating methodologies -- Rating: New Approach -- Rating Methodology: New Look and New Horizons -- Ratings of the Long–Term Projects: New Approach -- New Meaningful Effects in Modern Capital Structure Theory -- Conclusion. |
Record Nr. | UNINA-9910299629003321 |
Brusov Peter | ||
Cham : , : Springer International Publishing : , : Imprint : Springer, , 2018 | ||
Materiale a stampa | ||
Lo trovi qui: Univ. Federico II | ||
|
Ratings : critical analysis and new approaches of quantitative and qualitative methodology / / Peter Brusov, Tatiana Filatova, Natali Orekhova |
Autore | Brusov P. N (Petr Nikitovich) |
Edizione | [1st ed. 2021.] |
Pubbl/distr/stampa | Cham, Switzerland : , : Springer, , [2021] |
Descrizione fisica | 1 online resource (XII, 369 p. 189 illus., 31 illus. in color.) |
Disciplina | 658.1526 |
Collana | Contributions to Finance and Accounting |
Soggetto topico |
Financial Services
Capital market Business enterprises - Finance Corporations - Finance |
ISBN | 3-030-56243-3 |
Formato | Materiale a stampa |
Livello bibliografico | Monografia |
Lingua di pubblicazione | eng |
Nota di contenuto | Introduction -- The Importance of Rating and the Disadvantages of Existing Rating Systems -- Part I Corporate Finance Theories used in Ratings and in Rating Methodologies -- Modern Theory of Capital Cost and Capital Structure: Brusov–Filatova–Orekhova Theory (BFO Theory) -- Modification of the Modigliani–Miller theory for the case of advance tax on profit payments -- Modern Theory of Capital Cost and Capital Structure: Brusov–Filatova–Orekhova Theory (BFO Theory) -- Part II Ratings and Rating Methodologies of Non–financial Issuers -- Application of the Modigliani–Miller Theory in Rating Methodology -- Application of the Modigliani–Miller Theory, Modified For the Case of Advance Payments of Tax on Profit, in Rating Methodologies -- Application of Brusov–Filatova–Orekhova theory (BFO theory) in Rating Methodology -- Part III Project Ratings -- Investment Models with Debt Repayment at the End of the Project and Their Application -- Investment Models with Uniform Debt Repayment and Their Application -- A New Approach to Ratings of the Long–Term Projects -- Ratings of the Investment Projects of Arbitrary Durations: New Methodology -- Ratings of Investment Projects of Arbitrary Duration with a Uniform Debt Repayment: a new approach -- Part IV New Meaningful Effects in Modern Capital Structure Theory (BFO Theory) Which Should be Accounting in Rating Methodologies -- The Golden Age of the Company (Three Colors of Company’s Time) -- A "silver age" of the Companies. Conditions of existence of "golden age" and "silver age"effects` -- Inflation in Brusov–Filatova–Orekhova Theory and in Its Perpetuity Limit–Modigliani–Miller Theory -- A Qualitatively New Effect in Corporate Finance: Abnormal Dependence of Equity Cost of Company on Leverage Level -- The Impact of Taxing and Leverage in Evaluation of Capital Cost, Capitalization of the Company and Issued Ratings -- Recommendations to international rating agencies (Big Three (Standard & Poor’s, Fitch and Moody's), European) and national ones (ACRA, Chinese etc.) -- Conclusions. |
Record Nr. | UNINA-9910483116703321 |
Brusov P. N (Petr Nikitovich) | ||
Cham, Switzerland : , : Springer, , [2021] | ||
Materiale a stampa | ||
Lo trovi qui: Univ. Federico II | ||
|