Modern Corporate Finance Investments Taxation And Ratings

Author : Peter Brusov,Tatiana Filatova,Natali Orekhova,Mukhadin Eskindarov
Publisher : Springer
Page : 571 pages
File Size : 55,6 Mb
Release : 2018-11-11
Category : Business & Economics
ISBN : 9783319996868

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Modern Corporate Finance, Investments, Taxation and Ratings by Peter Brusov,Tatiana Filatova,Natali Orekhova,Mukhadin Eskindarov Pdf

This monograph is devoted to a modern theory of capital cost and capital structure created by this book’s authors, called the Brusov–Filatova–Orekhova (BFO) theory, and its application to the real economy. BFO theory promises to replace the traditional theory of capital cost and capital structure by Nobel laureates Modigliani and Miller. This new theory in particular, presents a possible explanation to the causes of the recent global financial crisis. The authors of the book describe the general theory of capital cost and capital structure that can be applied to corporations of arbitrary age (or with arbitrary lifetime) and investment projects with arbitrary duration. The authors illustrate their theory with examples from corporate practice and develop investment models that can be applied by companies in their financial operations. This updated second edition includes new chapters devoted to the application of the BFO theory in ratings, banking and other areas. The authors also provide a new approach to rating methodology highlighting the need for including financial flow discounting, the incorporation of rating parameters (in particular, financial ratios) into the modern theory of capital structure - BFO theory. This book aims to change our understanding of corporate finance, investments, taxation and rating procedures. The authors emphasize that the most used principles of financial management should be changed in accordance to BFO theory.

Author : Peter Brusov,Tatiana Filatova,Natali Orekhova,Mukhadin Eskindarov
Publisher : Springer
Page : 368 pages
File Size : 53,8 Mb
Release : 2015-06-02
Category : Business & Economics
ISBN : 9783319147321

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Modern Corporate Finance, Investments and Taxation by Peter Brusov,Tatiana Filatova,Natali Orekhova,Mukhadin Eskindarov Pdf

This monograph is devoted to the modern theory of capital cost and capital structure and its application to the real economy. In particular, it presents a possible explanation to the causes of global financial crisis. The authors of the book modify the theory of Nobel Prize winners Modigliani and Miller to describe an alternative theory of capital cost and capital structure that can be applied to corporations with arbitrary lifetime and investment projects with arbitrary duration. The authors illustrate their theory with examples from corporate practice and develop investment models that can be applied by companies in their financial operations.

Author : Peter Brusov,Tatiana Filatova,Natali Orekhova
Publisher : Springer Nature
Page : 786 pages
File Size : 43,8 Mb
Release : 2023-06-18
Category : Business & Economics
ISBN : 9783031279294

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The Brusov–Filatova–Orekhova Theory of Capital Structure by Peter Brusov,Tatiana Filatova,Natali Orekhova Pdf

The book introduces and discusses the modern theory of the cost of capital and capital structure - the BFO theory (Brusov-Filatova-Orekhova theory), which is valid for companies of arbitrary age and which replaced the theory of Nobel laureates Modigliani and Miller. The theory takes into account the conditions faced by companies operating in the real economy, such as revenue fluctuations; the arbitrary frequency of tax on profit payments (monthly, quarterly, semi-annual or annual payments), both for advance income tax payments and for payments at the end of the respective period; and the arbitrary frequency of interest on loans payments. The impact of these conditions on the company value, on the cost of raising capital, on the company's dividend policy and managerial decisions are discussed. The book subsequently develops new applications of the BFO theory in several areas such as corporate finance, corporate governance, investments, taxation, business valuations and ratings.

Author : Peter Brusov,Tatiana Filatova,Natali Orekhova
Publisher : Unknown
Page : 0 pages
File Size : 51,7 Mb
Release : 2023
Category : Electronic
ISBN : 3031279301

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The Brusov-Filatova-Orekhova Theory of Capital Structure by Peter Brusov,Tatiana Filatova,Natali Orekhova Pdf

The book introduces and discusses the modern theory of the cost of capital and capital structure - the BFO theory (Brusov-Filatova-Orekhova theory), which is valid for companies of arbitrary age and which replaced the theory of Nobel laureates Modigliani and Miller. The theory takes into account the conditions faced by companies operating in the real economy, such as revenue fluctuations; the arbitrary frequency of tax on profit payments (monthly, quarterly, semi-annual or annual payments), both for advance income tax payments and for payments at the end of the respective period; and the arbitrary frequency of interest on loans payments. The impact of these conditions on the company value, on the cost of raising capital, on the company's dividend policy and managerial decisions are discussed. The book subsequently develops new applications of the BFO theory in several areas such as corporate finance, corporate governance, investments, taxation, business valuations and ratings. .

Author : John R. Graham
Publisher : Unknown
Page : 124 pages
File Size : 43,9 Mb
Release : 2007
Category : Corporations
ISBN : OCLC:647611738

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A Review of Taxes and Corporate Finance by John R. Graham Pdf

Author : John R. Graham
Publisher : Now Publishers Inc
Page : 136 pages
File Size : 40,7 Mb
Release : 2006
Category : Business & Economics
ISBN : 9781933019413

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A Review of Taxes and Corporate Finance by John R. Graham Pdf

A Review of Taxes and Corporate Finance investigates the consequences of taxation on corporate finance focusing on how taxes affect corporate policies and firm value. A common theme is that tax rules affect corporate incentives and decisions. A second emphasis is on research that describes how taxes affect costs and benefits. A Review of Taxes and Corporate Finance explores the multiple avenues for taxes to affect corporate decisions including capital structure decisions, organizational form and restructurings, payout policy, compensation policy, risk management, and the use of tax shelters. The author provides a theoretical framework, empirical predictions, and empirical evidence for each of these areas. Each section concludes with a discussion of unanswered questions and possible avenues for future research. A Review of Taxes and Corporate Finance is valuable reading for researchers and professionals in corporate finance, corporate governance, public finance and tax policy.

Author : Tony Rumble,Mohammed Amin,Edward D. Kleinbard
Publisher : Palgrave MacMillan
Page : 256 pages
File Size : 45,8 Mb
Release : 2003
Category : Business & Economics
ISBN : 1403903395

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Taxation of Equity Derivatives and Structured Products by Tony Rumble,Mohammed Amin,Edward D. Kleinbard Pdf

The taxation of equity derivatives and financial products is analysed in detail by Tony Rumble and his contributors, Mohammed Amin and Ed Kleinbard. The book covers the financial and tax technical analysis of issues relating to equity derivatives and financial products. Part 1 examines the derivatives building blocks and financial market/corporate finance drivers of the equity derivatives and financial products market, and includes case studies of typical and landmark transactions. Part 2 looks at the tax technical rules in each of the target countries and examines the specific products highlighted in the first part of the book. Case studies of significant transactions are included where necessary.

Author : Donald R. Chambers,Nelson J. Lacey
Publisher : Addison Wesley Publishing Company
Page : 648 pages
File Size : 46,7 Mb
Release : 1999
Category : Business & Economics
ISBN : UOM:49015002554260

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Modern Corporate Finance by Donald R. Chambers,Nelson J. Lacey Pdf

"The second edition of Modern Corporate Finance: Theory and Practice combines a forward-looking vision of corporate finance with the tried and true practices of the past. This text emphasizes the modernist movement in finance, which is based on systematic methodology with an emphasis on deductive reasoning and empirical validation. The modernist movement produces a market-value-based approach to finance that emphasizes shareholder wealth maximization, options, and agency relationships. This movement has expanded without question, the frontiers of knowledge in finance. Until Modern Corporate Finance: Theory and Practice, instructors have lacked a framework from which to teach these concepts at the introductory level."--BOOK JACKET.Title Summary field provided by Blackwell North America, Inc. All Rights Reserved

Author : Peter Brusov,Tatiana Filatova,Natali Orekhova
Publisher : Springer Nature
Page : 365 pages
File Size : 47,7 Mb
Release : 2020-12-04
Category : Business & Economics
ISBN : 9783030562434

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Ratings by Peter Brusov,Tatiana Filatova,Natali Orekhova Pdf

This book presents new methodologies for rating non-financial issuers and project ratings based on the BFO (Brusov-Filatova-Orekhova) theory of capital cost and structure, and its perpetuity limit (Modigliani-Miller theory), as well as modern investment models created by the authors. It first provides a critical analysis of the methodological and systemic shortcomings of the current credit ratings of non-financial issuers and project ratings. In order to increase the objectivity and accuracy of rating assessments, it then modifies the BFO theory for companies of arbitrary age as well as and the perpetuity limit (Modigliani-Miller theory) for rating needs. The authors also incorporate the financial indicators used in the rating methodology into both the BFO theory and the Modigliani-Miller theory. Within the framework of the modified BFO theory for rating needs, they then present a detailed study of the dependence of the weighted average cost of capital of WACC, used as the discount rate for discounting financial flows, on the financial ratios used in the rating, on the age of the company, on the leverage level and on the level of taxation for a wide range of values of equity cost and debt cost for companies of arbitrary age. This makes it possible to correctly assess of the discount rate, taking into account the values of financial ratios. The use of well-established corporate finance theories (BFO theory and its perpetuity limit) opens up new horizons in the rating industry, providing an opportunity to switch from mainly qualitative methods for determining the creditworthiness of issuers to mainly quantitative methods in rating, and as such improving the quality and accuracy of rating scores.

Author : Peter Brusov,Tatiana Filatova,Natali Orekhova
Publisher : Springer Nature
Page : 371 pages
File Size : 50,6 Mb
Release : 2022-03-28
Category : Business & Economics
ISBN : 9783030938932

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Generalized Modigliani–Miller Theory by Peter Brusov,Tatiana Filatova,Natali Orekhova Pdf

The original theory of capital cost and capital structure put forward by Nobel Prize Winners Modigliani and Miller has since been modified by many authors, and this book discusses some of them. The book’s authors have created general theory of capital cost and capital structure – the Brusov–Filatova–Orekhova (BFO) theory, which generalizes the Modigliani–Miller theory to encompass companies of an arbitrary age (and arbitrary lifetime). Despite the availability of this more general theory, the classical Modigliani–Miller theory is still widely used in practice. In this book, the authors for the first time generalize it for cases of practical relevance: for the case of variable profit; for the case of advance tax-on-profit payments and interest on debt payments; for the case of several tax-on-profit and interest on debt payments per period; and for the combination of all three effects. These generalizations lead to valuable theoretical results as well as significantly widen of practical application this theory in practice and increase of the quality of finance management of the company. As well, the book investigates the applications of said results in corporate finance, investments, taxation and ratings, where employing a generalized Modigliani–Miller theory can be very fruitful.

Author : Haim Levy,Marshall Sarnat
Publisher : Pearson Education
Page : 804 pages
File Size : 50,7 Mb
Release : 1994
Category : Business & Economics
ISBN : 0131158821

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Capital Investment and Financial Decisions by Haim Levy,Marshall Sarnat Pdf

A substantial revision of a bestseller by two prominent authors, this book focuses on the practical application of the modern theory of finance to realistic corporate decisions, with an emphasis on the allocation of a firm's long-term capital resources. Includes new chapters on short term working capital management and new examples throughout.

Author : Anton Miglo
Publisher : Springer
Page : 254 pages
File Size : 55,6 Mb
Release : 2016-07-20
Category : Business & Economics
ISBN : 9783319307138

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Capital Structure in the Modern World by Anton Miglo Pdf

This book focuses on microeconomic foundations of capital structure theory. It combines theoretical results with a large number of examples, exercises and applications. The book examines fundamental ideas in capital structure management, some of which are still not very well understood in the business community, such as Modigliani and Miller’s irrelevance result, trade-off theory, pecking-order theory, asset substitution, credit rationing and debt overhang. Chapters also cover capital structure issues that have become very important following the recent financial crisis. Miglo discusses the ways in which financial economists were forced to look critically at capital structure, as the problems faced by many companies stemmed from their financing policies following the crisis. The book also discusses links between capital structure and firm’s performance, corporate governance, firm’s strategy and flexibility, and covers such topics as life cycle approach to capital structure management, capital structure of small and start-up companies, corporate financing versus project financing and examples of optimal capital structure analyses for different companies. This comprehensive guide to capital structure theory will be of interest to all students, academics and practitioners seeking to understand this fast-developing and critical area of business management.

Author : Aswath Damodaran
Publisher : John Wiley & Sons
Page : 663 pages
File Size : 40,5 Mb
Release : 2014-10-27
Category : Business & Economics
ISBN : 9781118808931

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Applied Corporate Finance by Aswath Damodaran Pdf

Aswath Damodaran, distinguished author, Professor of Finance, and David Margolis, Teaching Fellow at the NYU Stern School of Business, have delivered the newest edition of Applied Corporate Finance. This readable text provides the practical advice students and practitioners need rather than a sole concentration on debate theory, assumptions, or models. Like no other text of its kind, Applied Corporate Finance, 4th Edition applies corporate finance to real companies. It now contains six real-world core companies to study and follow. Business decisions are classified for students into three groups: investment, financing, and dividend decisions.

Author : Justin Pettit
Publisher : John Wiley & Sons
Page : 338 pages
File Size : 53,7 Mb
Release : 2011-07-12
Category : Business & Economics
ISBN : 9781118160626

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Strategic Corporate Finance by Justin Pettit Pdf

Essential guidance for the corporate finance professional — advisor, Board Director, CFO, Treasurer, business development executive, or M&A expert—to ask the right questions and make the critical decisions. Strategic Corporate Finance is a practical guide to the key issues, their context, and their solutions. From performance measurement and capital planning to risk management and capital structure, Strategic Corporate Finance, translates principles of corporate finance theory into practical methods for implementing them. Filled with in-depth insights, expert advice, and detailed case studies, Strategic Corporate Finance will prepare you for the issues involved in raising, allocating and managing capital, and its associated risks. Justin Pettit (New York, NY) draws on his 15 years of senior advisory experience as an investment banker and management consultant. He advises corporate boards and executives on matters of capital structure, financial policy, valuation, and strategy. He also lectures on topics in advanced corporate finance to graduate and undergraduate students at universities in the New York area.

Author : Peter Bossaerts,Bernt Arne Ødegaard
Publisher : World Scientific Publishing Company
Page : 268 pages
File Size : 43,6 Mb
Release : 2006-10-16
Category : Business & Economics
ISBN : 9789814365451

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Lectures on Corporate Finance by Peter Bossaerts,Bernt Arne Ødegaard Pdf

This course of lectures introduces students to elementary concepts of corporate finance using a more systematic approach than is generally found in other textbooks. Axioms are first highlighted and the implications of these important concepts are studied afterwards. These implications are used to answer questions about corporate finance, including issues related to derivatives pricing, state-price probabilities, dynamic hedging, dividends, capital structure decisions, and risk and incentive management. Numerical examples are provided, and the mathematics is kept simple throughout. In this second edition, explanations have been improved, based on the authors' experience teaching the material, especially concerning the scope of state-price probabilities in Chapter 12. There is also a new Chapter 22: Fourteen Insights.