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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.","brand":"WoB","offers":[{"title":"- \/ - \/ -","offer_id":51607957045521,"sku":"","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ NEW \/ GARDNERS","offer_id":51607957307665,"sku":"NGR9783031279317","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/303127931X.jpg?v=1751030772"},{"product_id":"ratings-book-peter-brusov-9783030562458","title":"Ratings","description":"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 asthe 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.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52143154528529,"sku":"NLS9783030562458","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9783030562458.jpg?v=1757583211"},{"product_id":"ratings-book-peter-brusov-9783030562427","title":"Ratings","description":"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 asthe 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.","brand":"WoB","offers":[{"title":"- \/ - \/ INTERNAL","offer_id":52344098193681,"sku":null,"price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ NEW \/ INGRAM","offer_id":52344101863697,"sku":"NLS9783030562427","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9783030562427.jpg?v=1758174324"},{"product_id":"generalized-modiglianimiller-theory-book-peter-brusov-9783030938925","title":"Generalized ModiglianiMiller Theory","description":"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.","brand":"WoB","offers":[{"title":"- \/ - \/ INTERNAL","offer_id":52404932411665,"sku":null,"price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ NEW \/ INGRAM","offer_id":52404933132561,"sku":"NLS9783030938925","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9783030938925.jpg?v=1758765500"},{"product_id":"modern-corporate-finance-investments-and-taxation-book-peter-brusov-9783319383958","title":"Modern Corporate Finance, Investments and Taxation","description":"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.","brand":"WoB","offers":[{"title":"- \/ - \/ INTERNAL","offer_id":52430619083025,"sku":null,"price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ NEW \/ INGRAM","offer_id":52430620000529,"sku":"NLS9783319383958","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9783319383958.jpg?v=1759170207"},{"product_id":"business-valuation-and-company-value-book-peter-brusov-9783031908460","title":"Business Valuation and Company Value","description":"Business valuation and company value play a very important role in making an informed investment decision; buying and selling shares and bonds of a company on the stock market; insurance; taxation, etc. This book develops new approaches to business valuation and company value. The existing methods of business and company valuation have many shortcomings, two of which are global, related to the impossibility of estimating one of the fundamental parameters of valuation – the discount rate, and the impossibility of correctly accounting for the retrospective period of valuation. Both of these shortcomings can currently be overcome only within the framework of the modern theory of Brusov-Filatova-Orekhova (BFO), which is done in this monograph, devoted to the development of a qualitatively new approach to the valuation of businesses and companies. The second most important method of business valuation – CAPM – was generalized by the authors to include financial risk along with business risk, and for the first time this was done correctly. A new model – CAPM 2.0 – was created and applied to many companies. And finally, CAPM 2.0 was included in the modern theory of Brusov-Filatova-Orekhova (BFO), which allows for a correct assessment of a business and a company, taking into account both business and financial risks, illustrating the practical application of the developed innovative approach.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52534754214161,"sku":"NLS9783031908460","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ NEW \/ INGRAM","offer_id":52761220743441,"sku":"NIN9783031908460","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9783031908460.jpg?v=1760669263"},{"product_id":"modern-corporate-finance-investments-taxation-and-ratings-book-peter-brusov-9783319996851","title":"Modern Corporate Finance, Investments, Taxation and Ratings","description":"This monograph is devoted to a modern theory of capital cost and capital structure created by this books authors, called the BrusovFilatovaOrekhova (BFO) theory, and its application to the real economy.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52589041254673,"sku":"NLS9783319996851","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9783319996851.jpg?v=1761059262"},{"product_id":"generalized-modiglianimiller-theory-book-peter-brusov-9783030938956","title":"Generalized Modigliani–Miller Theory","description":"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. 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