Modern Corporate Finance, Investments, Taxation and Ratings, 2nd Edition, (PDF) is devoted to a modern theory of capital structure and capital cost created by this ebook’s authors, called the Brusov–Filatova–Orekhova (BFO) theory, and its application to the real economy. BFO theory vows to replace the traditional theory of capital structure and capital cost by Nobel laureates Modigliani and Miller. This new theory, in particular, offers a possible explanation for the causes of the present global financial crisis. The authors of the ebook explain the general theory of capital structure and capital cost that can be applied to corporations of arbitrary age (or with arbitrary lifetime) and investment projects with arbitrary duration. The authors show their theory with examples from corporate practice and develop investment models that can be employed by companies in their financial operations.
This revised second edition includes new chapters dedicated to the application of the BFO theory in ratings, banking, and other areas. The authors also offer a new approach to rating methodology highlighting the need for including financial flow discounting, the integration of rating parameters (in particular, financial ratios) into the modern theory of capital structure – BFO theory. The ebook aims to change our understanding of corporate finance, taxation, investments, and rating procedures. The authors stress that the most used principles of financial management should be changed in accordance with the BFO theory.
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