Modern Corporate Finance, Investments, Taxation and Ratings
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 th
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Corporate Finance, Investments, Taxation and Ratings Second Edition
Modern Corporate Finance, Investments, Taxation and Ratings
Peter Brusov • Tatiana Filatova • Natali Orekhova • Mukhadin Eskindarov
Modern Corporate Finance, Investments, Taxation and Ratings
Second Edition
Peter Brusov Financial University under the Government of Russian Federation Moscow, Russia
Tatiana Filatova Financial University under the Government of Russian Federation Moscow, Russia
Natali Orekhova Center of Corporate Finance, Investment, Taxation and Ratings The Research Consortium of Universities of the South of Russia Rostov-on-Don, Russia
Mukhadin Eskindarov Financial University under the Government of Russian Federation Moscow, Russia
ISBN 978-3-319-99685-1 ISBN 978-3-319-99686-8 https://doi.org/10.1007/978-3-319-99686-8
(eBook)
Library of Congress Control Number: 2018955714 © Springer Nature Switzerland AG 2015, 2018 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Springer imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
100th Anniversary of the Financial University under the Government of Russia Federation Dedicated to our dear granddaughter Anyuta, who likes very much to sing and dance, and to her little sister Sofi
Preface to the Second Edition
In the 3 years since the first edition, new results have been obtained by authors in corporate finance, investment, and taxation as well as in a new area—ratings and rating methodologies—within the framework of Brusov, Filatova, and Orekhova (BFO) theory. Some of them (not all) have been included in the second edition (Chaps. 19, 20, 21, 22, 23, and 24 have been added). Among them is the chapter entitled “A golden age of the companies: conditions of its existence” (Chap. 19). Also, we have found a modification of “Kul
