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Modern Corporate Finance, Investments and Taxation

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Authors:
  1. Peter Brusov

    1. Financial University under the Government of Russian Federation, Moscow, Russia

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  2. Tatiana Filatova

    1. Financial University under the Government of Russian Federation, Moscow, Russia

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  3. Natali Orekhova

    1. High School of Business, Corporate Finance, Investment and Taxation Laboratory, Southern Federal University, Research Consortium of Universities of the South of Russia, Rostov-on-Don, Russia

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  4. Mukhadin Eskindarov

    1. Financial University under the Government of Russian Federation, Moscow, Russia

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  • Offers a new approach to the theory of capital cost and capital structure with an analysis of its qualitative effects in corporate finance
  • Provides new management principles for investment and dividend policies at the corporate level
  • Presents a real assessment of the effectiveness of investment projects under different schemes of repayment of the credits, company capitalization, business valuation and financial risks
  • Includes supplementary material: sn.pub/extras

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Table of contents (19 chapters)

  1. Front Matter

    Pages i-xvi
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  2. Corporate Finance

    1. Front Matter

      Pages 1-1
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    2. Introduction

      • Peter Brusov, Tatiana Filatova, Natali Orekhova, Mukhadin Eskindarov
      Pages 3-7

    3. Capital Structure: Modigliani–Miller Theory

      • Peter Brusov, Tatiana Filatova, Natali Orekhova, Mukhadin Eskindarov
      Pages 9-25

    4. Modern Theory of Capital Cost and Capital Structure: Brusov–Filatova–Orekhova Theory (BFO Theory)

      • Peter Brusov, Tatiana Filatova, Natali Orekhova, Mukhadin Eskindarov
      Pages 27-46

    5. Bankruptcy of the Famous Trade-Off Theory

      • Peter Brusov, Tatiana Filatova, Natali Orekhova, Mukhadin Eskindarov
      Pages 47-72

    6. New Mechanism of Formation of the Company’s Optimal Capital Structure, Different from Suggested by Trade-Off Theory

      • Peter Brusov, Tatiana Filatova, Natali Orekhova, Mukhadin Eskindarov
      Pages 73-92

    7. The Global Causes of the Global Financial Crisis

      • Peter Brusov, Tatiana Filatova, Natali Orekhova, Mukhadin Eskindarov
      Pages 93-98

    8. The Role of Taxing and Leverage in Evaluation of Capital Cost and Capitalization of the Company

      • Peter Brusov, Tatiana Filatova, Natali Orekhova, Mukhadin Eskindarov
      Pages 99-113

    9. A Qualitatively New Effect in Corporate Finance: Abnormal Dependence of Equity Cost of Company on Leverage

      • Peter Brusov, Tatiana Filatova, Natali Orekhova, Mukhadin Eskindarov
      Pages 115-133

    10. Inflation in Brusov–Filatova–Orekhova Theory and in Its Perpetuity Limit—Modigliani–Miller Theory

      • Peter Brusov, Tatiana Filatova, Natali Orekhova, Mukhadin Eskindarov
      Pages 135-153

  3. Investments

    1. Front Matter

      Pages 155-155
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    2. A Portfolio of Two Securities

      • Peter Brusov, Tatiana Filatova, Natali Orekhova, Mukhadin Eskindarov
      Pages 157-169

    3. Investment Models with Debt Repayment at the End of the Project and Their Application

      • Peter Brusov, Tatiana Filatova, Natali Orekhova, Mukhadin Eskindarov
      Pages 171-181

    4. Influence of Debt Financing on the Efficiency of Investment Projects: The Analysis of Efficiency of Investment Projects Within the Perpetuity (Modigliani–Miller) Approximation

      • Peter Brusov, Tatiana Filatova, Natali Orekhova, Mukhadin Eskindarov
      Pages 183-216

    5. The Analysis of the Exploration of Efficiency of Investment Projects of Arbitrary Duration (Within Brusov–Filatova–Orekhova Theory)

      • Peter Brusov, Tatiana Filatova, Natali Orekhova, Mukhadin Eskindarov
      Pages 217-252

    6. Investment Models with Uniform Debt Repayment and Their Application

      • Peter Brusov, Tatiana Filatova, Natali Orekhova, Mukhadin Eskindarov
      Pages 253-260

    7. Is It Possible to Increase Taxing and Conserve a Good Investment Climate in the Country?

      • Peter Brusov, Tatiana Filatova, Natali Orekhova, Mukhadin Eskindarov
      Pages 261-275

    8. Is It Possible to Increase the Investment Efficiency by Increasing Tax on Profit Rate? An Abnormal Influence of the Growth of Tax on Profit Rate on the Efficiency of the Investment

      • Peter Brusov, Tatiana Filatova, Natali Orekhova, Mukhadin Eskindarov
      Pages 277-308

    9. Optimizing the Investment Structure of the Telecommunication Sector Company

      • Peter Brusov, Tatiana Filatova, Natali Orekhova, Mukhadin Eskindarov
      Pages 309-338
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About this book

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.

Authors and Affiliations

  • Financial University under the Government of Russian Federation, Moscow, Russia

    Peter Brusov, Tatiana Filatova, Mukhadin Eskindarov

  • High School of Business, Corporate Finance, Investment and Taxation Laboratory, Southern Federal University, Research Consortium of Universities of the South of Russia, Rostov-on-Don, Russia

    Natali Orekhova

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