Modern Corporate Finance Investments Taxation And Ratings

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Modern Corporate Finance, Investments, Taxation and Ratings

Author : Peter Brusov
Publisher : Springer
ISBN 13 : 331999686X
Total Pages : 576 pages
Book Rating : 4.3/5 (199 download)

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Book Synopsis Modern Corporate Finance, Investments, Taxation and Ratings by : Peter Brusov

Download or read book Modern Corporate Finance, Investments, Taxation and Ratings written by Peter Brusov and published by Springer. This book was released on 2018-11-11 with total page 576 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

A Review of Taxes and Corporate Finance

Author : John R. Graham
Publisher : Now Publishers Inc
ISBN 13 : 1933019417
Total Pages : 136 pages
Book Rating : 4.9/5 (33 download)

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Book Synopsis A Review of Taxes and Corporate Finance by : John R. Graham

Download or read book A Review of Taxes and Corporate Finance written by John R. Graham and published by Now Publishers Inc. This book was released on 2006 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Modern Corporate Finance

Author : Donald R. Chambers
Publisher : Addison Wesley Publishing Company
ISBN 13 :
Total Pages : 648 pages
Book Rating : 4.4/5 (91 download)

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Book Synopsis Modern Corporate Finance by : Donald R. Chambers

Download or read book Modern Corporate Finance written by Donald R. Chambers and published by Addison Wesley Publishing Company. This book was released on 1999 with total page 648 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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

Modern Corporate Finance, Investments and Taxation

Author : Peter Brusov
Publisher : Springer
ISBN 13 : 3319147323
Total Pages : 374 pages
Book Rating : 4.3/5 (191 download)

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Book Synopsis Modern Corporate Finance, Investments and Taxation by : Peter Brusov

Download or read book Modern Corporate Finance, Investments and Taxation written by Peter Brusov and published by Springer. This book was released on 2015-06-02 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Applied Corporate Finance

Author : Aswath Damodaran
Publisher : John Wiley & Sons
ISBN 13 : 1118808932
Total Pages : 663 pages
Book Rating : 4.1/5 (188 download)

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Book Synopsis Applied Corporate Finance by : Aswath Damodaran

Download or read book Applied Corporate Finance written by Aswath Damodaran and published by John Wiley & Sons. This book was released on 2014-10-27 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aswath Damodaran, distinguished author, Professor of Finance, and David Margolis, Teaching Fellow at the NYU Stern School of Business, has 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.

The Brusov–Filatova–Orekhova Theory of Capital Structure

Author : Peter Brusov
Publisher : Springer Nature
ISBN 13 : 3031279298
Total Pages : 786 pages
Book Rating : 4.0/5 (312 download)

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Book Synopsis The Brusov–Filatova–Orekhova Theory of Capital Structure by : Peter Brusov

Download or read book The Brusov–Filatova–Orekhova Theory of Capital Structure written by Peter Brusov and published by Springer Nature. This book was released on 2023-06-18 with total page 786 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Corporate Finance Workbook

Author : Michelle R. Clayman
Publisher : John Wiley & Sons
ISBN 13 : 1118217284
Total Pages : 121 pages
Book Rating : 4.1/5 (182 download)

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Book Synopsis Corporate Finance Workbook by : Michelle R. Clayman

Download or read book Corporate Finance Workbook written by Michelle R. Clayman and published by John Wiley & Sons. This book was released on 2012-02-14 with total page 121 pages. Available in PDF, EPUB and Kindle. Book excerpt: The workbook to accompany Corporate Finance: A Practical Approach, Second Edition

Ratings

Author : Peter Brusov
Publisher : Springer Nature
ISBN 13 : 3030562433
Total Pages : 365 pages
Book Rating : 4.0/5 (35 download)

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Book Synopsis Ratings by : Peter Brusov

Download or read book Ratings written by Peter Brusov and published by Springer Nature. This book was released on 2020-12-04 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Generalized Modigliani–Miller Theory

Author : Peter Brusov
Publisher : Springer Nature
ISBN 13 : 303093893X
Total Pages : 371 pages
Book Rating : 4.0/5 (39 download)

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Book Synopsis Generalized Modigliani–Miller Theory by : Peter Brusov

Download or read book Generalized Modigliani–Miller Theory written by Peter Brusov and published by Springer Nature. This book was released on 2022-03-28 with total page 371 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

The Power of Zero, Revised and Updated

Author : David McKnight
Publisher : Crown Currency
ISBN 13 : 1984823078
Total Pages : 162 pages
Book Rating : 4.9/5 (848 download)

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Book Synopsis The Power of Zero, Revised and Updated by : David McKnight

Download or read book The Power of Zero, Revised and Updated written by David McKnight and published by Crown Currency. This book was released on 2018-09-04 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: OVER 300,000 COPIES IN PRINT, WITH A NEW CHAPTER ON THE 2018 TAX CUTS. There's a massive freight train bearing down on the average American investor, and it's coming in the form of higher taxes. The United States Government has made trillions of dollars in unfunded promises for programs like Social Security and Medicare—and the only way to deliver on these promises is to raise taxes. Some experts have even suggested that tax rates will need to double, just to keep our country solvent. Unfortunately, if you're like most Americans, you've saved the majority of your retirement assets in tax-deferred vehicles like 401(k)s and IRAs. If tax rates go up, how much of your hard-earned money will you really get to keep? In The Power of Zero, McKnight provides a concise, step-by-step roadmap on how to get to the 0% tax bracket by the time you retire, effectively eliminating tax rate risk from your retirement picture. Now, in this expanded edition, McKnight has updated the book with a new chapter on the 2017 Tax Cuts and Jobs Act, showing readers how to navigate the new tax law, and how they can extend the life of their retirement savings by taking advantage of it now. The day of reckoning is fast approaching. Are you ready to do what it takes to experience the power of zero?

Capital Structure in the Modern World

Author : Anton Miglo
Publisher : Springer
ISBN 13 : 3319307134
Total Pages : 266 pages
Book Rating : 4.3/5 (193 download)

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Book Synopsis Capital Structure in the Modern World by : Anton Miglo

Download or read book Capital Structure in the Modern World written by Anton Miglo and published by Springer. This book was released on 2016-07-20 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

The Theory of Corporate Finance

Author : Jean Tirole
Publisher : Princeton University Press
ISBN 13 : 1400830222
Total Pages : 657 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis The Theory of Corporate Finance by : Jean Tirole

Download or read book The Theory of Corporate Finance written by Jean Tirole and published by Princeton University Press. This book was released on 2010-08-26 with total page 657 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Magnificent."—The Economist From the Nobel Prize–winning economist, a groundbreaking and comprehensive account of corporate finance Recent decades have seen great theoretical and empirical advances in the field of corporate finance. Whereas once the subject addressed mainly the financing of corporations—equity, debt, and valuation—today it also embraces crucial issues of governance, liquidity, risk management, relationships between banks and corporations, and the macroeconomic impact of corporations. However, this progress has left in its wake a jumbled array of concepts and models that students are often hard put to make sense of. Here, one of the world's leading economists offers a lucid, unified, and comprehensive introduction to modern corporate finance theory. Jean Tirole builds his landmark book around a single model, using an incentive or contract theory approach. Filling a major gap in the field, The Theory of Corporate Finance is an indispensable resource for graduate and advanced undergraduate students as well as researchers of corporate finance, industrial organization, political economy, development, and macroeconomics. Tirole conveys the organizing principles that structure the analysis of today's key management and public policy issues, such as the reform of corporate governance and auditing; the role of private equity, financial markets, and takeovers; the efficient determination of leverage, dividends, liquidity, and risk management; and the design of managerial incentive packages. He weaves empirical studies into the book's theoretical analysis. And he places the corporation in its broader environment, both microeconomic and macroeconomic, and examines the two-way interaction between the corporate environment and institutions. Setting a new milestone in the field, The Theory of Corporate Finance will be the authoritative text for years to come.

Loose Leaf for Corporate Finance

Author : Randolph W. Westerfield
Publisher : McGraw-Hill Education
ISBN 13 : 9781264112203
Total Pages : 1056 pages
Book Rating : 4.1/5 (122 download)

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Book Synopsis Loose Leaf for Corporate Finance by : Randolph W. Westerfield

Download or read book Loose Leaf for Corporate Finance written by Randolph W. Westerfield and published by McGraw-Hill Education. This book was released on 2021-10-26 with total page 1056 pages. Available in PDF, EPUB and Kindle. Book excerpt:

OECD Sovereign Borrowing Outlook 2021

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264852395
Total Pages : 94 pages
Book Rating : 4.2/5 (648 download)

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Book Synopsis OECD Sovereign Borrowing Outlook 2021 by : OECD

Download or read book OECD Sovereign Borrowing Outlook 2021 written by OECD and published by OECD Publishing. This book was released on 2021-05-20 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edition of the OECD Sovereign Borrowing Outlook reviews developments in response to the COVID-19 pandemic for government borrowing needs, funding conditions and funding strategies in the OECD area.

Modern Portfolio Theory and Investment Analysis

Author : Edwin J. Elton
Publisher : John Wiley & Sons
ISBN 13 : 0470388323
Total Pages : 748 pages
Book Rating : 4.4/5 (73 download)

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Book Synopsis Modern Portfolio Theory and Investment Analysis by : Edwin J. Elton

Download or read book Modern Portfolio Theory and Investment Analysis written by Edwin J. Elton and published by John Wiley & Sons. This book was released on 2009-11-16 with total page 748 pages. Available in PDF, EPUB and Kindle. Book excerpt: An update of a classic book in the field, Modern Portfolio Theory examines the characteristics and analysis of individual securities as well as the theory and practice of optimally combining securities into portfolios. It stresses the economic intuition behind the subject matter while presenting advanced concepts of investment analysis and portfolio management. Readers will also discover the strengths and weaknesses of modern portfolio theory as well as the latest breakthroughs.

Modern Investments and Security Analysis

Author : Russell J. Fuller
Publisher : McGraw-Hill College
ISBN 13 : 9780070226210
Total Pages : 666 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis Modern Investments and Security Analysis by : Russell J. Fuller

Download or read book Modern Investments and Security Analysis written by Russell J. Fuller and published by McGraw-Hill College. This book was released on 1987-01-01 with total page 666 pages. Available in PDF, EPUB and Kindle. Book excerpt:

VC

Author : Tom Nicholas
Publisher : Harvard University Press
ISBN 13 : 0674988000
Total Pages : 401 pages
Book Rating : 4.6/5 (749 download)

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Book Synopsis VC by : Tom Nicholas

Download or read book VC written by Tom Nicholas and published by Harvard University Press. This book was released on 2019-07-09 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: “An incisive history of the venture-capital industry.” —New Yorker “An excellent and original economic history of venture capital.” —Tyler Cowen, Marginal Revolution “A detailed, fact-filled account of America’s most celebrated moneymen.” —New Republic “Extremely interesting, readable, and informative...Tom Nicholas tells you most everything you ever wanted to know about the history of venture capital, from the financing of the whaling industry to the present multibillion-dollar venture funds.” —Arthur Rock “In principle, venture capital is where the ordinarily conservative, cynical domain of big money touches dreamy, long-shot enterprise. In practice, it has become the distinguishing big-business engine of our time...[A] first-rate history.” —New Yorker VC tells the riveting story of how the venture capital industry arose from America’s longstanding identification with entrepreneurship and risk-taking. Whether the venture is a whaling voyage setting sail from New Bedford or the latest Silicon Valley startup, VC is a state of mind as much as a way of doing business, exemplified by an appetite for seeking extreme financial rewards, a tolerance for failure and experimentation, and a faith in the promise of innovation to generate new wealth. Tom Nicholas’s authoritative history takes us on a roller coaster of entrepreneurial successes and setbacks. It describes how iconic firms like Kleiner Perkins and Sequoia invested in Genentech and Apple even as it tells the larger story of VC’s birth and evolution, revealing along the way why venture capital is such a quintessentially American institution—one that has proven difficult to recreate elsewhere.