Ratings : critical analysis and new approaches of quantitative and qualitative methodology

Ratings : critical analysis and new approaches of quantitative and qualitative methodology / Peter Brusov, Tatiana Filatova, Natali Orekhova.

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 provid...

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Bibliographic Details
Main Authors: Brusov, P. N. (Petr Nikitovich) (Author), Filatova, Tatiana (Author), Orekhova, Natali (Author)
Format: eBook
Language:English
Published: Cham, Switzerland : Springer, [2021]
Series:Contributions to finance and accounting.
Subjects:
Credit ratings.
Business enterprises > Finance.
Capital market.
Credit ratings
Business enterprises > Finance
Capital market
Online Access:Click for online access
Table of Contents:
  • Introduction
  • The Importance of Rating and the Disadvantages of Existing Rating Systems
  • Part I Corporate Finance Theories used in Ratings and in Rating Methodologies
  • Modern Theory of Capital Cost and Capital Structure: Brusov-Filatova-Orekhova Theory (BFO Theory)
  • Modification of the Modigliani-Miller theory for the case of advance tax on profit payments
  • Modern Theory of Capital Cost and Capital Structure: Brusov-Filatova-Orekhova Theory (BFO Theory)
  • Part II Ratings and Rating Methodologies of Non-financial Issuers
  • Application of the Modigliani-Miller Theory in Rating Methodology
  • Application of the Modigliani-Miller Theory, Modified For the Case of Advance Payments of Tax on Profit, in Rating Methodologies
  • Application of Brusov-Filatova-Orekhova theory (BFO theory) in Rating Methodology
  • Part III Project Ratings
  • Investment Models with Debt Repayment at the End of the Project and Their Application
  • Investment Models with Uniform Debt Repayment and Their Application
  • A New Approach to Ratings of the Long-Term Projects
  • Ratings of the Investment Projects of Arbitrary Durations: New Methodology
  • Ratings of Investment Projects of Arbitrary Duration with a Uniform Debt Repayment: a new approach
  • Part IV New Meaningful Effects in Modern Capital Structure Theory (BFO Theory) Which Should be Accounting in Rating Methodologies
  • The Golden Age of the Company (Three Colors of Company's Time)
  • A "silver age" of the Companies. Conditions of existence of "golden age" and "silver age"effects`
  • Inflation in Brusov-Filatova-Orekhova Theory and in Its Perpetuity Limit-Modigliani-Miller Theory
  • A Qualitatively New Effect in Corporate Finance: Abnormal Dependence of Equity Cost of Company on Leverage Level
  • The Impact of Taxing and Leverage in Evaluation of Capital Cost, Capitalization of the Company and Issued Ratings
  • Recommendations to international rating agencies (Big Three (Standard & Poor's, Fitch and Moody's), European) and national ones (ACRA, Chinese etc.)
  • Conclusions.

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