001433209 000__ 05793cam\a2200577\i\4500
001433209 001__ 1433209
001433209 003__ OCoLC
001433209 005__ 20230309003554.0
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001433209 008__ 201204s2021\\\\gw\\\\\\o\\\\\000\0\eng\d
001433209 019__ $$a1226099003$$a1226590912$$a1237446272$$a1238204340
001433209 020__ $$a9783030562434$$q(electronic book)
001433209 020__ $$a3030562433$$q(electronic book)
001433209 020__ $$z3030562425
001433209 020__ $$z9783030562427
001433209 0247_ $$a10.1007/978-3-030-56243-4$$2doi
001433209 035__ $$aSP(OCoLC)1228842988
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001433209 049__ $$aISEA
001433209 050_4 $$aHG3751.5
001433209 08204 $$a658.15/26$$223
001433209 1001_ $$aBrusov, P. N.$$q(Petr Nikitovich),$$eauthor.
001433209 24510 $$aRatings :$$bcritical analysis and new approaches of quantitative and qualitative methodology /$$cPeter Brusov, Tatiana Filatova, Natali Orekhova.
001433209 264_1 $$aCham, Switzerland :$$bSpringer,$$c[2021]
001433209 300__ $$a1 online resource
001433209 336__ $$atext$$btxt$$2rdacontent
001433209 337__ $$acomputer$$bc$$2rdamedia
001433209 338__ $$aonline resource$$bcr$$2rdacarrier
001433209 347__ $$atext file
001433209 347__ $$bPDF
001433209 4901_ $$aContributions to Finance and Accounting,$$x2730-6038
001433209 5050_ $$aIntroduction -- 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.
001433209 506__ $$aAccess limited to authorized users.
001433209 520__ $$aThis book presents new methodologies for rating non-financial issuers and project ratings based on the BFO (Brusov-Filatova-Orekhova) theory of capital cost and structure, and its perpetuity limit (Modigliani-Miller theory), as well as modern investment models created by the authors. It first provides a critical analysis of the methodological and systemic shortcomings of the current credit ratings of non-financial issuers and project ratings. In order to increase the objectivity and accuracy of rating assessments, it then modifies the BFO theory for companies of arbitrary age as well as and the perpetuity limit (Modigliani-Miller theory) for rating needs. The authors also incorporate the financial indicators used in the rating methodology into both the BFO theory and the Modigliani-Miller theory. Within the framework of the modified BFO theory for rating needs, they then present a detailed study of the dependence of the weighted average cost of capital of WACC, used as the discount rate for discounting financial flows, on the financial ratios used in the rating, on the age of the company, on the leverage level and on the level of taxation for a wide range of values of equity cost and debt cost for companies of arbitrary age. This makes it possible to correctly assess of the discount rate, taking into account the values of financial ratios. The use of well-established corporate finance theories (BFO theory and its perpetuity limit) opens up new horizons in the rating industry, providing an opportunity to switch from mainly qualitative methods for determining the creditworthiness of issuers to mainly quantitative methods in rating, and as such improving the quality and accuracy of rating scores.
001433209 650_0 $$aCredit ratings.
001433209 650_0 $$aBusiness enterprises$$xFinance.
001433209 650_0 $$aCapital market.
001433209 650_6 $$aCotes de solvabilité.
001433209 650_6 $$aMarché financier.
001433209 655_0 $$aElectronic books.
001433209 7001_ $$aFilatova, Tatiana,$$eauthor.
001433209 7001_ $$aOrekhova, Natali,$$eauthor.
001433209 77608 $$iPrint version:$$z9783030562427
001433209 830_0 $$aContributions to finance and accounting.$$x2730-6038
001433209 852__ $$bebk
001433209 85640 $$3Springer Nature$$uhttps://univsouthin.idm.oclc.org/login?url=https://link.springer.com/10.1007/978-3-030-56243-4$$zOnline Access$$91397441.1
001433209 909CO $$ooai:library.usi.edu:1433209$$pGLOBAL_SET
001433209 980__ $$aBIB
001433209 980__ $$aEBOOK
001433209 982__ $$aEbook
001433209 983__ $$aOnline
001433209 994__ $$a92$$bISE