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3 | (6) |
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6 | (3) |
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2 Capital Structure: Modigliani--Miller Theory |
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9 | (18) |
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2.1 The Traditional Approach |
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9 | (1) |
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2.2 Modigliani--Miller Theory |
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10 | (17) |
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2.2.1 Modigliani--Miller Theory Without Taxes |
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10 | (2) |
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2.2.2 Modigliani--Miller Theory with Taxes |
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12 | (3) |
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2.2.3 Main Assumptions of Modigliani--Miller Theory |
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15 | (1) |
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2.2.4 Modifications of Modigliani--Miller theory |
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16 | (9) |
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25 | (2) |
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3 Modern Theory of Capital Cost and Capital Structure: Brusov--Filatova--Orekhova Theory (BFO Theory) |
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27 | (20) |
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3.1 Companies with Arbitrary Lifetime (Arbitrary Age): Brusov--Filatova--Orekhova Equation |
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28 | (2) |
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3.2 Comparison of Modigliani--Miller Results (Perpetuity Company) with Myers Results (1-Year Company) and Brusov--Filatova--Orekhova Ones (Company with Arbitrary Lifetime (Arbitrary Age)) |
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30 | (2) |
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3.3 Brusov--Filatova--Orekhova Theorem |
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32 | (5) |
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3.4 From Modigliani--Miller to General Theory of Capital Cost and Capital Structure |
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37 | (2) |
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3.5 BFO Theory in the Case, When the Company Ceased to Exist at the Time Moment n |
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39 | (8) |
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3.5.1 Application of Formula BFO-2 |
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41 | (1) |
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3.5.2 Comparison of Results Obtained from Formulas BFO and BFO-2 |
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42 | (3) |
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45 | (2) |
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4 Bankruptcy of the Famous Trade-Off Theory |
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47 | (26) |
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4.1 Optimal Capital Structure of the Company |
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47 | (3) |
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4.2 Absence of the Optimal Capital Structure in Modified Modigliani--Miller Theory (MMM Theory) |
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50 | (1) |
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4.3 Analysis of the Trade-Off Theory Within the Brusov--Filatova--Orekhova Theory |
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51 | (10) |
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4.4 The Causes of Absence of the Optimum Capital Structure in Trade-Off Theory |
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61 | (12) |
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71 | (2) |
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5 New Mechanism of Formation of the Company's Optimal Capital Structure, Different from Suggested by Trade-Off Theory |
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73 | (20) |
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5.1 Absence of Suggested Mechanism of Formation of the Company's Optimal Capital Structure Within Modified Modigliani--Miller Theory (MMM Theory) |
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73 | (2) |
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5.2 Formation of the Company's Optimal Capital Structure Within Brusov--Filatova--Orekhova (BFO) Theory |
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75 | (13) |
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5.3 Simple Model of Proposed Mechanism |
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88 | (5) |
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91 | (2) |
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6 The Global Causes of the Global Financial Crisis |
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93 | (6) |
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98 | (1) |
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7 The Role of Taxing and Leverage in Evaluation of Capital Cost and Capitalization of the Company |
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99 | (16) |
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7.1 The Role of Taxes in Modigliani--Miller Theory |
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100 | (2) |
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7.2 The Role of Taxes in Brusov--Filatova--Orekhova Theory |
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102 | (13) |
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7.2.1 Weighted Average Cost of Capital of the Company WACC |
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103 | (2) |
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7.2.2 Equity Cost ke of the Company |
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105 | (2) |
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7.2.3 Dependence of WACC and ke on Lifetime (Age) of Company |
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107 | (6) |
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113 | (2) |
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8 A Qualitatively New Effect in Corporate Finance: Abnormal Dependence of Equity Cost of Company on Leverage |
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115 | (20) |
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8.1 Equity Cost in the Modigliani--Miller Theory |
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116 | (2) |
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8.2 Equity Cost Capital Within Brusov--Filatova--Orekhova Theory |
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118 | (6) |
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8.2.1 Dependence of Equity Cost ke on Tax on Profit Rate T at Different Fixed Leverage Level L |
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120 | (1) |
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8.2.2 Dependence of Equity Cost ke on Leverage Level L (the Share of Debt Capital wd) at Different Fixed Tax on Profit Rate T |
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121 | (3) |
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8.3 Dependence of the Critical Value of Tax on Profit Rate T* on Parameters n, k0, kd of the Company |
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124 | (4) |
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8.4 Practical Value of Effect |
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128 | (1) |
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8.5 Equity Cost of 1-Year Company |
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129 | (6) |
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132 | (3) |
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9 Inflation in Brusov--Filatova--Orekhova Theory and in Its Perpetuity Limit---Modigliani--Miller Theory |
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135 | (22) |
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9.1 Accounting of Inflation in Modigliani--Miller Theory Without Taxes |
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136 | (4) |
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9.2 Accounting of Inflation in Modigliani--Miller Theory with Corporate Taxes |
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140 | (2) |
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9.3 Accounting of Inflation in Brusov--Filatova--Orekhova Theory with Corporate Taxes |
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142 | (1) |
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9.3.1 Generalized Brusov--Filatova--Orekhova Theorem |
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142 | (1) |
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9.4 Generalized Brusov--Filatova--Orekhova Formula Under Existence of Inflation |
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143 | (8) |
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151 | (1) |
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9.6 Inflation Rate for a Few Periods |
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151 | (6) |
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153 | (4) |
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10 A Portfolio of Two Securities |
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157 | (14) |
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10.1 A Portfolio of Two Securities |
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157 | (8) |
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10.1.1 A Case of Complete Correlation |
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157 | (2) |
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10.1.2 Case of Complete Anticorrelation |
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159 | (1) |
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10.1.3 Independent Securities |
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160 | (2) |
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10.1.4 Three Independent Securities |
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162 | (3) |
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165 | (2) |
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10.3 Portfolio of a Given Yield (Or Given Risk) |
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167 | (4) |
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10.3.1 Case of Complete Correlation (ρ12 = 1) and Complete Anticorrelation (ρ12 = - 1) |
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168 | (1) |
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169 | (2) |
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11 Investment Models with Debt Repayment at the End of the Project and Their Application |
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171 | (12) |
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171 | (1) |
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11.2 The Effectiveness of the Investment Project from the Perspective of the Equity Holders Only |
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172 | (2) |
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11.2.1 With the Division of Credit and Investment Flows |
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172 | (2) |
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11.3 Without Flows Separation |
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174 | (1) |
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11.4 Modigliani--Miller Limit (Perpetuity Projects) |
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175 | (2) |
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11.4.1 With Flows Separation |
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175 | (1) |
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11.4.2 Without Flows Separation |
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176 | (1) |
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11.5 The Effectiveness of the Investment Project from the Perspective of the Owners of Equity and Debt |
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177 | (2) |
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11.5.1 With Flows Separation |
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177 | (1) |
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11.5.2 Without Flows Separation |
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178 | (1) |
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11.6 Modigliani--Miller Limit |
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179 | (4) |
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11.6.1 With Flows Separation |
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179 | (1) |
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11.6.2 Without Flows Separation |
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180 | (1) |
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181 | (2) |
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12 Influence of Debt Financing on the Efficiency of Investment Projects: The Analysis of Efficiency of Investment Projects Within the Perpetuity (Modigliani--Miller) Approximation |
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183 | (34) |
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12.1 The Effectiveness of the Investment Project from the Perspective of the Equity Holders Only |
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184 | (16) |
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12.1.1 With the Division of Credit and Investment Flows |
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184 | (8) |
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12.1.2 Without Flows Separation |
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192 | (8) |
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12.2 The Effectiveness of the Investment Project from the Perspective of the Equity and Debt Owners |
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200 | (17) |
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12.2.1 With the Division of Credit and Investment Flows |
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200 | (8) |
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12.2.2 Without Flows Separation |
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208 | (8) |
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216 | (1) |
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13 The Analysis of the Exploration of Efficiency of Investment Projects of Arbitrary Duration (Within Brusov--Filatova--Orekhova Theory) |
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217 | (36) |
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13.1 The Effectiveness of the Investment Project from the Perspective of the Equity Holders Only |
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217 | (17) |
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13.1.1 With the Division of Credit and Investment Flows |
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217 | (8) |
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13.1.2 Without Flow Separation |
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225 | (9) |
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13.2 The Effectiveness of the Investment Project from the Perspective of the Owners of Equity and Debt |
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234 | (16) |
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13.2.1 With the Division of Credit and Investment Flows |
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234 | (8) |
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13.2.2 Without Flow Separation |
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242 | (8) |
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13.3 The Elaboration of Recommendations on the Capital Structure of Investment of Enterprises, Companies, Taking into Account All the Key Financial Parameters of Investment Project |
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250 | (3) |
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13.3.1 General Conclusions and Recommendations on the Definition of Capital Structure of Investment of Enterprises |
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250 | (2) |
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252 | (1) |
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14 Investment Models with Uniform Debt Repayment and Their Application |
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253 | (8) |
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14.1 Investment Models with Uniform Debt Repayment |
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253 | (2) |
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14.2 The Effectiveness of the Investment Project from the Perspective of the Equity Holders Only |
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255 | (2) |
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14.2.1 With the Division of Credit and Investment Flows |
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255 | (1) |
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14.2.2 Without Flows Separation |
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256 | (1) |
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14.3 The Effectiveness of the Investment Project from the Perspective of the Owners of Equity and Debt |
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257 | (1) |
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14.3.1 With Flows Separation |
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257 | (1) |
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14.3.2 Without Flows Separation |
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257 | (1) |
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14.4 Example of the Application of the Derived Formulas |
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258 | (3) |
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259 | (2) |
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15 Is It Possible to Increase Taxing and Conserve a Good Investment Climate in the Country? |
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261 | (16) |
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15.1 Influence of Tax on Profit Rates on the Efficiency of the Investment Projects |
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261 | (2) |
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263 | (2) |
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265 | (2) |
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15.4 Dependence of NPV on Tax on Profit Rate at Different Leverage Levels |
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267 | (1) |
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15.5 At a Constant Value of Equity Capital (S = Const) |
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268 | (2) |
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15.6 Without Flow Separation |
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270 | (7) |
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15.6.1 At a Constant Value of the Total Invested Capital (I = Const) |
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270 | (2) |
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15.6.2 At a Constant Value of Equity Capital (S = Const) |
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272 | (2) |
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274 | (3) |
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16 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 |
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277 | (32) |
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16.1 Dependence of NPV on Leverage Level L at Fixed Levels of Tax on Profit Rate t |
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277 | (17) |
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16.1.1 The Effectiveness of the Investment Project from the Perspective of the Equity Holders Only |
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277 | (11) |
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16.1.2 The Effectiveness of the Investment Project from the Perspective of the Equity and Debt Holders |
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288 | (6) |
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16.2 Dependence of NPV on Tax on Profit Rate at Fixed Leverage Levels L |
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294 | (15) |
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16.2.1 The Effectiveness of the Investment Project from the Perspective of the Equity Holders Only |
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294 | (7) |
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16.2.2 The Effectiveness of the Investment Project from the Perspective of the Equity and Debt Holders |
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301 | (7) |
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308 | (1) |
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17 Optimizing the Investment Structure of the Telecommunication Sector Company |
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309 | (30) |
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17.1 Investment Analysis and Recommendations for Telecommunication Company "Nastcom Plus" |
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310 | (16) |
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17.1.1 The Dependence of NPV on Investment Capital Structure |
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311 | (9) |
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17.1.2 The Dependence of NPV on the Equity Capital Value and Coefficient β |
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320 | (6) |
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17.2 Effects of Taxation on the Optimal Capital Structure of Companies in the Telecommunication Sector |
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326 | (13) |
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338 | (1) |
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18 The Golden Age of the Company (Three Colors of Company's Time) |
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339 | (28) |
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18.1 Dependence of WACC on the Lifetime (Age) of the Company n at Different Leverage Levels |
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343 | (2) |
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18.2 Dependence of WACC on the Lifetime (Age) of the Company n at Different Values of Capital Costs (Equity, ko, and Debt, kd) and Fixed Leverage Levels |
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345 | (3) |
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18.3 Dependence of WACC on the Lifetime (Age) of the Company n at Different Values of Debt Capital Cost, kd, and Fixed Equity Cost, k0, and Fixed Leverage Levels |
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348 | (4) |
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18.4 Dependence of WACC on the Lifetime (Age) of the Company n at Different Values of Equity Cost, k0, and Fixed Debt Capital Cost, kd, and Fixed Leverage Levels |
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352 | (3) |
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18.5 Dependence of WACC on the Lifetime (Age) of the Company n at High Values of Capital Cost (Equity, k0 and Debt, kd) and High Lifetime of the Company |
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355 | (6) |
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18.6 Further Investigation of Effect |
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361 | (6) |
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364 | (3) |
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367 | |
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368 | |
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