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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.
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.
The chapters included in the book describe recent developments in the field of superconductivity. The book deals with both the experiment and the theory. Superconducting and normal-state properties are studied by various methods. The authors presented investigations of traditional and new materials. In particular, studies of oxides, pnictides, chalcogenides and intermetallic compounds are included. The superconducting order parameter symmetry is discussed and consequences of its actual non-conventional symmetry are studied. Impurity and tunneling effects (both quasiparticle and Josephson ones) are among topics covered in the chapters. Special attention is paid to the competition between superconductivity and other instabilities, which lead to the Fermi surface gapping.
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 fin...
Agent-based modeling and social simulation have emerged as an interdisciplinary area of social science that includes computational economics, organizational science, social dynamics, and complex systems. This area contributes to enriching our understanding of the fundamental processes of social phenomena caused by complex interactions among agents. Bringing together diverse approaches to social simulation and research agendas, this book presents a unique collection of contributions from the Second World Congress on Social Simulation, held in 2008 at George Mason University in Washington DC, USA. This book in particular includes articles on norms, diffusion, social networks, economy, markets ...
This book highlights recent developments in the field, presented at the Social Simulation 2015 conference in Groningen, The Netherlands. It covers advances both in applications and methods of social simulation. Societal issues addressed range across complexities in economic systems, opinion dynamics and civil violence, changing mobility patterns, different land-use, transition in the energy system, food production and consumption, ecosystem management and historical processes. Methodological developments cover how to use empirical data in validating models in general, formalization of behavioral theory in agent behavior, construction of artificial populations for experimentation, replication...
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 pro...
This book presents a comprehensive overview of Fourier transforms and the treatment of superconductivity under the vision of the electromagnetic properties of superconductors. It begins with the latest applications and mathematical properties of Fourier transforms and the structure of quantum Fourier operators and fast summations of truncated Fourier series. Then, the book covers topics like tissue engineering, regenerative therapies, and medical imaging systems in medicine. In addition, the book addresses superconductivity subjects, the Lomb–Scargle periodogram on time series, biomedical signals, and two-dimensional Fourier series.
Human behavior and action is closely related to a corresponding social and spatial environment. The nature of relations in their structures, functions, and temporal domains is characterized by a duality of contexts, an interrelatedness of the individual and local with the social and global. Causes, influences, and effects are mutual - and this at different scales. This book presents approaches that deal with interactions within and between the social and spatial realm, focusing on human behavior, land use change, and energy and infrastructure issues from an agent-based perspective. (Series: Geosimulation - Vol. 2)
This book is a printed edition of the Special Issue "Climate Change, Coasts and Coastal Risk" that was published in JMSE