Business Valuation and Company Value

Peter Brusov is professor at the Financial University under the Government of the Russian Federation in Moscow (Russia). He is an expert in financial management, corporate finance, investments, ratings, taxation, business valuation. He is a co-author of the famous Brusov-Filatova-Orekhova theory, which replaced the well-known Modigliani-Miller theory. As well he is a co-author of the CAPM 2.0 model, which generalized the famous CAPM model for accounting the financial risk along with business risk. Peter Brusov is the author of the qualitatively new approach to business valuation. He has been a visiting Professor of Northwestern University (USA), Cornell University (USA), Osaka City University (Japan) and National Chung Cheng University (Taiwan) among other places. He is the author of over 550 research publications including nine monographs, numerous textbooks and articles.Tatiana Filatova is professor at the Financial University under the Government of the Russian Federation in Moscow (Russia). She is an expert in financial management, corporate finance, investments, ratings, taxation, business valuation. Tatiana Filatova is a co-author of the famous Brusov-Filatova-Orekhova theory, which replaced the well-known Modigliani-Miller theory. As well she is a co-author of the CAPM 2.0 model, which generalized the famous CAPM model for accounting the financial risk along with business risk. Tatiana Filatova is the author of the qualitatively new approach to business valuation. In the past 20 years, she has been Dean of the faculties of financial management, management, state and municipal government at the Financial University. Tatiana Filatova is the author of over 300 research publications including eight monographs, numerous textbooks and articles.

• Introduction.- The capital asset pricing model (CAPM) & CAPM 2.0.- The Arbitrage Pricing Theory (APT).- Capital Structure.- Modigliani–Miller Theory.- The Modigliani–Miller theory with arbitrary frequency of payment of tax on profit.- Modification of the Modigliani–Miller theory for the case of advance tax on profit payments.- How Frequently Should Companies Pay Tax on Profit.- Generalization of the Modigliani–Miller Theory for the Case of Variable Profit.- BFO.- Inflation in Brusov–Filatova–Orekhova theory and in its perpetuity limit – Modigliani – Miller theory.- Benefits of Advance Payments of Tax on Profit: Consideration within Brusov–Filatova–Orekhova (BFO) Theory.- The Generalization of the Brusov–Filatova–Orekhova Theory for the Case of Payments of Tax on Profit with Arbitrary Frequency.- Influence of Method and Frequency of Profit Tax Payments on Company Financial Indicators.- Generalization of the Brusov–Filatova–Orekhova Theory for the Case of Variable Income.- BFO Theory with Variable Profit in Case of Advance Payments of Tax on Profit.- BFO Theory with Variable Profit: Two Types of Payments of Tax on Profit: Advanced Payments and at the Ends of Periods.- New meaningful effects in modern capital structure theory.- Cost of equity and dividend policy.- A  "golden age" of the companies.- A  "golden age" of the companies: Conditions of its existence.- Application of the Company's “Golden Age” Effect in the Economic Practice.- Incorporating CAPM into Capital Structure Theories: Accounting for Business and Financial Risks.- A new approach to assessing a company’s financial indicators: taking into account business and financial risks.- Qualitatively New Approach to Business Valuation and Company Value.- Business Valuation and Company Value: New Horizons.- Conclusions.