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The main theory of capital structure is the Brusov–Filatova–Orekhova (BFO) theory, which is valid for companies of any age, while the Modigliani–Miller (MM) theory is valid only for perpetual companies. In this Chapter we describe the main results of this theory, understanding which is absolutely necessary for following modification of existing rating methodologies.

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Modern Theory of Capital Cost and Capital Structure: Brusov–Filatova–Orekhova Theory (BFO Theory)

  • 章节

  • 发表日期：

    2026年

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  • Peter Brusov,
  • Tatiana Filatova

摘要

The main theory of capital structure is the Brusov–Filatova–Orekhova (BFO) theory, which is valid for companies of any age, while the Modigliani–Miller (MM) theory is valid only for perpetual companies. In this Chapter we describe the main results of this theory, understanding which is absolutely necessary for following modification of existing rating methodologies.