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Ratings - Critical Analysis and New Approaches of Quantitative and Qualitative Methodology (Paperback, 1st ed. 2021)
Loot Price: R2,575
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Ratings - Critical Analysis and New Approaches of Quantitative and Qualitative Methodology (Paperback, 1st ed. 2021)
Series: Contributions to Finance and Accounting
Expected to ship within 10 - 15 working days
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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 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.
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