[01] P. N. Brusov, Applied Mathematics Department, Financial University under the Government of Russian Federation, Moscow, Russia. [02] T. V. Filatova, Dean of GMM Faculty, Financial University under the Government of Russian Federation, Moscow, Russia. [03] N. P. Orekhova, Investment and Taxation Laboratory, Research Consortium of Universities of the South of Russia, Rostov-on-Don, Russia; High School of Business, Southern Federal University, Rostov-on-Don, Russia. [04] I. K. Shevchenko, Research and Innovation Projects, Southern Federal University, Rostov-on-Don, Russia. [05] A. Y. Arkhipov, High School of Business, Southern Federal University, Rostov-on-Don, Russia. [06] V. L. Kulik, Management Department, Financial University under the Government of Russian Federation, Moscow, Russia.

The analysis of effectiveness of investment projects within the perpetuity (Modigliani–Miller) approximation (Modigliani et al 1958, 1963, 1966) has been done. Based on the obtained in previous papers results for NPV (Brusov et al 2011a, b, c, d, e; 2012 a, b; 2013 a, b, c; 2014 a, b; Filatova et al 2008) we analyze the effectiveness of investment projects for three cases.

Debt Financing, Long-Term Investment Projects, Effectiveness Of Investment Project, Brusov-Filatova-Orekhova (BFO Theory)

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