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Suppose that insurer can control dividend, refinancing and reinsurance strategies dynamically. Different from the past, there are multiple reinsurers rather than sole reinsurer in the market. The insurer aim at finding the optimal strategies for maximizing the company's value. It illustrates that refinancing can be considered iff the company has strong profitability; It should reduce reinsurance purchase when the surplus increases. The amount of risk ceded to the reinsurer depends on its risk attitude. The optimal dividend policy is of barrier type when the dividend rate is unbounded and is of threshold type when the dividend rate is bounded. • Study the optimal dividend, reinsurance and refinancing control problem. • Assume that there are multiple reinsurers with different risk attitudes. • Take into account the transaction costs and the terminal value at bankruptcy. • Demonstrate how solutions can be found and provide the explicit solutions. [ABSTRACT FROM AUTHOR]

The aim of the present article is to reveal the peculiarities of assessing the impact of innovations on the cost of the company capital. According to scientific and methodological approaches presented in this article, the innovation process is represented by the complex events that can be decomposed into factors as a result of the analysis of the principal characteristics and forms of innovation. This approach allows using the available statistical tools to identify the most important factors affecting the growth of the company value. The company valuation is carried out on the basis of assessment of the impact of factors on the innovation process as a result of which the company value may increase. On one hand, this allows to provide a set of key financial indicators characterizing the results of the innovation process and, on the other hand, correctly assess the future economic benefits of the company as a result of innovations. [ABSTRACT FROM AUTHOR]