The Relevance Of Discounted Cash Flow Dcf And Economic Value Added Eva For The Valuation Of Banks
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The Relevance Of Discounted Cash Flow Dcf And Economic Value Added Eva For The Valuation Of Banks
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Author : Dennis Schön
language : en
Publisher: GRIN Verlag
Release Date : 2007-08
The Relevance Of Discounted Cash Flow Dcf And Economic Value Added Eva For The Valuation Of Banks written by Dennis Schön and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-08 with categories.
Bachelor Thesis from the year 2003 in the subject Business economics - Investment and Finance, grade: 1,3 (A), Northumbria University (Newcastle Business School), language: English, abstract: This study investigates the underlying theories and assumptions of two modern capital market-based valuation approaches, the Discounted-Cash-Flow (DCF) and the Economic-Value-Added (EVA) approach, which are nowadays applied principally for industrial and manufacturing firms. This general examination is then transferred into a more specific investigation exploring whether these valuation concepts can be applied to the strongly regulated and more specific field of bank valuation. A questionnaire addressing bank analysts was created to analyse this question. The project indicates that the ideas of shareholder value which have been enforced over the last decade have implemented the need for a more shareholder-focused valuation. The application of DCF is basically attributed to this movement. It is revealed that this concept uses cash flow streams which depict a more realistic picture of an organization's true earning power. Moreover, it employs a discount rate based on the capital market and thus reflecting the yield expectations of the investors. EVA, on the other hand is a relatively new concept, copyrighted in 1994 by Stern Stewart. It highlights an organization's true economic profits. The study examines its components NOPAT, Capital and Cost of Capital, establishes a relation to DCF, points out some general limitations due to the fact that it falls back on accounting figures and critically assesses its dependence on the CAPM whose inherent assumptions of efficient markets that are not transferable into reality, might affect the valuation. The primary research undertaken finally reveals that the concepts of DCF and EVA are basically suitable to be applied to the valuation of banks. However, there are some peculiarities, primarily due to difficulties associated with the defin
Measuring Shareholder S Value Addition Evidences From Indian Public Sector Banks
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Author : Dr. R. K Boudhe
language : en
Publisher: Lulu.com
Release Date :
Measuring Shareholder S Value Addition Evidences From Indian Public Sector Banks written by Dr. R. K Boudhe and has been published by Lulu.com this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Equity Valuation
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Author : Jan Viebig
language : en
Publisher: John Wiley & Sons
Release Date : 2008-04-30
Equity Valuation written by Jan Viebig and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-04-30 with Business & Economics categories.
Equity Valuation: Models from the Leading Investment Banks is a clear and reader-friendly guide to how today’s leading investment banks analyze firms. Editors Jan Viebig and Thorsten Poddig bring together expertise from UBS, Morgan Stanley, DWS Investment GmbH and Credit Suisse, providing a unique analysis of leading equity valuation models, from the very individuals who use them. Filled with real world insights, practical examples and theoretical approaches, the book will examine the strengths and weaknesses of some of the leading valuation approaches, helping readers understand how analysts: · estimate cash flows · calculate discount rates · adjust for accounting distortions · take uncertainty into consideration Written for investment professionals, corporate managers and anyone interested in developing their understanding of this key area, Equity Valuation: Models from the Leading Investment Banks will arm readers with the latest thinking and depth of knowledge necessary to make the right decisions in their valuation methodologies.
Shareholder Value In Banking
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Author : F. Fiordelisi
language : en
Publisher: Springer
Release Date : 2006-04-19
Shareholder Value In Banking written by F. Fiordelisi and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-04-19 with Business & Economics categories.
Sustainable shareholder value is a main strategic objective for financial institutions. This text provides an analytical assessment of shareholder value creation, providing a framework for analyzing theory, and presenting empirical investigations. It analyzes the importance of drivers in creating value and develops a new measure of bank efficiency.
The New Standards
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Author : Richard N Ericson
language : en
Publisher: John Wiley & Sons
Release Date : 2010-04-19
The New Standards written by Richard N Ericson and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-04-19 with Business & Economics categories.
Make the most of the new standards Every year companies spend millions of dollars on executive incentives. All too often, however, these programs provide a very weak link between pay and performance, with executives potentially rewarded as much for bad decisions as they are for good ones. Packed with examples, The New Standards insightfully discusses: How to link pay with business results that create long-term value Why incentive structures can discourage management from reasonable risk-taking, in some cases, and can enocourage imprudent risks in others The full range of inputs that should guide proper incentive policy Why performance measures must reflect both the quality and quantity of earnings Risk, executive behavior, and the cost of capital How to use valuation criteria when choosing metrics The pros and cons of common approaches to stock-based incentive pay Written by noted compensation expert Richard Ericson, this innovative book is a must-read for directors and management concerned with executive compensation design or financial performance measurement and forecasting. Get the guidance and concrete solutions you need to thoroughly reexamine your executive compensation policies and practices with the principles and financial maxims found in The New Standards.
Applied Valuation
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Author : Clifford S. Ang
language : en
Publisher: Walter de Gruyter GmbH & Co KG
Release Date : 2023-01-30
Applied Valuation written by Clifford S. Ang and has been published by Walter de Gruyter GmbH & Co KG this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-01-30 with Business & Economics categories.
Valuation is part art and part science. While there are wrong ways to value a stock, there may be no single correct way to value a stock. Applied Valuation: A Pragmatic Approach helps to bridge theory and how valuations can be implemented in practice. It offers pragmatic solutions that are in line with valuation principles, and explains the implications of certain approaches and rules of thumb that are commonly used in practice, so the reader understands why or when such methods make sense. Valuation is a highly case-specific exercise and slight changes in the conditions at the time of the valuation could change the approach and inputs that an analyst should be using. This book discusses how to develop the intuition and skills that would allow you to determine the appropriate or reasonable approach to take regardless of what situation may arise in the future. Also including in-depth case studies of Walmart and Tesla, this book examines concepts like projections, discount rates, terminal value, and relative valuation to equip students, practitioners, and the general reader with a better understanding of the methods that will help them build their own framework to value businesses and analyze valuation issues.
Valuation Approaches And Metrics
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Author : Aswath Damodaran
language : en
Publisher: Now Publishers Inc
Release Date : 2005
Valuation Approaches And Metrics written by Aswath Damodaran and has been published by Now Publishers Inc this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
Valuation lies at the heart of much of what we do in finance, whether it is the study of market efficiency and questions about corporate governance or the comparison of different investment decision rules in capital budgeting. In this paper, we consider the theory and evidence on valuation approaches. We begin by surveying the literature on discounted cash flow valuation models, ranging from the first mentions of the dividend discount model to value stocks to the use of excess return models in more recent years. In the second part of the paper, we examine relative valuation models and, in particular, the use of multiples and comparables in valuation and evaluate whether relative valuation models yield more or less precise estimates of value than discounted cash flow models. In the final part of the paper, we set the stage for further research in valuation by noting the estimation challenges we face as companies globalize and become exposed to risk in multiple countries.
Principles Of Cash Flow Valuation
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Author : Joseph Tham
language : en
Publisher: Academic Press
Release Date : 2004-02-02
Principles Of Cash Flow Valuation written by Joseph Tham and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-02-02 with Business & Economics categories.
The authors strive to 'close the gap' between the two main approaches to cash flow valuation - from financial statements to cash flows, and from cash flows to financial statements - by presenting the principles in a clear and systematic fashion.
Financial Institutions Valuations Mergers And Acquisitions
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Author : Zabihollah Rezaee
language : en
Publisher: John Wiley & Sons
Release Date : 2004-03-29
Financial Institutions Valuations Mergers And Acquisitions written by Zabihollah Rezaee and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-03-29 with Business & Economics categories.
THE DEFINITIVE GUIDE TO NAVIGATING TODAY'S FINANCIAL SERVICES INDUSTRY From "one-stop shopping" for financial services to major structural shifts within the industry, rapid changes in information technology, trends toward business combinations, statutory laws, and global competition have contributed to breaking down the geographic and product barriers that once separated traditional financial institutions from other financial entities. This complete authoritative resource is designed for all financial professionals involved in business valuations, mergers, and acquisitions, and includes: * How operations are regulated * How organizations are valued and why they merge * Related accounting standards * Merger and acquisition processes * The Gramm-Leach-Bliley Financial Modernization Act of 1999 * Target bank analysis and tax requirements . . . and much more. Written by an expert in the field, Financial Institutions, Valuations, Mergers, and Acquisitions is an essential tool for keeping up with the increasing and crucial changes in the financial services industry.
Valuation Techniques
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Author : David T. Larrabee
language : en
Publisher: John Wiley & Sons
Release Date : 2012-10-09
Valuation Techniques written by David T. Larrabee and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-10-09 with Business & Economics categories.
Analysis and insights from top thought leaders on a pivotal topic in investing and asset management Valuation is the cornerstone for investment analysis, and a thorough understanding and correct application of valuation methodologies are critical for long-term investing success. Edited by two leading valuation experts from CFA Institute, this book brings together the insights and expertise of some of the most astute and successful investment minds of the past 50 years. From Benjamin Graham, the “father of value investing,” to Aswath Damodaran, you’ll learn what these investment luminaries have to say about investment valuation techniques, including earnings and cash flow analysis. Features the best thinking on valuation from the industry’s masters on the topic, supplemented with dozens of fascinating and instructive real-world examples Comprehensively discusses special valuation situations, such as real options, employee stock options, highly leveraged firms, corporate takeovers, and more Supplies you with the tools you need to successfully navigate and thrive in the ever-changing financial markets Is being produced with the full support and input of CFA Institute, the world’s leading association of investment professionals