Valuing Banks
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Valuing Banks
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Author : Federico Beltrame
language : en
Publisher: Springer
Release Date : 2016-06-27
Valuing Banks written by Federico Beltrame and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-06-27 with Business & Economics categories.
This book aims to overcome the limitations the variations in bank-specifics impose by providing a bank-specific valuation theoretical framework and a new asset-side model. The book includes also a constructive comparison of equity and asset side methods. The authors present a novel framework entitled, the “Asset Mark-down Model”. This method incorporates an Adjusted Present Value model, which allows practitioners to identify the main value creation sources of a particular bank: from asset-based cash flow and the mark-down on deposits, to tax benefits on bearing liabilities. Through the implementation of this framework, the authors offer a more accurate and more specific approach to valuing banks.
Banks And Shareholder Value
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Author : Stephanie Gross
language : en
Publisher: Springer Science & Business Media
Release Date : 2007-11-06
Banks And Shareholder Value written by Stephanie Gross and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-06 with Business & Economics categories.
Stephanie Gross focuses on three sets of questions on shareholder value of banks and analyses its measurement, empirical relevance and value drivers.
The Valuation Of Financial Companies
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Author : Mario Massari
language : en
Publisher: John Wiley & Sons
Release Date : 2014-03-31
The Valuation Of Financial Companies written by Mario Massari 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 2014-03-31 with Business & Economics categories.
This book presents the main valuation approaches that can be used to value financial institutions. By sketching 1) the different business models of banks (both commercial and investment banks) and insurance companies (life, property and casualty and reinsurance); 2) the structure and peculiarities of financial institutions’ reporting and financial statements; and 3) the main features of regulatory capital frameworks for banking and insurance (ie Basel III, Solvency II), the book addresses why such elements make the valuation of financial institutions different from the valuation of non-financial companies. The book then features the valuation models that can be used to determine the value of banks and insurance companies including the Discounted Cash Flow, Dividend Discount Model, and Residual Income Model (with the appropriate estimation techniques for the cost of capital and cash flow in financial industries). The main techniques to perform the relative valuation of financial institutions are then presented: along the traditional multiples (P/E, P/BV, P/TBV, P/NAV), the multiples based on industry-specific value drivers are discussed (for example, P/Pre Provision Profit, P/Deposits, P/Premiums, P/Number of branches). Further valuation tools such as the “Value Maps” or the “Warranted Equity Method” will be explained and discussed. The closing section of the book will briefly focus on the valuation of specific financial companies/vehicles such as closed-end funds, private equity funds, leasing companies, etc.
The Bank Valuation Handbook
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Author : Hazel J. Johnson
language : en
Publisher: Irwin Professional Publishing
Release Date : 1996
The Bank Valuation Handbook written by Hazel J. Johnson and has been published by Irwin Professional Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.
The Bank Valuation Handbook goes far beyond merely explaining the relevant theories. It is a step-by-step, hand-on guide to market valuation. The Bank Valuation Handbook has a specific model for virtually every line item on the balance sheet and includes examples of its implementation.
Bank Valuation And Value Based Management Deposit And Loan Pricing Performance Evaluation And Risk 2nd Edition
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Author : Jean Dermine
language : en
Publisher: McGraw-Hill Education
Release Date : 2014-10-16
Bank Valuation And Value Based Management Deposit And Loan Pricing Performance Evaluation And Risk 2nd Edition written by Jean Dermine and has been published by McGraw-Hill Education this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-10-16 with Business & Economics categories.
The definitive guide to complying with the brand-new Basel III requirements and creating sustainable value With the Final Standard of Basel III published and implementation deadlines set, there's no better time for the revised and updated edition of the cornerstone resource bankers, bank regulators, auditors, and risk managers worldwide rely on--Bank Valuation and Value-Based Management. Whether you're complying with the new standards of practice, valuing a bank, or searching for sustainable value creation, you can do it quicker and more effectively with the insight only Jean Dermine can offer. Renowned for his expertise in asset and liability management, European financial markets, and banking theory, Dermine provides the most comprehensive reference available on the essence of banking--asset-liability management, with particular focus on an institution's banking book. Along with an in-depth exploration of what drives value in a bank, he equips you with his personal bank valuation model aimed at assessing decisions that enhance shareholder value. Complementing his toolbox of practical instruments for valuing banks, Dermine gives you a robust, integrated value-based management framework for addressing such managerial issues as fund transfer pricing, risk-adjusted performance evaluation, deposit pricing, capital management, loan pricing and provisioning, securitization, and the measurement of interest-rate risk. Relevant in banking systems across the globe, this new edition includes the latest methods and strategies for: Identifying the drivers of sustainable value creation Choosing a fund transfer price that includes liquidity and solvency risks Allocating economic capital to business units Pricing deposits and loans Estimating the duration of nonmaturing accounts Allocating provisions on performing and nonperforming loans. Throughout the book, extensive mathematical formulas and exercises ground conceptual coverage to hands-on practices. A wealth of exercises and real-world problems work to develop your intuitive sense for asset-liability management in the international banking community. Bank Valuation and Value-Based Management, Second Edition, is your one-stop resource for all the information critical to your success. PRAISE FOR BANK VALUATION AND VALUE BASED MANAGEMENT, Second Edition: "Professor Dermine's book covers the full range of critical topics in banking today--valuation, pricing, and risk management. Analytical, complete, and relevant, this book is a gem! At a time of increased scrutiny of the banking industry, this volume uses an analytic approach that will serve the reader well for years to come. A must-read for anyone in the profession." -- ANTHONY M. SANTOMERO, Director, Citigroup; former president, Federal Reserve Bank of Philadelphia; Senior Advisor, McKinsey & Company; and Richard K. Mellon Professor Emeritus of Finance, the Wharton School "Valuing banks, especially large and complex ones, poses special challenges that recent history has made abundantly clear at great cost to investors and taxpayers. This second edition of the leading volume in the field builds on its strengths as a comprehensive treatment of the key valuation and bank management components. It is a must-read for anyone seeking to understand modern banking and finance." -- INGO WALTER, Seymour Milstein Professor of Finance, Corporate Governance, and Ethics at the Stern School of Business, New York University "It is extraordinarily clear and very helpful for my day-to-day activity. It is significantly increasing my understanding of the bank." -- PAOLO BELTRATTI, Professor of Finance, Bocconi University, and former chairman of the management board, Intesa Sanpaolo. "A jewel. I will recommend it." -- BRUNO COLMANT, Roland Berger, former member of the NYSE management committee
Bank Valuation And Value Based Management Deposit And Loan Pricing Performance Evaluation And Risk Management
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Author : Jean Dermine
language : en
Publisher: McGraw Hill Professional
Release Date : 2009-09
Bank Valuation And Value Based Management Deposit And Loan Pricing Performance Evaluation And Risk Management written by Jean Dermine and has been published by McGraw Hill Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-09 with Business & Economics categories.
Bank Valuation & Value-Based Management provides bankers, bank regulators, auditors, and risk managers with foundational concepts and practical tools for effectively managing a bank. An expert in asset and liability management, European financial markets, and banking theory, Jean Dermine provides rigorous foundations to discuss asset and liability management at a global level, with an integrated focus on an institution’s banking book. He covers bank valuation, fund transfer pricing, deposit and loan pricing, risk management, and performance measurement, and addresses two high-profile issues for banks worldwide: portfolio credit risk and liquidity risk. This thorough and innovative guide presents insightful coverage on the hazards of measuring portfolio credit risk, the impact of liquidity risk on fund transfer pricing, and the practice of performance measurement in the banking industry. Numerous real-world examples from the U.S. subprime crisis help illustrate the nature and dynamics of these issues. Inside, you will find a framework for discussing such managerial issues as: Bank valuation Fund transfer pricing Deposit pricing Capital management Loan pricing and provisioning Securitization Measurement of interest rate risk Performance measurement At the same time that it helps readers develop an intuitive sense for asset-liability management, this practical book follows through with rigorous mathematical formulas and examples from the international banking community. In addition,exercises are incorporated throughout the text to facilitate discussions of how theoretical concepts can be applied to real-world problems. This authoritative guide to bank management also features an exclusive companion Web site, www.mhprofessional.com/bankvaluation, which includes additional chapters and exercise solutions that serve as key supplements to the core text. Creating value in banking depends on a rocksolid understanding of what drives value and the right valuation model to help make the tough decisions that will enhance shareholder value. Bank Valuation & Value-Based Management is your one-stop reference for each of these critical issues.
Commercial Bank Valuation
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Author : William D. Miller
language : en
Publisher:
Release Date : 1995-11-03
Commercial Bank Valuation written by William D. Miller and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995-11-03 with Business & Economics categories.
The value of a bank is a complex and involved topic. Dertermining value requires an understanding of the purposed of the valuation, the underlying business, the assets involved, the outlook for the market served, competitive position, financial history, and a host of other factors. For example, establishing the value based solely on a bank's book value is a convenient shorthand, but not a good technique of establishing actual value. Regardless of the potential need for a proper valuation, commercial banks and bank holding companies have several characteristics that distinguishe them from other types of businesses and that influence the application of valuation techniques. It is critical to bear these in mind during the valuation process. Provides a thorough and practical discussion of valuation and techniques that apply to the banking and financial services industry. By necessity, however, the scope of the discussion goes beyond valuation. It is necessary to understand various transactional processes (e.g., the merger & acquisition process), target bank analysis, tax ramification, and specific accounting rules, in addition to valuation methodology. Consequently, this title is a beneficial primer for those with only a cursory knowledge of banking and valuation as well as a useful reference for seasoned professionals.
Bovernance And Bank Valuation
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Author : Gerard Caprio
language : en
Publisher: World Bank Publications
Release Date : 2003
Bovernance And Bank Valuation written by Gerard Caprio and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Bancos categories.
"Which public policies and ownership structures enhance the governance of banks? This paper constructs a new database on the ownership of banks internationally and then assesses the ramifications of ownership, shareholder protection laws, and supervisory/regulatory policies on bank valuations. Except in a few countries with very strong shareholder protection laws, banks are not widely held, but rather families or the State tend to control banks. We find that (i) larger cash flow rights by the controlling owner boosts valuations, (ii) stronger shareholder protection laws increase valuations, and (iii) greater cash flow rights mitigate the adverse effects of weak shareholder protection laws on bank valuations. These results are consistent with the views that expropriation of minority shareholders is important internationally, that laws can restrain this expropriation, and concentrated cash flow rights represent an important mechanism for governing banks. Finally, the evidence does not support the view that empowering official supervisory and regulatory agencies will increase the market valuation of banks"--NBER website
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
Valuing Banks In Uncertain Times
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Author : Natalie Schoon
language : en
Publisher: Spiramus Press Ltd
Release Date : 2009
Valuing Banks In Uncertain Times written by Natalie Schoon and has been published by Spiramus Press Ltd this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
Over the years, large numbers of academics and practitioners have looked into the valuation of companies and the different techniques that can be applied. Discounted cash flow, residual income, and economic value added are only a few of the techniques that have been researched extensively. Typically, these valuations cover either a specific industry, or a large diverse set of listed companies, but, without exception, exclude financial institutions. The reasons for this exclusion are simply that their characteristics are different from other industries and the fact that financial institutions, specifically banks, are notoriously difficult to value. But are they really that difficult to value and if so, why? As a result of the global growth of the Islamic banking industry, it becomes increasingly important to be able to determine the value of Islamic banks and compare their ability to create value with other banks in the industry. For Islamic banks, the estimation of parameters differs, amongst other reasons, due to the different balance sheet structure and the lack of availability of market data. The main question this book addresses is whether it is possible to determine the value of banks in general and Islamic banks in particular using generally available valuation models. But does this still hold in the current uncertain times? Questions that are addressed include the suitability of price as the right benchmark, the impact of market psychology, and the accuracy of future cash flow estimations.