Titlebook: Valuing Banks; A New Corporate Fina Federico Beltrame,Daniele Previtali Book 2016 The Editor(s) (if applicable) and The Author(s), under ex

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fangs trug ich daher nicht geringe Bedenken, eine weitgehend zum internen akademischen Gebrauch bestimmte Arbeit in dieser Form einem breiteren Leserkreis zugänglich zu machen. Wenn das dennoch geschah, so deshalb, weil mir bei der Lektüre des deutschen Romanciers immer klarer wurde, daß die großen

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Introduction,that make them a special case for valuation compared with other industrial firms. Although they represent only a small part of the full range of industries, they constitute the cornerstone of economic and financial systems, and a considerable proportion of the index market capitalization of the majo

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Valuation in Banking: Issues and Models,fer to the different roles of debt and capital, the regulatory framework, the provisioning effect and to the issues related to the cash flow measurement (net working capital and capital expenditure determination). In the second part of Chap. 2, we discuss the equity- and asset-side valuation metrics

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Value, Capital Structure and Cost of Capital: A Theoretical Framework,cial firms, bank deposits generate value. Such an effect is explored by several empirical studies concerning the relation between capital requirements and the weighted average cost of capital (WACC) and, consequently, on a bank’s value. Moreover, in this chapter, we use such empirical evidence to hi

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Measuring the Cash Flows of Banks: The FCFA Asset-Side Approach,ork which splits bank cash flows into those originating from assets and those from liabilities. Specifically, the most important assumption is that bank debt is considered as a financial liability. This has several implications for the balance sheet, income statement and cash flow reclassifications.

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The Banks Cost of Capital: Theories and Empirical Evidence,c treatment of the cost of equity calculation techniques that we divided into those methods quantifying the systematic risk premium and those measuring the total risk premium. The first aim of this chapter is to modify the Hamada (.) formula excluding deposits value from a banks’ asset beta. Followi

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,Banks’ Asset-Side Multiples: Profitability, Growth, Leverage and Deposits Effect,rding to the theoretical framework we presented in Chap. 3, we propose alternative options for asset-side multiples that can be used in the relative valuation of banks. In addition, we implement a new approach that mixes the use of asset-side multiples with a separate evaluation of deposits and tax-

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Book 2016 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 creat