Valuing Banks

A New Corporate Finance Approach

Federico Beltrame, Daniele Previtali (Autoren)

Buch | Softcover

242 Seiten

2017 | 1st ed. 2016
Palgrave Macmillan (Verlag)
978-1-349-85100-3 (ISBN)

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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.

Federico Beltrame is Lecturer in Banking and Finance in the Department of Economics and Statistics, University of Udine, Italy. He holds a PhD in Business Science from the same University. His main research interests are related to SMEs' cost of capital, banks' capital structure and Mutual Guarantee Credit Institutions. Daniele Previtali is post-doc fellow and lecturer at Luiss Guido Carli University, Rome, Italy. He holds a Ph.D. in Banking and Finance from University of Rome, Tor Vergata, Italy. In 2012, he was a visiting PhD candidate at Stern School of Business, New York, USA. His main research interests concern banks valuation, banks' capital structure and innovation.

Contents

List of Tables

List of Figures

Acknowledgements

About the Authors

Preface

Introduction

1. Valuation in
Banking: issues and models

1.1 Introduction

1.1.1 A different role
of equity: the regulatory constraints

1.1.2 The role of debt

1.1.3 Loan loss provisioning
and charge-offs

1.1.4 Cash flow
estimation

1.2 Valuation Methods
of Banks: a critical review

1.2.1 Discounted cash
flow models

1.2.2 Excess returns
valuation

1.2.3 Asset and
mixed-based valuation

1.2.4 Relative market
valuation

1.2.5 Contingent claim
valuation

1.3 Conclusions

2. Value, Capital
structure and cost of capital: a theoretical framework

2.1 Introduction

2.2 Limitations of the
Equity Side Approach

2.3 An Asset Side
Approach to Banks Valuation: An Introduction

2.4 Banks' Cost of
Capital and the Modigliani-Miller Propositions

2.5 Banks Valuation: A
Scheme with Separate Quantification of Mark-Down

2.5.1 Valuation scheme
without taxation and growth

2.5.2 Valuation scheme
with tax benefits

2.5.3 Valuation scheme
with taxation and growth

2.5.4 The AMM: an
overview

2.6 The Restatement of
Modigliani and Miller's Theories for the Banking Industry

2.6.1 Absence of taxes

2.6.2 Presence of taxes

2.7 Consistency of the
AMM Model with Excess Returns Models

2.8 Conclusions

3. Measuring the Cash
Flows of Banks: the FCFA Asset Side Approach

3.1 Introduction

Erscheinungsdatum	20.12.2018
Reihe/Serie	Palgrave Macmillan Studies in Banking and Financial Institutions
Zusatzinfo	75 Tables, black and white; 19 Illustrations, black and white; XXIV, 242 p. 19 illus.
Verlagsort	Basingstoke
Sprache	englisch
Maße	148 x 210 mm
Themenwelt	Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
Themenwelt	Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Bankbetriebslehre
Schlagworte	Asset-Side Valuation • Capital • Capital Markets • Equity Value • Europe • Italy • Mark-Down • Market Multiples • Tax Benefits • Valuation • Value of Deposits
ISBN-10	1-349-85100-0 / 1349851000
ISBN-13	978-1-349-85100-3 / 9781349851003
Zustand	Neuware