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Banks And Shareholder Value
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Book Synopsis Banks and Shareholder Value by : Stephanie Gross
Download or read book Banks and Shareholder Value written by Stephanie Gross and published by Springer Science & Business Media. This book was released on 2007-11-06 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stephanie Gross focuses on three sets of questions on shareholder value of banks and analyses its measurement, empirical relevance and value drivers.
Book Synopsis Shareholder Value in Banking by : F. Fiordelisi
Download or read book Shareholder Value in Banking written by F. Fiordelisi and published by Springer. This book was released on 2006-04-19 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Shareholder Value Management in Banks by : Leo Schuster
Download or read book Shareholder Value Management in Banks written by Leo Schuster and published by Springer. This book was released on 2000-01-04 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book demonstrates how shareholder value analysis has become a valuable instrument of strategy assessment. It illustrates the ways in which management is able to align company policy with the financial goals of its shareholders and describes various methods of value-orientated company planning. Including up-to-date examples and case studies Shareholder Value Management in Banks represents the application of an important conceptual area to an international industry.
Book Synopsis Risk Management and Shareholders Value in Banking by : Andrea Resti
Download or read book Risk Management and Shareholders Value in Banking written by Andrea Resti and published by Wiley. This book was released on 2016-06-27 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risk Management and Shareholders' Value in Banking provides an integrated framework for risk measurement, capital management and value creation in banks covering interest rate risk; market risk; credit risk; operational risk; capital regulation; capital management; and value creation. Updated to include coverage of the most recent developments in banking regulation, including comprehensive coverage of the new Basel III regulatory framework the book is structured in six parts. Part I covers the measurement and management of the interest rate risk and liquidity risk on all assets and liabilities of a banking institution. This includes a discussion of gapping models, presented critically through numerical examples and solutions, internal transfer rates, gapping techniques, liquidity risk management. Part II presents portfolio models for market risks, including the “variance/covariance” approach, Monte Carlo / historical simulations, backtesting, alternative risk measures (e.g. expected shortfall) and volatility estimation techniques. Part III addresses credit risk measurement, first on a stand-alone basis, then at a portfolio level; it also includes chapters on scoring models, rating systems, recovery risk, counterparty risk for OTC derivatives, and practical applications of credit risk models. Part IV deals with operational risk before part V goes on to illustrate the main pieces of regulation on bank capital issued by the Basel Committee, the main focus being on Basel 2 (insofar it has not been changed by the latest regulatory wave) and Basel 3. Part VI presents the link between risk and capital in all its implications, and provides the reader with the technical models needed to allocate capital to risk-taking units, set risk-adjusted profitability targets, and optimize the amount and composition of bank capital. By bringing together the core aspects of risk management in banking - models and algorithms, regulation, process engineering and management, and strategic planning – the book provides a unique and consistent framework showing how financial risks can be understood, measured, managed and covered with capital. The book is accompanied by a website which includes a series of excel files with detailed explanations of all the numerical examples shown in the book, as well as solutions to the end of chapter exercises.
Book Synopsis Strategic Repositioning for Shareholder Value by :
Download or read book Strategic Repositioning for Shareholder Value written by and published by . This book was released on 1989 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Key Code and Advanced Handbook for the Governance and Supervision of Banks in Australia by : Francesco de Zwart
Download or read book The Key Code and Advanced Handbook for the Governance and Supervision of Banks in Australia written by Francesco de Zwart and published by Springer. This book was released on 2022-10-27 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Key Code and Handbook examines the corporate governance and accountability of Major Banks, their directors and executives which were the central focus of bank, Supervisor, Regulator and governmental activity and public scrutiny in 2018 and 2019. This book explores this responsibility focus by providing evidence from the Global Financial Crisis and beyond with both APRA and ASIC investigating illegal conduct, misconduct and conduct which was below the level of community expectations. This book discusses how the Royal Commission into misconduct in the banking and financial services industry has already given rise to a detailed Final Report whose recommendations are still being put into effect. Further, this book uses evidence provided by the large number of Prudential Standards issued by APRA and investigations into the conduct of Major Banks by Regulators. This book explores governance variables – over 1,700 in number and grouped into 159 ‘key groupings’ or separate categories – which are all indexed to 28 governmental, regulatory and supervisory reports and documents to create a governance code and commentary specifically tailored to Australian banks. Each governance variable is modelled on the Stage 1 Relational Approach contained in Enhancing Firm Sustainability Through Governance. Given the huge interest in the governance of banks, Parts 1 and 2 – explaining the Relational Approach - of Stage 1 were recently published in November 2018 and June 2019 in the Australian Journal of Corporate Law. This book is the largest reference book and handbook in publication worldwide containing the structures, mechanisms, processes and protocols – the checks and balances we call ‘governance variables’ – that deeply addresses and explains banking accountability and regulation in Australia.
Book Synopsis Bank Valuation and Value-Based Management: Deposit and Loan Pricing, Performance Evaluation, and Risk Management by : Jean Dermine
Download or read book Bank Valuation and Value-Based Management: Deposit and Loan Pricing, Performance Evaluation, and Risk Management written by Jean Dermine and published by McGraw Hill Professional. This book was released on 2009-09 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Shareholder Value Management in Banks by : Leo Schuster
Download or read book Shareholder Value Management in Banks written by Leo Schuster and published by Palgrave Macmillan. This book was released on 2000-04-12 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book demonstrates how shareholder value analysis has become a valuable instrument of strategy assessment. It illustrates the ways in which management is able to align company policy with the financial goals of its shareholders and describes various methods of value-orientated company planning. Including up-to-date examples and case studies Shareholder Value Management in Banks represents the application of an important conceptual area to an international industry.
Book Synopsis Risk Management and Shareholders' Value in Banking by : Andrea Sironi
Download or read book Risk Management and Shareholders' Value in Banking written by Andrea Sironi and published by John Wiley & Sons. This book was released on 2007-05-21 with total page 820 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents an integrated framework for risk measurement, capital management and value creation in banks. Moving from the measurement of the risks facing a bank, it defines criteria and rules to support a corporate policy aimed at maximizing shareholders' value. Parts I - IV discuss different risk types (including interest rate, market, credit and operational risk) and how to assess the amount of capital they absorb by means of up-to-date, robust risk-measurement models. Part V surveys regulatory capital requirements: a special emphasis is given to the Basel II accord, discussing its economic foundations and managerial implications. Part VI presents models and techniques to calibrate the amount of economic capital at risk needed by the bank, to fine-tune its composition, to allocate it to risk-taking units, to estimate the "fair" return expected by shareholders, to monitor the value creation process. Risk Management and Shareholders' Value in Banking includes: * Value at Risk, Monte Carlo models, Creditrisk+, Creditmetrics and much more * formulae for risk-adjusted loan pricing and risk-adjusted performance measurement * extensive, hands-on Excel examples are provided on the companion website www.wiley.com/go/rmsv * a complete, up-to-date introduction to Basel II * focus on capital allocation, Raroc, EVA, cost of capital and other value-creation metrics
Book Synopsis Resolving the Financial Crisis by : C. E. V. Borio
Download or read book Resolving the Financial Crisis written by C. E. V. Borio and published by . This book was released on 2010 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: How does the management and resolution of the current crisis compare with the response of the Nordic countries in the early 1990s, widely regarded as exemplary? We argue that, while intervention has been prompter, the measures taken so far remain less comprehensive and in-depth. In particular, the cleansing of balance sheets has proceeded more slowly, and less attention has been paid to reducing excess capacity and avoiding competitive distortions. In general, policymakers have given higher priority to sustaining aggregate demand in the short term than to encouraging adjustment in the financial sector and containing moral hazard. We argue that three factors largely explain this outcome: the more international nature of the crisis; the complexity of the instruments involved; and, hardly appreciated so far, the effect of accounting practices on the dynamics of the events, reflecting in particular the prominent role of fair value accounting (and mark to market losses) in relation to amortised cost accounting for loan books. There is a risk that the policies followed so far may delay the establishment of the basis for a sustainably profitable and less risk-prone financial sector.
Book Synopsis The Shareholder Value Myth by : Lynn Stout
Download or read book The Shareholder Value Myth written by Lynn Stout and published by Berrett-Koehler Publishers. This book was released on 2012-05-07 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth look at the trouble with shareholder value thinking and at better options for models of corporate purpose. Executives, investors, and the business press routinely chant the mantra that corporations are required to “maximize shareholder value.” In this pathbreaking book, renowned corporate expert Lynn Stout debunks the myth that corporate law mandates shareholder primacy. Stout shows how shareholder value thinking endangers not only investors but the rest of us as well, leading managers to focus myopically on short-term earnings; discouraging investment and innovation; harming employees, customers, and communities; and causing companies to indulge in reckless, sociopathic, and irresponsible behaviors. And she looks at new models of corporate purpose that better serve the needs of investors, corporations, and society. “A must-read for managers, directors, and policymakers interested in getting America back in the business of creating real value for the long term.” —Constance E. Bagley, professor, Yale School of Management; president, Academy of Legal Studies in Business; and author of Managers and the Legal Environment and Winning Legally “A compelling call for radically changing the way business is done... The Shareholder Value Myth powerfully demonstrates both the dangers of the shareholder value rule and the falseness of its alleged legal necessity.” —Joel Bakan, professor, The University of British Columbia, and author of the book and film The Corporation “Lynn Stout has a keen mind, a sharp pen, and an unbending sense of fearlessness. Her book is a must-read for anyone interested in understanding the root causes of the current financial calamity.” —Jack Willoughby, senior editor, Barron’s “Lynn Stout offers a new vision of good corporate governance that serves investors, firms, and the American economy.” —Judy Samuelson, executive director, Business and Society Program, The Aspen Institute
Download or read book Equity Valuation written by Jan Viebig and published by John Wiley & Sons. This book was released on 2008-04-30 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Valuing Banks by : Federico Beltrame
Download or read book Valuing Banks written by Federico Beltrame and published by Springer. This book was released on 2016-06-27 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Too-Big-to-Fail in Banking by : Tom Filip Lesche
Download or read book Too-Big-to-Fail in Banking written by Tom Filip Lesche and published by Springer Nature. This book was released on 2021-06-28 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive summary of the latest academic research on the important topic of too-big-to-fail (TBTF) in banking. It explains TBTF from various perspectives including the range of regulatory measures proposed to counter TBTF, most notably the globally accepted regulation of global-systemically important banks (G-SIBs) and its main tool of capital surcharges. The empirical analysis quantifies the shareholder value of the G-SIB attribution by using quarterly observations from more than 750 global banks between Q2 2008 and Q3 2015. The main finding is that G-SIBs are confronted with a substantial relative valuation discount compared to non-G-SIBs. From the end of 2011 until the end of 2015, a stable discount of 0.6x–0.8x price-to-tangible common equity (P/TCE) is statistically highly significant. The results suggest that the G-SIB designation effect, which positively impacts G-SIBs’ share prices because of funding benefits from IGGs, is dominated by the regulatory G-SIB burden effect, which negatively impacts G-SIBs’ share prices because of lower profitability due to capital surcharges and other regulatory requirements placed on G-SIBs. The findings re-open the debate about whether breaking up G-SIBs would unlock shareholder value and whether G-SIBs are regulated efficiently.
Book Synopsis Financial Modeling and Valuation by : Paul Pignataro
Download or read book Financial Modeling and Valuation written by Paul Pignataro and published by John Wiley & Sons. This book was released on 2013-07-10 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by the Founder and CEO of the prestigious New York School of Finance, this book schools you in the fundamental tools for accurately assessing the soundness of a stock investment. Built around a full-length case study of Wal-Mart, it shows you how to perform an in-depth analysis of that company's financial standing, walking you through all the steps of developing a sophisticated financial model as done by professional Wall Street analysts. You will construct a full scale financial model and valuation step-by-step as you page through the book. When we ran this analysis in January of 2012, we estimated the stock was undervalued. Since the first run of the analysis, the stock has increased 35 percent. Re-evaluating Wal-Mart 9months later, we will step through the techniques utilized by Wall Street analysts to build models on and properly value business entities. Step-by-step financial modeling - taught using downloadable Wall Street models, you will construct the model step by step as you page through the book. Hot keys and explicit Excel instructions aid even the novice excel modeler. Model built complete with Income Statement, Cash Flow Statement, Balance Sheet, Balance Sheet Balancing Techniques, Depreciation Schedule (complete with accelerating depreciation and deferring taxes), working capital schedule, debt schedule, handling circular references, and automatic debt pay downs. Illustrative concepts including detailing model flows help aid in conceptual understanding. Concepts are reiterated and honed, perfect for a novice yet detailed enough for a professional. Model built direct from Wal-Mart public filings, searching through notes, performing research, and illustrating techniques to formulate projections. Includes in-depth coverage of valuation techniques commonly used by Wall Street professionals. Illustrative comparable company analyses - built the right way, direct from historical financials, calculating LTM (Last Twelve Month) data, calendarization, and properly smoothing EBITDA and Net Income. Precedent transactions analysis - detailing how to extract proper metrics from relevant proxy statements Discounted cash flow analysis - simplifying and illustrating how a DCF is utilized, how unlevered free cash flow is derived, and the meaning of weighted average cost of capital (WACC) Step-by-step we will come up with a valuation on Wal-Mart Chapter end questions, practice models, additional case studies and common interview questions (found in the companion website) help solidify the techniques honed in the book; ideal for universities or business students looking to break into the investment banking field.
Book Synopsis The Relevance of Discounted Cash Flow (DCF) and Economic Value Added (EVA) for the Valuation of Banks by : Dennis Schön
Download or read book The Relevance of Discounted Cash Flow (DCF) and Economic Value Added (EVA) for the Valuation of Banks written by Dennis Schön and published by GRIN Verlag. This book was released on 2007-08 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Book Synopsis Bovernance and Bank Valuation by : Gerard Caprio
Download or read book Bovernance and Bank Valuation written by Gerard Caprio and published by World Bank Publications. This book was released on 2003 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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
