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Estimating Smes Cost Of Equity Using A Value At Risk Approach
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Book Synopsis Estimating SMEs Cost of Equity Using a Value at Risk Approach by : F. Beltrame
Download or read book Estimating SMEs Cost of Equity Using a Value at Risk Approach written by F. Beltrame and published by Springer. This book was released on 2014-06-10 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: As well as reviewing traditional models, this book proposes an alternative model for estimating the cost of risk capital. This model, known as CaRM (Capital at Risk Model), bases the cost estimate of risk capital on VaR (Value at Risk) for the very first time. This book is an ideal resource for developing valuation research in SMEs.
Book Synopsis Bank Risk, Governance and Regulation by : Elena Beccalli
Download or read book Bank Risk, Governance and Regulation written by Elena Beccalli and published by Springer. This book was released on 2015-08-18 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents research from leading researchers in the European banking field to explore three key areas of banking. In Bank Risk, Governance and Regulation, the authors conduct micro- and macro- level analysis of banking risks and their determinants. They explore areas such as credit quality, bank provisioning, deposit guarantee schemes, corporate governance and cost of capital. The book then goes on to analyse different aspects of the relationship between bank risk management, governance and performance. Lastly the book explores the regulation of systemic risks posed by banks, and examines the effects of novel regulatory sets on bank conduct and profitability. The research in this book focuses on aspects of the European banking system; however it also offers wider insight into the global banking space and offers comparisons to international banking systems. The study provides in-depth insight into many areas of bank risk, governance and regulation, before finally addressing the question: which banking strategies are actually feasible?
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 261 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 International Convergence of Capital Measurement and Capital Standards by :
Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Estimating the Cost of Equity and Equity Risk-Premia of Canadian Firms by : George Athanassakos
Download or read book Estimating the Cost of Equity and Equity Risk-Premia of Canadian Firms written by George Athanassakos and published by . This book was released on 2016 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article proposes an alternative approach to estimating the required rate of return on equity, combining the bond-plus risk-premium approach and the Capital Asset Pricing Model, and tests it using Canadian data. Individual stock risk-premia are classified into groups according to the point in the business cycle, risk based on each company's bond rating, and industry groups as defined by industry classification. Group averages are calculated. We find equity risk-premia are negatively related to interest rates and bond ratings. Moreover, the higher the risk of an industry group, the higher are the equity risk-premia. However, findings regarding the risk-premia's sensitivity to the business cycle and stability across business cycles are not very conclusive.
Book Synopsis Risk, Value And Default by : Oliviero Roggi
Download or read book Risk, Value And Default written by Oliviero Roggi and published by World Scientific. This book was released on 2015-07-30 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: Scholars and practitioners have known for a long time that risk plays an important, indeed central, role in determining the appropriate discount rate to be used in a sophisticated valuation model. In today's world, however, the very risk of survival, especially for financial institutions, is essential to the health of the world's capital markets and their impact on the global economy.Risk, Value and Default is a vital text for understanding the interaction between enterprise risk management with corporate valuation and corporate default. The book seeks to explore the interaction between the risk of default and enterprise risk, and their joint impact on firm valuation. It aims to address the problem of how corporations should deal with risk and how they can maximize shareholder value. It also examines various conceptual ways to measure risk, thereby bridging the gap between theoretical concepts and pragmatic application.The book combines sound conceptual analytics and empirical tools to provide useful information and tangible guidelines for firms, risk managers and financial analysts and advisors. Scholars and professionals with an interest in risk management, and managers, owners, creditors and potential investors in enterprises will find Risk, Value and Default a particularly useful guide to understanding the relationship between risk generation, risk management and corporate value and default from an interdisciplinary perspective.
Book Synopsis New Estimates of the Equity Risk Premium and Why Business Economists Need Them by : Douglas J. Lamdin
Download or read book New Estimates of the Equity Risk Premium and Why Business Economists Need Them written by Douglas J. Lamdin and published by . This book was released on 2002 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: The equity risk premium (ERP) is used to estimate a firm's cost of equity and overall cost of capital. It therefore is relevant to, for example, capital budgeting analyses and calculation of economic value added. Unfortunately, current estimates of the ERP range widely. Some claim it has fallen to as low as around 2%, while others place it at 3 to 4 times this amount. Using a model that extracts the required return on equity from a valuation model based on dividends and repurchases of shares the ERP is estimated. This approach leads to estimates of the ERP of 3% to 6%.
Book Synopsis Estimating the cost of equity by : The Open University
Download or read book Estimating the cost of equity written by The Open University and published by The Open University. This book was released on with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 9-hour free course looked at how to estimate the cost of equity using the dividend valuation model and the capital asset pricing model.
Book Synopsis Cost of Capital and Probability of Default in Value-Based Risk Management by : Werner Gleißner
Download or read book Cost of Capital and Probability of Default in Value-Based Risk Management written by Werner Gleißner and published by . This book was released on 2020 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: Purpose - This paper aims to present the combination of enterprise risk management (ERM) and value-based management as especially suitable methods for companies with a shareholder value imperative. Among its major benefits, these methods make the contribution of risk management for business decisions more effective.Design/methodology/approach - Any possible inconsistencies between ERM, generating value because of imperfect capital markets and the CAPM to calculate cost of capital, which assumes perfect markets, must be avoided. Therefore, it is imperative that valuation methods used are based on risk analysis, and thus do not require perfect capital markets.Findings - Value-based risk management requires the impact of changes in risk on enterprise value to be calculated and the aggregation of opportunities and risks related to planning to calculate total risk (using Monte Carlo simulation) and valuation techniques that reflect the effects changes in risk, on probability of default, cost of capital and enterprise value (and do not assume perfect capital markets). It is recommended that all relevant risks should be quantified and described using adequate probability distributions derived from the best information.Practical implications - This approach can help to improve the use of risk analysis in decision-making by improving existing risk-management systems.Originality/value - This extension of ERM is outlined to provide risk-adequate evaluation methods for business decisions, using Monte Carlo simulation and recently developed methods for risk-fair valuation with incomplete replication in combination with the probability of default. It is shown that quantification of all risk using available information should be accepted for the linking of risk analysis and business decisions.
Book Synopsis Estimating beta and Cost of Equity Capital for Non-traded Transportation Companies by : Sascha Heller
Download or read book Estimating beta and Cost of Equity Capital for Non-traded Transportation Companies written by Sascha Heller and published by diplom.de. This book was released on 2014-04-11 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inhaltsangabe:Introduction: Estimating the cost of equity capital has two major implications. First, it reflects the return to a company s stock which an equity investor expects to receive from his investment. He makes his decision upon whether he could earn a higher rate of return in an alternative investment of equivalent risk. Second, a company must earn the cost of capital (both debt and equity) through its undertaken projects. It is hence relevant for decisions on undertaking positive net present value projects which are of similar risk as the company s average business activities. It also substantially influences the pricing of an entire firm as far as the valuation is based on a discounted cash flow model. A lot of effort has been done in the past to achieve accurate models which precisely determine this cost. Building on the modern portfolio theory of Harry Markowitz, a widely used and commonly known model in this context is the Capital Asset Pricing Model (CAPM). Introduced by several researchers in the 1960s, it is still one of the most applied methods for practitioners. However, it suffers from several shortcomings, including statistical caveats, economic assumptions, the absence of market frictions and the behaviour of market participants. An upgrade to this model was provided by Stephen Ross which has resulted in the Arbitrage Pricing Theory (APT). It combines several risk factors in addition to one market proxy, as it is the case in the CAPM, and is less restrictive in its assumptions. But both CAPM and APT require observable market data, i.e. stock prices, of the analysed companies. These models thus only work for publicly listed firms. If research should be done on non-traded companies, however, an alternative methodology must be applied. In general, data from the balance sheet, the income statement and the cash flow statement are available for both listed and non-listed companies. While accounting data have widely been used in the past as well and have been assumed to provide valuable information in explaining stock returns, this line of research has dissipated over time. Only a few key figures, such as size and financial leverage, are still considered to be relevant. However, they can be used to indirectly estimate a firm s beta by assessing their explanatory power in a CAPM or APT framework. This methodology is particularly beneficial for firms which are not listed because there cannot be observed any stock price movements. [...]
Book Synopsis Microfinance and Financial Inclusion by : Eugenia Macchiavello
Download or read book Microfinance and Financial Inclusion written by Eugenia Macchiavello and published by Routledge. This book was released on 2017-07-20 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following the recent global financial crisis there is a growing interest in alternative finance – and microfinance in particular – as new instruments for providing financial services in a socially responsible way or as an alternative to traditional banking. Nonetheless, correspondingly there is also a lack of clarity about how to regulate alternative financial methods particularly in light of the financial crisis’ lessons on regulatory failure and shadow banking’s risks. This book considers microfinance from a legal and regulatory perspective. Microfinance is the provision of a wide range of financial services, particularly credit but also remittances, savings, to low-income people or financially excluded people. It combines a business structure with social inspiration, often resorts to technological innovations to lower costs (Fintech: e.g. crowdfunding and mobile banking) and merges with traditional local experiences (e.g. financial cooperatives and Islamic finance), this further complicating the regulatory picture. The book describes some of the unique dimensions of microfinance and the difficulties that this can cause for regulators, through a comparative analysis of selected European Union (EU) countries’ regimes. The focus is in fact on the EU legal framework, with some references to certain developing world experiences where relevant. The book assesses the impact and validity of current financial regulation principles and rules, in light of the most recent developments and trends in financial regulation in the wake of the financial crisis and compares microfinance with traditional banking. The book puts forward policy recommendations for regulators and policy makers to help address the challenges and opportunities offered by microfinance.
Book Synopsis Valuing Small Businesses and Professional Practices by : Shannon P. Pratt
Download or read book Valuing Small Businesses and Professional Practices written by Shannon P. Pratt and published by McGraw Hill Professional. This book was released on 1998-03 with total page 946 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a guide to valuing small businesses (family ones up to those worth around 5million) and professional practices. This edition has been updated and includes new chapters on trends in the field of business and professional business valuation.
Book Synopsis Estimating the Cost of Equity Capital for a Division of a Firm by :
Download or read book Estimating the Cost of Equity Capital for a Division of a Firm written by and published by . This book was released on 1989 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Small Business Valuation Methods by : Yannick Coulon
Download or read book Small Business Valuation Methods written by Yannick Coulon and published by Springer Nature. This book was released on 2021-11-22 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: Valuation is the natural starting point toward buying or selling a business or securities through the stock market. Essential in wealth management, the valuation process allows the measurement of the strengths and weaknesses of a company and provides a historical reference for its development. This guide on valuation methods focuses on three global approaches: the assetbased approach, the fundamental or DCF approach, and the market approach. Ultimately, this book provides the basics needed to estimate the value of a small business. Many pedagogical cases and illustrations underpin its pragmatic and didactic content. However, it also contains enough theories to satisfy an expert audience. This book is ideal for business owners and additional players in the business world, legal professionals, accountants, wealth management advisers, and bankers, while also of interest to business school students and investors.
Book Synopsis Operational Risk Toward Basel III by : Greg N. Gregoriou
Download or read book Operational Risk Toward Basel III written by Greg N. Gregoriou and published by John Wiley & Sons. This book was released on 2009-03-17 with total page 453 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book consists of chapters by contributors (well-known professors, practitioners, and consultants from large and well respected money management firms within this area) offering the latest research in the OpRisk area. The chapters highlight how operational risk helps firms survive and prosper by givingreaders the latest, cutting-edge techniques in OpRisk management. Topics discussed include: Basel Accord II, getting ready for the New Basel III, Extreme Value Theory, the new capital requirements and regulations in the banking sector in relation to financial reporting (including developing concepts such as OpRisk Insurance which wasn't a part of the Basel II framework). The book further discussed quantitative and qualitative aspects of OpRisk, as well as fraud and applications to the fund industry.
Book Synopsis Valuation for Accountants by : Stephen Lynn
Download or read book Valuation for Accountants written by Stephen Lynn and published by Springer Nature. This book was released on 2020-02-26 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the valuation needed to apply IFRS (International Financial Reporting Standards), and provides coverage of financial instruments – indeed this is the starting point of the exposition. The book adopts a logical sequence where models of financial instruments are explained first and models of other assets (such as property, an enterprise, or multiple intangibles) are presented as extensions. The book uses mathematical notation in presenting many of the models, but the focus is on application rather than proof. The mathematics is presented at a level that assumes sufficient background in high school algebra and coordinate geometry, prior knowledge of elementary probability, and a knowledge of basic statistics. Readers should also be aware of what linear regression does and should be able to run a regression and interpret the output. Calculus is not assumed. The models discussed almost always require a computer to apply. However, the emphasis is on understanding the models rather than learning computer skills, especially in the case of financial instruments.
Download or read book Estimating Cost of Equity written by and published by . This book was released on 2000 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
