Financial institutions, valuations, mergers and acquisitions: the fair value approach
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York [u.a.]
Wiley
2001
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| Ausgabe: | 2. ed. |
| Schlagworte: | |
| Online-Zugang: | Publisher description Table of Contents Inhaltsverzeichnis |
| Beschreibung: | XXII, 434 S. |
| ISBN: | 0471394491 |
Internformat
MARC
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| 100 | 1 | |a Rezaee, Zabihollah |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Financial institutions, valuations, mergers and acquisitions |b the fair value approach |c Zabihollah Rezaee |
| 250 | |a 2. ed. | ||
| 264 | 1 | |a New York [u.a.] |b Wiley |c 2001 | |
| 300 | |a XXII, 434 S. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 650 | 4 | |a Fusiones bancarias - Estados Unidos | |
| 650 | 4 | |a Instituciones financieras - Compra - Estados Unidos | |
| 650 | 4 | |a Instituciones financieras - Fusiones - Estados Unidos | |
| 650 | 4 | |a Venta de bancos - Estados Unidos | |
| 650 | 4 | |a Bank | |
| 650 | 4 | |a Recht | |
| 650 | 4 | |a Banks and banking -- Valuation -- United States | |
| 650 | 4 | |a Bank mergers -- United States | |
| 650 | 4 | |a Sale of banks -- United States | |
| 650 | 4 | |a Financial institutions -- Valuation -- United States | |
| 650 | 4 | |a Financial institutions -- Mergers -- United States | |
| 650 | 4 | |a Financial institutions -- Purchasing -- United States | |
| 650 | 4 | |a Consolidation and merger of corporations -- Law and legislation -- United States | |
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| 650 | 0 | 7 | |a Bankenkonzentration |0 (DE-588)4144010-9 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Mergers and Acquisitions |0 (DE-588)4205916-1 |2 gnd |9 rswk-swf |
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Datensatz im Suchindex
| _version_ | 1804128809842114560 |
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| adam_text | Contents
Acknowledgments xviii
Preface xix
Part I The Foundation: Financial Institutions, Valuations, Mergers,
Acquisitions, Regulatory and Accounting Environment 1
Chapter 1 Introduction to Financial Institutions 3
1.1 Introduction 3
1.2 Structural Changes in the Financial Services Industry 5
1.2.1 Consolidation 5
1.2.2 Convergence 7
1.2.3 Competition 15
1.3 Historical Perspective of American Banking 16
1.4 Current Trends in the Banking Industry 17
1.4.1 Changes in Regulations 19
1.4.2 Information Technology 25
1.4.3 Global Marketplace 28
1.4.4 Capital Standards 29
1.4.5 Supervisory Activities 30
1.4.6 Continuous Quality Improvement 32
1.4.7 Valuation Process 34
1.5 Conclusion 35
Chapter 2 Overview of the Valuation Process 38
2.1 Introduction 38
2.2 Valuation Services 39
2.3 Valuation Profession 41
vii
viii Contents
2.4 Attracting Valuation Clients 44
2.5 Accepting a Client 51
2.6 Pricing Valuation Services 58
2.7 Importance of the Engagement Letter 59
2.8 Planning an Appraisal Engagement 59
2.8.1 Conference with Client Personnel 59
2.8.2 Knowledge of the Business 61
2.8.3 Legal Structure 62
2.8.4 Policies 62
2.8.5 Industry and Economic Conditions 62
2.9 General Planning 64
2.9.1 General Planning Decisions to be Made 64
2.9.2 Evidence and Knowledge Obtained to Prepare
Preliminary Appraisal Plan 64
2.9.3 Procedures in Preparing the Preliminary Appraisal Plan 66
2.10 Appraiser s Traits 67
2.10.1 Able to Function Well Under Intense Pressure 68
2.10.2 Communicate Well Both Orally and in Writing 68
2.10.3 Utilize Both Qualitative and Quantitative Data 68
2.10.4 Be Unfazed by Ambiguity and Uncertainty 68
2.10.5 Continuous Improvement of Valuation Expertise and
Skills through Ongoing Professional Education 68
2.10.6 Continuous Marketing Strategies 69
2.11 Appraiser s Due Diligence Process 69
2.12 Conclusion 69
Chapter 3 Overview of Mergers and Acquisitions 73
3.1 Introduction 73
3.2 Historical Perspective of M A 74
3.3 Recent Trends in M A 74
3.4 Regulations of Bank Mergers 77
3.4.1 Antitrust Regulations 78
3.5 Trends Toward Business Combinations in the Financial Services
Industry 82
3.6 Motives for Business Combinations 84
3.7 Determinants of Mergers and Acquisitions 84
3.8 Perceived Shortcomings of M A 85
3.8.1 Diminished Services 85
3.8.2 High Financial Services Fees 88
3.8.3 Credit Availability 89
3.8.4 Undesirable Impacts on Competition 89
3.9 Studies on Mergers and Acquisitions 90
Contents jx
3.10 Mergers and Acquisitions Process 93
3.10.1 Strategy Development 95
3.10.2 Target Identification and Selection 95
3.10.3 Identifying Key Issues and Contacting Targets 99
3.10.4 Structuring the Acquisition Transaction 99
3.10.5 Due Diligence Process 99
3.10.6 Risk Assessment 100
3.10.7 Negotiation 102
3.10.8 Financial Structure 103
3.10.9 Closing the Deal 103
3.10.10 Integration 104
3.11 Conclusion 105
Chapter 4 Regulatory Environment and Financial Reporting
Process of Financial Institutions 111
4.1 Introduction 111
4.2 Consolidation 111
4.2.1 Technological Innovations 113
4.2.2 Geographical and Activity Diversification 114
4.2.3 National and Global Competition 114
4.3 Regulatory Environment 116
4.4 Bank Supervision 118
4.4.1 Market Discipline 118
4.4.2 Supervision 119
4.4.3 Minimum Capital Regulation 123
4.4.4 Safety and Soundness 126
4.5 Financial Modernization: The Gramm Leach Bliley Act 127
4.6 Financial Reporting Process of Financial Institutions 130
4.7 Statement of Financial Accounting Standards (SFAS) No. 115 133
4.8 Auditing Proper Classifications of Marketable Securities 135
4.9 Tax Consideration of Fair Value 136
4.10 Recent Development of Fair Value Accounting 137
4.11 Financial Reporting Requirements of Financial Institutions 143
4.11.1 Reports Required Under Regulation H and the SEC
Act of 1934 144
4.11.2 Reporting Requirement for International Activities 145
4.12 Corporate Governance of Financial Institutions 147
4.12.1 Financial Reporting 150
4.12.2 Internal Control Structure 150
4.12.3 Independent Audit Committee 154
4.12.4 Functions of Audit Committees 155
4.13 Conclusion 157
X Contents
Part II Fundamentals of Valuations: Concepts, Standards, and
Techniques 163
Chapter 5 Value and Valuation: A Conceptual Foundation 165
5.1 The Nature of Value 165
5.2 Twelve Concepts of Value 166
5.3 Types of Property That Can Be Valued 172
5.4 Relationship Among Different Types of Value 173
5.5 Principles of Valuation Theory 174
5.5.1 Principle of Alternatives 174
5.5.2 Principle of Replacement 174
5.5.3 Principle of Substitution 174
5.5.4 Principle of Future Benefits 175
5.6 Pricing Value Versus Reporting Value 175
5.7 Limitations of the Valuation Process 176
Chapter 6 Approaches to Measuring Value 177
6.1 Overview of the Valuation Process 177
6.2 The Cost Approach to Valuation 178
6.3 The Market Approach to Valuation 180
6.3.1 Identifying Comparables 180
6.3.2 Adjusting for Lack of Comparability 181
6.4 The Income Approach to Valuation 182
6.4.1 The Stabilized Income Method 183
6.4.2 The Discounted Future Income Method 184
6.4.3 Discounted Cash Earnings 185
6.4.4 Selecting the Type of Income to Use 186
6.4.5 Estimating the Stabilized Level of Income 187
6.4.6 Projecting Future Income Levels 189
6.4.7 Selecting the Capitalization and Discount Rates 189
6.4.8 Dividend Capitalization Model 197
6.4.9 The Effects of Inflation 198
6.5 Special Topics—Approaches to Intangible Asset Valuation 199
6.5.1 Cost of Replacement of Intangible Asset 199
6.5.2 Income from Intangible Asset 199
6.5.3 Cost Savings from Intangible Asset 200
6.5.4 Excess Earnings Method 201
6.6 Special Topics—Business Valuation 202
6.6.1 Market to Book Value Method 202
6.6.2 Total Enterprise Value Versus Value of Equity 202
6.6.3 Existence of Preferred Stock 203
6.6.4 Adjusted Book Value to Compute Market Value of Equity 206
6.6.5 Liquidation of Business 206
Contents xj
6.7 Valuation and Business Concentrations 207
6.8 Special Topics—Closely Held Stock 207
6.8.1 Revenue Ruling 59 60 208
6.8.2 Discounts for Minority Position/Premium for
Control 209
6.8.3 Discount for Lack of Marketability 211
6.9 Special Topics—Valuing Widely Traded Companies 211
Chapter 7 Valuations for Tax and Accounting Purposes 213
7.1 Tax Aspects of Mergers and Acquisitions 213
7.1.1 Nontaxable Transactions 213
7.1.2 Taxable Transactions 214
7.2 Typical Tax Oriented Valuations 215
7.3 Accounting Aspects of Mergers and Acquisitions 217
7.3.1 Pooling Versus Purchase Accounting 217
7.3.2 Requirements for Use of Pooling Accounting 217
7.3.3 Advantages and Disadvantages of Purchase and Pooling
Accounting 220
7.4 Typical Accounting Oriented Valuations 220
Chapter 8 Intangible Asset Valuation 223
8.1 Nature and Types of Intangible Assets 223
8.1.1 Criteria for Defining Intangible Assets 223
8.1.2 Core Deposit Base 224
8.1.3 Loan Servicing Contracts 224
8.1.4 Safe Deposit Box Contracts 224
8.1.5 Proprietary Computer Software 224
8.1.6 Trust Accounts 224
8.1.7 Leasehold Interests 225
8.1.8 Assembled Work Force 225
8.1.9 Goodwill 225
8.2 Amortizable Versus Nonamortizable Intangible Assets 225
8.2.1 Benefits of Amortization 225
8.2.2 Requirements for Amortization 226
8.3 Measuring the Useful Life of an Intangible Asset 227
8.3.1 Unique Experience 227
8.3.2 Individual Component Analysis 228
8.4 Establishing Value of Intangible Assets 229
8.4.1 The Cost Approach 229
8.4.2 The Market Approach 229
8.4.3 The Income Approach 230
8.5 Amortization Methods 230
8.6 Supporting Intangible Asset Valuation and Amortization 231 .
xii Contents
Part HI Assessment of Financial Institutions 233
Chapter 9 Financial Analysis of Banks and Bank Holding
Companies 235
9.1 Types and Sources of Financial Data 235
9.1.1 The Uniform Bank Performance Report 235
9.1.2 The Bank Holding Company Performance Report 236
9.1.3 Other Public Sources 236
9.1.4 Private Sources 237
9.1.5 Internal Data Sources 237
9.2 Overview of Financial Statements 238
9.2.1 Income Generation and Income Statement 238
9.2.2 Balance Sheet 240
9.3 Composition of Bank Assets 241
9.3.1 Cash and Due Froms 242
9.3.2 Investment Securities 242
9.3.3 Fed Funds Sold and Reverse Repos 242
9.3.4 Loans and Lease Financing Receivables 243
9.3.5 Assets Held in Trading Accounts 244
9.3.6 Premises and Fixed Assets 244
9.3.7 Other Real Estate Owned 244
9.3.8 Investments in Unconsolidated Subsidiaries and
Associated Companies 244
9.3.9 Customer Liabilities to Bank on Acceptances
Outstanding 244
9.3.10 Intangible Assets 245
9.3.11 Other Assets 245
9.4 Composition of Bank Liabilities 245
9.4.1 Deposits 245
9.4.2 Fed Funds Purchased and Repos 246
9.4.3 Demand Notes Issued to U. S. Treasury 246
9.4.4 Other Borrowed Money 246
9.4.5 Mortgage Indebtedness/Capitalized Leases 247
9.4.6 Bank s Liability on Acceptances Executed and
Outstanding 247
9.4.7 Subordinated Notes and Debentures 247
9.4.8 Other Liabilities 247
9.5 Off Balance Sheet Items 247
9.6 Composition of Bank Capital 248
9.6.1 Par Value of Stock 248
9.6.2 Surplus 248
9.6.3 Undivided Profits 249
9.6.4 Capital Reserves 249
Contents xiii
9.7 Regulatory Capital Components 249
9.7.1 Capital Components—Banks 249
9.7.2 Capital Components—Bank Holding Companies 251
9.8 Risk Based Capital 252
9.9 Value at Risk (VAR) Models 255
9.10 Composition of Bank Income 256
9.10.1 Interest Income 256
9.10.2 Noninterest Income 257
9.10.3 Extraordinary Gains (Losses) 258
9.11 Composition of Bank Expenses 258
9.11.1 Interest Expense 258
9.11.2 Noninterest Expense 259
9.11.3 Provision for Loan and Lease Losses and Allocated
Transfer Risk 260
9.11.4 Income Taxes 260
9.12 Balance Sheet Analysis Illustration 261
9.12.1 Asset Growth Rates 266
9.12.2 Asset Composition 266
9.12.3 Asset Composition—Peer Group Comparison 266
9.12.4 Liability Growth Rates 267
9.12.5 Liability Composition 267
9.12.6 Liability Composition—Peer Group Comparison 267
9.12.7 Capital Levels and Trends 267
9.13 Income Statement and Profitability Analysis Illustration 267
9.13.1 Overall Income and Expenses 272
9.13.2 Sources of Profitability 272
9.14 Loan Risk Analysis Illustration 273
9.14.1 The Magnified Impact of Loan Losses 273
9.14.2 Delinquent and Classified Loan Analysis 274
9.14.3 Historical Loan Risk Analysis 277
9.15 Liquidity and Investment Portfolio Analysis Illustration 277
9.16 Portfolio Equities Analysis (Realm Model) 278
9.17 Special Bank Holding Company Considerations 278
Chapter 10 Internal Characteristics Assessment 280
10.1 Objectives and Benefits of an Internal Characteristics
Assessment 281
10.2 The Ten P Factor Framework 281
10.2.1 Profits 282
10.2.2 People 283
10.2.3 Personality 285
10.2.4 Physical Distribution 286
10.2.5 Portfolio 287
xiv Contents
10.2.6 Products 287
10.2.7 Processes 288
10.2.8 Property 288
10.2.9 Planning 289
10.2.10 Potential 290
10.3 Shareholder Value Creation 291
10.3.1 Risk Assessment 291
10.3.2 Economic Value Added 291
10.3.3 Balanced Scorecard (BSC) 292
Chapter 11 External Environment Assessment 294
11.1 Impact of External Environment on Value 294
11.2 Sources of Data 294
11.3 Market Wide Versus Small Area Analysis 295
11.4 Demographic Analysis 296
11.5 Economic Analysis 297
11.6 Competitive Analysis 298
Part IV Valuation of Mergers and Acquisitions 301
Chapter 12 The Bank Merger and Acquisition Process 303
12.1 Strategy Phase 303
12.1.1 Overall Strategic Plan 304
12.1.2 Merger and Acquisition Team 305
12.1.3 Merger and Acquisition Plan 306
12.1.4 Candidate Criteria 306
12.1.5 Candidate Identification 307
12.1.6 Candidate Analysis 307
12.1.7 Preliminary Valuation and Financial Feasibility 307
12.2 Negotiation and Investigation Phase 308
12.2.1 Negotiation Strategy 308
12.2.2 Candidate Contact and Preliminary Negotiations 308
12.2.3 Letter of Intent 309
12.2.4 Due Diligence 309
12.3 Finalization and Integration Phase 310
12.3.1 Final Agreement 311
12.3.2 Regulator and Shareholder Approval 311
12.3.3 Final Review 312
12.3.4 Transaction Finalization 313
12.3.5 Integration 313
Chapter 13 Accounting Standards on Mergers and Acquisitions 315
13.1 Accounting for Business Combinations 316
13.2 Alternative Proposals to ED 317
Contents XV
13.3 Potential Impacts of New Accounting Standards on M A
Deals 319
13.3.1 Effect on M A Deals 320
13.3.2 Cash Flow 320
13.3.3 More Efficient M A Deals 321
13.3.4 Impact on Earnings 322
13.4 Empirical Research on the Effects of Accounting Methods for
Business Combinations 322
13.5 Implementation of New Accounting Standards on M A 323
13.5.1 Develop Bank Merger Strategy 323
13.5.2 Examine the Risks Inherent in Mergers 326
13.5.3 Determine How the Proposed Accounting Standards Will
Affect Bank Mergers, Before and After their
Adoption 326
13.5.4 Consider the Appropriate Accounting Treatment of the
Business Combination Transaction 327
13.5.5 Consider the Cash Flow Implications of the Proposed
Accounting Standards 327
13.5.6 Recalculate the Tax Implications of Mergers Under the
New Proposed Accounting Standards 329
13.5.7 Review all of the Above with Independent Bank
Accounting Firms and Tax Advisors 329
13.5.8 Provide Full Disclosure of Merger and Acquisition
Transactions 330
13.5.9 Inform Financial Statement Users about Bank Business
Combinations 330
13.6 Conclusion 330
Chapter 14 Valuing a Bank as a Business Enterprise 333
14.1 Business Enterprise Versus a Collection of Assets 333
14.2 The Concept of the Banking Franchise 334
14.3 Difference Between Strategic and Tactical Valuations 335
14.4 Why the Cost Approach Is Not Used For Strategic Bank
Valuations 336
14.5 Application of the Market Approach to Valuing a Bank 336
14.5.1 Identification of Comparable Transactions 336
14.5.2 Basis of Comparability 337
14.5.3 Publicly Traded Companies as Comparables 337
14.5.4 Value Estimation by Market Approach—
An Example 339
14.5.5 Advantages and Disadvantages of Market Approach 339
14.6 Application of the Income Approach to Valuing a Bank 340
14.6.1 Measuring Available Cash Flow 340
14.6.2 Overview of Income Approach Model 341
xvi Contents
14.6.3 Projection of Key Balance Sheet Items 341
14.6.4 Projection of Income, Expenses, and Available Cash
Flow 342
14.6.5 Value Estimation by Income Approach—An Example 345
14.7 Sensitivity of Value Estimate to Assumption Changes 348
14.8 Value Creation Opportunities and the Acquisition Price 348
14.9 Valuation Methods for Mergers and Acquisitions 351
14.9.1 Income Approach 352
14.9.2 Balance Sheet Approach 354
14.9.3 Market Approach 356
14.10 Sophisticated Valuation Techniques for Mergers and Acquisitions 357
14.10.1 The Capital Asset Pricing Model (CAPM) 358
14.10.2 Accounting Based Valuation Approach
(Ohlson Model) 359
14.11 Relation Between Price and Value and Effect on Stockholders 360
Chapter 15 Valuation of Tangible Bank Assets 363
15.1 Tangible Physical Assets 364
15.2 Tangible Financial Assets 364
15.2.1 Investment Securities Valuation 365
15.2.2 Loan Portfolio Valuation 366
15.2.3 Commercial Loans 367
15.2.4 Consumer Loans 368
15.2.5 Mortgage Loans 368
15.2.6 Lease Financing 369
15.2.7 Nonperforming Loans 369
15.3 Tangible Assets in Bank Mergers and Acquisitions 369
Chapter 16 Core Deposits as a Special Type of Intangible Asset
Valuation 370
16.1 The Concept of Core Deposit Base as an Intangible Asset 370
16.2 Internal Revenue Service Position on Core Deposits 370
16.3 Important Core Deposit Tax Court Cases 371
16.3.1 The Midlantic Case 371
16.3.2 The Bane One Case 371
16.3.3 The AmSouth Case 372
16.3.4 The Citizens Southern Case 374
16.3.5 The Newark Morning Ledger Case 376
16.4 Deposits to be Included in Valuation 377
16.5 Alternative Approaches to Valuing a Core Deposit Base 377
16.5.1 Historical Development Cost Approach 377
16.5.2 Cost Savings Approach 378
16.5.3 Future Income Approach 378
Contents xvii
16.6 Core Deposit Base Life Estimation 379
16.6.1 Historical Retention 379
16.6.2 Projecting Lifing of Acquired Core Deposit Accounts 382
16.7 Application of the Cost Savings Approach 382
16.8 Application of the Future Income Approach 385
16.8.1 Earnings Per Account Calculation 385
16.8.2 Projection of Earnings from Acquired Deposit Base 387
16.8.3 Computation of Deposit Base Value 387
Chapter 17 Derivative Financial Instruments 388
17.1 Authoritative Guidelines on Derivatives 389
17.2 Derivative Markets 390
17.3 Derivatives Risk Management 391
17.4 Derivatives Risk Management Policy 393
17.4.1 The Extent of Derivatives Use 393
17.4.2 Identification and Analysis of All Types of Derivatives 393
17.4.3 Identification and Assessment of Derivative Risk 393
17.5 Accounting of Derivatives 397
17.5.1 Financial and Managerial Impacts of SEAS No. 133 401
17.5.2 How Does This SFAS No. 133 Work? 403
17.5.3 Financial Requirements 403
17.5.4 Disclosure Requirements 404
17.6 Tax Considerations of Derivatives 405
17.7 Audit of Derivative Transactions 406
17.8 Sources of Information on Derivatives 407
17.9 Derivatives Valuation Models 408
17.9.1 Binomial Model 408
17.9.2 Binomial Model—An Illustrative Example 409
17.9.3 The Black Scholes Call Option Valuation Model 409
17.9.4 An Illustrative Example of the Black Scholes Valuation
Formula 410
17.9.5 Digital Contracts for Valuation of Derivatives 411
17.10 Conclusion 411
Chapter 18 Real World Bank Valuation Complications 414
18.1 Banks Experiencing Recent Losses 414
18.2 Banks with Low Equity Capital 418
18.3 Banks with Uncertain Future Loan Loss Exposure 419
18.4 Preferred and Common Stock 420
18.5 Highly Leveraged Banks 420
18.6 Branch Acquisitions 421
18.7 European Banking Model 422
18.8 Initial Public Offering (IPO) 424
|
| any_adam_object | 1 |
| author | Rezaee, Zabihollah |
| author_facet | Rezaee, Zabihollah |
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| bvnumber | BV013960833 |
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| dewey-ones | 332 - Financial economics |
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| dewey-search | 332.1/6 332.1/6 21 |
| dewey-sort | 3332.1 16 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 2. ed. |
| format | Book |
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| geographic | USA |
| geographic_facet | USA |
| id | DE-604.BV013960833 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T18:55:09Z |
| institution | BVB |
| isbn | 0471394491 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-009554246 |
| oclc_num | 247863594 |
| open_access_boolean | |
| owner | DE-92 DE-M382 DE-521 DE-83 |
| owner_facet | DE-92 DE-M382 DE-521 DE-83 |
| physical | XXII, 434 S. |
| publishDate | 2001 |
| publishDateSearch | 2001 |
| publishDateSort | 2001 |
| publisher | Wiley |
| record_format | marc |
| spelling | Rezaee, Zabihollah Verfasser aut Financial institutions, valuations, mergers and acquisitions the fair value approach Zabihollah Rezaee 2. ed. New York [u.a.] Wiley 2001 XXII, 434 S. txt rdacontent n rdamedia nc rdacarrier Fusiones bancarias - Estados Unidos Instituciones financieras - Compra - Estados Unidos Instituciones financieras - Fusiones - Estados Unidos Venta de bancos - Estados Unidos Bank Recht Banks and banking -- Valuation -- United States Bank mergers -- United States Sale of banks -- United States Financial institutions -- Valuation -- United States Financial institutions -- Mergers -- United States Financial institutions -- Purchasing -- United States Consolidation and merger of corporations -- Law and legislation -- United States Finanzdienstleistungsmarkt (DE-588)4302181-5 gnd rswk-swf Bankenkonzentration (DE-588)4144010-9 gnd rswk-swf Mergers and Acquisitions (DE-588)4205916-1 gnd rswk-swf USA Bankenkonzentration (DE-588)4144010-9 s DE-604 Finanzdienstleistungsmarkt (DE-588)4302181-5 s Mergers and Acquisitions (DE-588)4205916-1 s http://www.loc.gov/catdir/description/wiley0310/00046264.html Publisher description http://www.loc.gov/catdir/toc/onix06/00046264.html Table of Contents HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009554246&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Rezaee, Zabihollah Financial institutions, valuations, mergers and acquisitions the fair value approach Fusiones bancarias - Estados Unidos Instituciones financieras - Compra - Estados Unidos Instituciones financieras - Fusiones - Estados Unidos Venta de bancos - Estados Unidos Bank Recht Banks and banking -- Valuation -- United States Bank mergers -- United States Sale of banks -- United States Financial institutions -- Valuation -- United States Financial institutions -- Mergers -- United States Financial institutions -- Purchasing -- United States Consolidation and merger of corporations -- Law and legislation -- United States Finanzdienstleistungsmarkt (DE-588)4302181-5 gnd Bankenkonzentration (DE-588)4144010-9 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd |
| subject_GND | (DE-588)4302181-5 (DE-588)4144010-9 (DE-588)4205916-1 |
| title | Financial institutions, valuations, mergers and acquisitions the fair value approach |
| title_auth | Financial institutions, valuations, mergers and acquisitions the fair value approach |
| title_exact_search | Financial institutions, valuations, mergers and acquisitions the fair value approach |
| title_full | Financial institutions, valuations, mergers and acquisitions the fair value approach Zabihollah Rezaee |
| title_fullStr | Financial institutions, valuations, mergers and acquisitions the fair value approach Zabihollah Rezaee |
| title_full_unstemmed | Financial institutions, valuations, mergers and acquisitions the fair value approach Zabihollah Rezaee |
| title_short | Financial institutions, valuations, mergers and acquisitions |
| title_sort | financial institutions valuations mergers and acquisitions the fair value approach |
| title_sub | the fair value approach |
| topic | Fusiones bancarias - Estados Unidos Instituciones financieras - Compra - Estados Unidos Instituciones financieras - Fusiones - Estados Unidos Venta de bancos - Estados Unidos Bank Recht Banks and banking -- Valuation -- United States Bank mergers -- United States Sale of banks -- United States Financial institutions -- Valuation -- United States Financial institutions -- Mergers -- United States Financial institutions -- Purchasing -- United States Consolidation and merger of corporations -- Law and legislation -- United States Finanzdienstleistungsmarkt (DE-588)4302181-5 gnd Bankenkonzentration (DE-588)4144010-9 gnd Mergers and Acquisitions (DE-588)4205916-1 gnd |
| topic_facet | Fusiones bancarias - Estados Unidos Instituciones financieras - Compra - Estados Unidos Instituciones financieras - Fusiones - Estados Unidos Venta de bancos - Estados Unidos Bank Recht Banks and banking -- Valuation -- United States Bank mergers -- United States Sale of banks -- United States Financial institutions -- Valuation -- United States Financial institutions -- Mergers -- United States Financial institutions -- Purchasing -- United States Consolidation and merger of corporations -- Law and legislation -- United States Finanzdienstleistungsmarkt Bankenkonzentration Mergers and Acquisitions USA |
| url | http://www.loc.gov/catdir/description/wiley0310/00046264.html http://www.loc.gov/catdir/toc/onix06/00046264.html http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009554246&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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