Shareholder value in banking:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Basingstoke [u.a.]
Palgrave Macmillan
2006
|
| Edition: | 1. publ. |
| Series: | Palgrave Macmillan studies in banking and financial institutions
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Includes bibliographical references and index |
| Physical Description: | XVI, 342 S. graph. Darst. |
| ISBN: | 1403996660 9781403996664 |
Staff View
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| 100 | 1 | |a Fiordelisi, Franco |d 1972- |e Verfasser |0 (DE-588)143110926 |4 aut | |
| 245 | 1 | 0 | |a Shareholder value in banking |c Franco Fiordelisi and Philip Molyneux |
| 250 | |a 1. publ. | ||
| 264 | 1 | |a Basingstoke [u.a.] |b Palgrave Macmillan |c 2006 | |
| 300 | |a XVI, 342 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
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| 338 | |b nc |2 rdacarrier | ||
| 490 | 0 | |a Palgrave Macmillan studies in banking and financial institutions | |
| 500 | |a Includes bibliographical references and index | ||
| 650 | 7 | |a Banken (financiële instellingen) |2 gtt | |
| 650 | 7 | |a Bedrijfswaarde |2 gtt | |
| 650 | 7 | |a Taxatie |2 gtt | |
| 650 | 4 | |a Bank | |
| 650 | 4 | |a Banks and banking |x Valuation | |
| 650 | 4 | |a Financial institutions |x Valuation | |
| 650 | 4 | |a Risk management | |
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Record in the Search Index
| _version_ | 1804135251798130688 |
|---|---|
| adam_text | Contents
List of Tables ix
List of Figures xii
About the Authors xiv
Preface xv
1 Why Study Shareholder Value Creation in Banking? 1
Introduction 1
Motivation and key questions 2
Structure of the text 3
2 Economic Objectives of Banks 9
Introduction 9
Economic foundations of the theory of the firm 10
Stakeholder models 13
Shareholder value approach 18
The shareholder value approach in European banking 29
Conclusion 36
3 Shareholder Value a Literature Review 38
Introduction 38
The concept of shareholder value 38
Evolution of Shareholder Value Theory 40
Shareholder value metrics 49
A literature review of empirical studies dealing with 75
shareholder value
Conclusion 94
4 How Banks Create Shareholder Value 95
Introduction 95
Endogenous channels 97
Exogenous channels: financial consolidation 129
Conclusion 144
5 Bank Performance Measures and Shareholder Value 146
Introduction 146
Bank performance measures and shareholder value 147
methodology
Sample description 160
Information content of bank performance measures 163
vii
viii Contents
Measuring shareholder value in Europe 171
Conclusion 191
6 Measuring Shareholder Value Drivers in Banking 194
Introduction 194
Measuring cost efficiency 195
Measuring profit efficiency 218
Measuring productivity changes 223
Measuring customer satisfaction 239
Conclusion 254
7 Determinants of Shareholder Value in European Banking and 256
Shareholder Value Efficiency
Introduction 256
Analysing the determinants of shareholder value 256
The concept of shareholder value efficiency 278
Measuring shareholder value efficiency 281
Conclusion 288
8 Conclusions 289
Limitations 292
Future research 293
Notes 295
References 304
Index 330
List of Tables
2.1 Number of banks in European banking systems between 32
1985 and 2002
2.2 Bank privatisation in Italy (1993 2001) 35
3.1 Discounting cash flow valuation: equity vs. firm valuation 55
3.2 Innovation of performance measures
3.3 FT s European company performance survey: best European 71
sector performers
3.4 FT s European company performance survey: bank sector total 78
shareholder return
3.5 Value relevance literature classified by methodology and 85
motivation
4.1 The percentage of customers at risk of leaving the bank 103
4.2 Studies of the efficiency of banks up to 1997 112
4.3 Restructuring of the banking sector 128
4.4 Merger and acquisition in the main industrial countries 130
4.5 A selection of major domestic bank mergers in Europe 132
4.6 A selection of cross border acquisitions of merchant banks 133
4.7 A selection of cross border acquisitions of commercial banks 133
4.8 Overview of the banking related M A research over the last 140
twenty years
4.9 Cumulated abnormal returns for event studies of the last 142
ten years
5.1 Descriptive statistics sample of European listed banks 161
1996 2002
5.2 The number of listed and non listed banks in the sample by 163
bank ownership
5.3 The relative information content performance measures of 164
European listed banks over the period 1996 2002
5.4 P value of joint F test among all couples of bank performance 166
measures analysed
5.5 The relative information content performance measures of 168
European listed banks over the period 1996 2002
5.6 The incremental information content of EVAbkg in European 169
banking between 1996 and 2002
5.7 Overall mean profits and EVAbkg created over the period 172
1995 2002
5.8 Annual mean levels of EVAbkg between 1995 and 2002 173
5 9 Top thirty EVAbkg creators in UK banking in 2002 177
ix
x List of Tables
5.10 Top thirty EVA^ creators in French banking (in 2002) 181
5.11 Top thirty EVA creators in Italian banking (in 2002) 185
5.12 Top thirty EVA creators in German banking (in 2002) 189
6.1 Number of banks in samples used for estimating efficiency 202
with SFA and DEA
6.2 SFA cost X efficiency mean levels in European banking 204
between 1995 and 2002
6.3 DEA cost efficiency mean levels in European banking 207
between 1995 and 2002
6.4 Alternative profit efficiency scores in European banking 220
between 1995 and 2002
6.5 Sample used for estimating Total Factor Productivity in 227
European banking between 1996 and 2002
6.6 Total Factor Productivity estimates in European banking 229
between 1995 and 2002
6.7 Mean levels of productivity changes between 1995 and 2000 in 240
European banking
6.8 Number of banks in the sample for assessing customer 245
satisfaction in European banking
6.9 Deposits and loans growth rates in European banking between 246
1997 and 2002
7.1 Relative information content of shareholder value drivers 263
analysing European publicly listed banks
7.2 Incremental information content of cost and profit efficiency 266
estimates (using SFA) analysing European listed banks between
1997 and 2002
7.3 Incremental information content of Total Factor Productivity 267
change components analysing European listed banks between
1997 and 2002
7.4 Incremental information content of cost efficiency (using DEA) 268
components analysing European listed banks between 1997
and 2002
7.5 Incremental information content of depositor and borrower 269
satisfaction estimates analysing European listed banks between
1997 and 2002
7.6 Relative information content of shareholder value drivers 271
analysing the overall European sample of listed and non listed
banks
7.7 Incremental information content of cost efficiency (using DEA) 273
components analysing the overall European sample of listed
and non listed banks between 1997 and 2002
7.8 Incremental information content of Total Factor Productivity 274
change components analysing overall European sample of listed
and non listed banks between 1998 and 2002
List of Tables xi
7.9 Incremental information content of cost and profit efficiency 275
estimates (using SFA) analysing the overall European sample
of listed and non listed banks between 1997 and 2002
7.10 Incremental information content of depositor and borrower 276
satisfaction estimates analysing the overall European sample
of listed and non listed banks between 1999 and 2002
7.11 Relative information content of shareholder drivers using the 277
sample of listed and non listed banks: a comparison among
countries
7.12 Number of banks in samples used for estimating efficiency 283
with SFA and DEA
7.13 Shareholder value efficiency scores in European banking 285
between 1995 and 2002
List of Figures
2.1 A possible implementation of the stakeholder approach 14
2.2 The relationship between economic management efficiency 22
effectiveness in perfect markets
2.3 Shareholder value maximisation, customer satisfaction, customer 25
loyalty and competitive position: their relationship in a
competitive market
2.4 The service value chain 28
2.5 Number of banks in European banking systems between 1985 32
and 2002
2.6 Number of branches in European banking systems 32
between 1985 and 2002
2.7 Estimated bank transaction costs (Euro per transaction) 33
3.1 The Porter 11980) five forces model 47
3.2 Porter s value chain 48
3.3 ROE decomposition in banking 52
3.4 Cash flow return on investment 58
3.5 Performance measures and risk adjusted performance measures 59
3.6 Market value added and market value of capital 60
3.7 EVA spectrum 67
3.8 Assessing corporate performance using DCF 72
4.1 The creation of shareholder value: drivers, actions, strategies 96
4.2 The shareholder value endogenous strategies 97
4.3 Customer satisfaction 100
4.4 Customer satisfaction, intangible assets and shareholder value 103
4.5 A customer satisfaction model for retail banking 105
4.6 Some causes of poor customer satisfaction in commercial 106
banking
4.7 Non interest income of European banks during the 1990s 125
4.8 Bank s supply: diversification vs. core business strategies 126
5.1 The incremental information content: EVA and its 157
components
5.2 Independent variables: flow and stock values 159
5. Return on equity and EVAbkg on capital invested in UK banking 176
between 1995 and 2002
5.4 Return on equity and EVAbk)! on capital invested in French 179
banking between 1995 and 2002
5.5 Return on equity and EVA on capital invested in Italian banking 184
between 1995 and 2002
xii
List of Figures xiii
5.6 Return on equity and EVA on capital invested in German 188
banking between 1995 and 2002
6.1 Inputs and outputs used in estimating cost efficiency in 197
European banking
6.2 Inputs and outputs used for estimating alternative profit 219
efficiency
6.3 A graphical example of firm productivity and efficiency 224
6.4 Inputs and outputs for estimating Total Factor Productivity 226
change in European banking between 1995 and 2002
6.5 Total Factor Productivity change over the period 1995 2002 in 236
European banking
6.6 Cumulative Total Factor Productivity estimates in European 238
banking between 1995 and 2002
6.7 The chain of customer satisfaction indicators in banking 241
6.8 The relationship between customer satisfaction and bank sales 243
7.1 Outline of the relationship between shareholder value and its 257
determinants in banking
7.2 Determinants of shareholder value analysed 258
7.3 Inputs and outputs used for estimating alternative shareholder 282
value efficiency
|
| adam_txt |
Contents
List of Tables ix
List of Figures xii
About the Authors xiv
Preface xv
1 Why Study Shareholder Value Creation in Banking? 1
Introduction 1
Motivation and key questions 2
Structure of the text 3
2 Economic Objectives of Banks 9
Introduction 9
Economic foundations of the theory of the firm 10
Stakeholder models 13
Shareholder value approach 18
The shareholder value approach in European banking 29
Conclusion 36
3 Shareholder Value a Literature Review 38
Introduction 38
The concept of shareholder value 38
Evolution of Shareholder Value Theory 40
Shareholder value metrics 49
A literature review of empirical studies dealing with 75
shareholder value
Conclusion 94
4 How Banks Create Shareholder Value 95
Introduction 95
Endogenous channels 97
Exogenous channels: financial consolidation 129
Conclusion 144
5 Bank Performance Measures and Shareholder Value 146
Introduction 146
Bank performance measures and shareholder value 147
methodology
Sample description 160
Information content of bank performance measures 163
vii
viii Contents
Measuring shareholder value in Europe 171
Conclusion 191
6 Measuring Shareholder Value Drivers in Banking 194
Introduction 194
Measuring cost efficiency 195
Measuring profit efficiency 218
Measuring productivity changes 223
Measuring customer satisfaction 239
Conclusion 254
7 Determinants of Shareholder Value in European Banking and 256
Shareholder Value Efficiency
Introduction 256
Analysing the determinants of shareholder value 256
The concept of shareholder value efficiency 278
Measuring shareholder value efficiency 281
Conclusion 288
8 Conclusions 289
Limitations 292
Future research 293
Notes 295
References 304
Index 330
List of Tables
2.1 Number of banks in European banking systems between 32
1985 and 2002
2.2 Bank privatisation in Italy (1993 2001) 35
3.1 Discounting cash flow valuation: equity vs. firm valuation 55
3.2 Innovation of performance measures
3.3 FT's European company performance survey: best European 71
sector performers
3.4 FT's European company performance survey: bank sector total 78
shareholder return
3.5 Value relevance literature classified by methodology and 85
motivation
4.1 The percentage of customers at risk of leaving the bank 103
4.2 Studies of the efficiency of banks up to 1997 112
4.3 Restructuring of the banking sector 128
4.4 Merger and acquisition in the main industrial countries 130
4.5 A selection of major domestic bank mergers in Europe 132
4.6 A selection of cross border acquisitions of merchant banks 133
4.7 A selection of cross border acquisitions of commercial banks 133
4.8 Overview of the banking related M A research over the last 140
twenty years
4.9 Cumulated abnormal returns for event studies of the last 142
ten years
5.1 Descriptive statistics sample of European listed banks 161
1996 2002
5.2 The number of listed and non listed banks in the sample by 163
bank ownership
5.3 The relative information content performance measures of 164
European listed banks over the period 1996 2002
5.4 P value of joint F test among all couples of bank performance 166
measures analysed
5.5 The relative information content performance measures of 168
European listed banks over the period 1996 2002
5.6 The incremental information content of EVAbkg in European 169
banking between 1996 and 2002
5.7 Overall mean profits and EVAbkg created over the period 172
1995 2002
5.8 Annual mean levels of EVAbkg between 1995 and 2002 173
5 9 Top thirty EVAbkg creators in UK banking in 2002 177
ix
x List of Tables
5.10 Top thirty EVA^ creators in French banking (in 2002) 181
5.11 Top thirty EVA creators in Italian banking (in 2002) 185
5.12 Top thirty EVA creators in German banking (in 2002) 189
6.1 Number of banks in samples used for estimating efficiency 202
with SFA and DEA
6.2 SFA cost X efficiency mean levels in European banking 204
between 1995 and 2002
6.3 DEA cost efficiency mean levels in European banking 207
between 1995 and 2002
6.4 Alternative profit efficiency scores in European banking 220
between 1995 and 2002
6.5 Sample used for estimating Total Factor Productivity in 227
European banking between 1996 and 2002
6.6 Total Factor Productivity estimates in European banking 229
between 1995 and 2002
6.7 Mean levels of productivity changes between 1995 and 2000 in 240
European banking
6.8 Number of banks in the sample for assessing customer 245
satisfaction in European banking
6.9 Deposits and loans growth rates in European banking between 246
1997 and 2002
7.1 Relative information content of shareholder value drivers 263
analysing European publicly listed banks
7.2 Incremental information content of cost and profit efficiency 266
estimates (using SFA) analysing European listed banks between
1997 and 2002
7.3 Incremental information content of Total Factor Productivity 267
change components analysing European listed banks between
1997 and 2002
7.4 Incremental information content of cost efficiency (using DEA) 268
components analysing European listed banks between 1997
and 2002
7.5 Incremental information content of depositor and borrower 269
satisfaction estimates analysing European listed banks between
1997 and 2002
7.6 Relative information content of shareholder value drivers 271
analysing the overall European sample of listed and non listed
banks
7.7 Incremental information content of cost efficiency (using DEA) 273
components analysing the overall European sample of listed
and non listed banks between 1997 and 2002
7.8 Incremental information content of Total Factor Productivity 274
change components analysing overall European sample of listed
and non listed banks between 1998 and 2002
List of Tables xi
7.9 Incremental information content of cost and profit efficiency 275
estimates (using SFA) analysing the overall European sample
of listed and non listed banks between 1997 and 2002
7.10 Incremental information content of depositor and borrower 276
satisfaction estimates analysing the overall European sample
of listed and non listed banks between 1999 and 2002
7.11 Relative information content of shareholder drivers using the 277
sample of listed and non listed banks: a comparison among
countries
7.12 Number of banks in samples used for estimating efficiency 283
with SFA and DEA
7.13 Shareholder value efficiency scores in European banking 285
between 1995 and 2002
List of Figures
2.1 A possible implementation of the stakeholder approach 14
2.2 The relationship between economic management efficiency 22
effectiveness in perfect markets
2.3 Shareholder value maximisation, customer satisfaction, customer 25
loyalty and competitive position: their relationship in a
competitive market
2.4 The service value chain 28
2.5 Number of banks in European banking systems between 1985 32
and 2002
2.6 Number of branches in European banking systems 32
between 1985 and 2002
2.7 Estimated bank transaction costs (Euro per transaction) 33
3.1 The Porter 11980) five forces model 47
3.2 Porter's value chain 48
3.3 ROE decomposition in banking 52
3.4 Cash flow return on investment 58
3.5 Performance measures and risk adjusted performance measures 59
3.6 Market value added and market value of capital 60
3.7 EVA spectrum 67
3.8 Assessing corporate performance using DCF 72
4.1 The creation of shareholder value: drivers, actions, strategies 96
4.2 The shareholder value endogenous strategies 97
4.3 Customer satisfaction 100
4.4 Customer satisfaction, intangible assets and shareholder value 103
4.5 A customer satisfaction model for retail banking 105
4.6 Some causes of poor customer satisfaction in commercial 106
banking
4.7 Non interest income of European banks during the 1990s 125
4.8 Bank's supply: diversification vs. core business strategies 126
5.1 The incremental information content: EVA and its 157
components
5.2 Independent variables: flow and stock values 159
5. ' Return on equity and EVAbkg on capital invested in UK banking 176
between 1995 and 2002
5.4 Return on equity and EVAbk)! on capital invested in French 179
banking between 1995 and 2002
5.5 Return on equity and EVA on capital invested in Italian banking 184
between 1995 and 2002
xii
List of Figures xiii
5.6 Return on equity and EVA on capital invested in German 188
banking between 1995 and 2002
6.1 Inputs and outputs used in estimating cost efficiency in 197
European banking
6.2 Inputs and outputs used for estimating alternative profit 219
efficiency
6.3 A graphical example of firm productivity and efficiency 224
6.4 Inputs and outputs for estimating Total Factor Productivity 226
change in European banking between 1995 and 2002
6.5 Total Factor Productivity change over the period 1995 2002 in 236
European banking
6.6 Cumulative Total Factor Productivity estimates in European 238
banking between 1995 and 2002
6.7 The chain of customer satisfaction indicators in banking 241
6.8 The relationship between customer satisfaction and bank sales 243
7.1 Outline of the relationship between shareholder value and its 257
determinants in banking
7.2 Determinants of shareholder value analysed 258
7.3 Inputs and outputs used for estimating alternative shareholder 282
value efficiency |
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| author | Fiordelisi, Franco 1972- |
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| building | Verbundindex |
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| callnumber-subject | HG - Finance |
| classification_rvk | QK 300 |
| ctrlnum | (OCoLC)61529849 (DE-599)BVBBV021513958 |
| dewey-full | 332.1/20681 332.120681 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
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| dewey-search | 332.1/20681 332.120681 |
| dewey-sort | 3332.1 520681 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | 1. publ. |
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| geographic | Europa (DE-588)4015701-5 gnd |
| geographic_facet | Europa |
| id | DE-604.BV021513958 |
| illustrated | Illustrated |
| index_date | 2024-07-02T14:19:49Z |
| indexdate | 2024-07-09T20:37:32Z |
| institution | BVB |
| isbn | 1403996660 9781403996664 |
| language | English |
| lccn | 2005044625 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-014730538 |
| oclc_num | 61529849 |
| open_access_boolean | |
| owner | DE-703 DE-188 |
| owner_facet | DE-703 DE-188 |
| physical | XVI, 342 S. graph. Darst. |
| publishDate | 2006 |
| publishDateSearch | 2006 |
| publishDateSort | 2006 |
| publisher | Palgrave Macmillan |
| record_format | marc |
| series2 | Palgrave Macmillan studies in banking and financial institutions |
| spelling | Fiordelisi, Franco 1972- Verfasser (DE-588)143110926 aut Shareholder value in banking Franco Fiordelisi and Philip Molyneux 1. publ. Basingstoke [u.a.] Palgrave Macmillan 2006 XVI, 342 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Palgrave Macmillan studies in banking and financial institutions Includes bibliographical references and index Banken (financiële instellingen) gtt Bedrijfswaarde gtt Taxatie gtt Bank Banks and banking Valuation Financial institutions Valuation Risk management Bank (DE-588)4004436-1 gnd rswk-swf Management (DE-588)4037278-9 gnd rswk-swf Shareholder-Value-Analyse (DE-588)4353913-0 gnd rswk-swf Europa (DE-588)4015701-5 gnd rswk-swf Europa (DE-588)4015701-5 g Bank (DE-588)4004436-1 s Management (DE-588)4037278-9 s Shareholder-Value-Analyse (DE-588)4353913-0 s DE-188 Molyneux, Philip 1959- Sonstige (DE-588)129735396 oth HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014730538&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Fiordelisi, Franco 1972- Shareholder value in banking Banken (financiële instellingen) gtt Bedrijfswaarde gtt Taxatie gtt Bank Banks and banking Valuation Financial institutions Valuation Risk management Bank (DE-588)4004436-1 gnd Management (DE-588)4037278-9 gnd Shareholder-Value-Analyse (DE-588)4353913-0 gnd |
| subject_GND | (DE-588)4004436-1 (DE-588)4037278-9 (DE-588)4353913-0 (DE-588)4015701-5 |
| title | Shareholder value in banking |
| title_auth | Shareholder value in banking |
| title_exact_search | Shareholder value in banking |
| title_exact_search_txtP | Shareholder value in banking |
| title_full | Shareholder value in banking Franco Fiordelisi and Philip Molyneux |
| title_fullStr | Shareholder value in banking Franco Fiordelisi and Philip Molyneux |
| title_full_unstemmed | Shareholder value in banking Franco Fiordelisi and Philip Molyneux |
| title_short | Shareholder value in banking |
| title_sort | shareholder value in banking |
| topic | Banken (financiële instellingen) gtt Bedrijfswaarde gtt Taxatie gtt Bank Banks and banking Valuation Financial institutions Valuation Risk management Bank (DE-588)4004436-1 gnd Management (DE-588)4037278-9 gnd Shareholder-Value-Analyse (DE-588)4353913-0 gnd |
| topic_facet | Banken (financiële instellingen) Bedrijfswaarde Taxatie Bank Banks and banking Valuation Financial institutions Valuation Risk management Management Shareholder-Value-Analyse Europa |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014730538&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT fiordelisifranco shareholdervalueinbanking AT molyneuxphilip shareholdervalueinbanking |