Banks and shareholder value: an overview of bank valuation and empirical evidence on shareholder value for banks
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
Wiesbaden
Dt. Univ.-Verl.
2006
|
| Ausgabe: | 1. Aufl. |
| Schriftenreihe: | Gabler Edition Wissenschaft
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis Klappentext |
| Beschreibung: | XXVI, 277 S. graph. Darst. 210 mm x 148 mm |
| ISBN: | 3835004336 9783835004337 |
Internformat
MARC
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Datensatz im Suchindex
| _version_ | 1804136273201332224 |
|---|---|
| adam_text | Table
Table of Contents
List of Figures
List of Tables
List of Abbreviations
List of Symbols
I. Introduction
II. How to measure the shareholder value of banks?
II.
11.2 Overview of bank valuation literature
11.
11.3.1 Definition and business structure of banks
11.3.1.1
11.
11.
11.
11.
11.
11.
11.4.
11.4.2 Asset-oriented approaches
11.4.3 Cash flow-oriented approaches
И.4.4
Xjy Table
II.4.5
II.
11.5.1 Definition of a performance measure
11.5.1.1
11.5.1.1.1
11.5.
11.5.
11.
11.
11.5.2.
11.
11.5.2.3 Forecast method
11.
11.
11.5.3.2 Residual income approaches
11.
11.
11.5.4.2 Arbitrage Pricing Theory
11.
11.5.4.4 Discussion
11.5.5 Valuation of business units
11.5.5.1 Definition of business units
11.
11.
11.5.
11.5.5.3 Estimation ofthe business unit-specific cost of equity
11.
Table
П.
HI. Empirical relevance of shareholder value for banks
III.
Ш.2
III.3 Data and methodology
111.3.1 Data
111.3.1.1
111.3
IH.3.1.3 Sample coverage
111.3.2 Residual income model
III.3.2.1 Structure of the model
Ш.3.2.2
111.3.2.3 Calculation of economic equity
111.3.2.4 Calculation of residual income
Ш.З.З
Ш.3.4
III.3.4.1 Use of the Capital Asset Pricing Model
HI.3.4.2 Estimation of risk-free rate
111.3.4.3 Estimation of market risk premium
111.3.4.4 Estimation of systematic risk
Ш.4
111.4.1 Descriptive results
111.4.2 Residual income vs. discounted dividend value estimates
Ш.4.2.1
HI.4.2.2 Explanatory value of the value estimates
XVI Table of
IH.4.2.3
Ш.4.3
111.
Ш.5.1
111.
111.
Ш.5.3.1
Ш.5.3.2
111.
111.
111.
111.
111.
III.6.
Ш.6.2
Ш.6.3
III.6.4 Discussion
111.7
IV. Value drivers of retail banks
IV.
I V.2 Derivation of value driver model for banks
I V.3 Data and methodology
IV.3.1 Data
I V.3.1.1 Data set used
Table
IV
IV.3.1.3 Representativeness of the data set
IV.3.2 Estimation of intrinsic value
IV.3.2.1 Definition of residual income
IV.3
IV.3.2.
IV.3.3 Model structure
IV.3.3.1 Basic model
IV.3.3.2 Model specification
IV.3.3.3 Fit of model specifications
IV.4 Empirical results
IV.4.1 Descriptive statistics
IV
IV
IV.4.2.2 Branch structure
IV.4.2.3 Cost efficiency
IV.4.2.4 Risk capabilities
IV.4.3 Discussion
IV.5 Conclusions
References
Appendices
In the German banking sector, management is continually
increasing its focus on shareholder interests. This can be
seen in the ambitious profitability targets set by manage¬
ment in this sector. Some municipalities are also putting
increasing pressure on Landesbanks and saving banks, as
members of the largest German banking group, to create
greater financial value.
The increasing importance of shareholder value in the
banking sector poses a number of questions that are of
interest from a scientific perspective. Stephanie Gross
analyses three sets of these questions:
•
be measured in banking? Does the banking sector have
any special features that need to be taken into con¬
sideration when measuring this?
•
expected shareholder value creation? Which factors
are responsible for systematic deviations between the
intrinsic value of a bank and the market value of a bank?
•
bank managers should focus on in order to increase
shareholder value?
This book is essential reading for researchers and stu¬
dents in the fields of economics and business administra¬
tion with concentration in finance. It is also of interest to
executives of banks and financial institutions.
|
| adam_txt |
Table
Table of Contents
List of Figures
List of Tables
List of Abbreviations
List of Symbols
I. Introduction
II. How to measure the shareholder value of banks?
II.
11.2 Overview of bank valuation literature
11.
11.3.1 Definition and business structure of banks
11.3.1.1
11.
11.
11.
11.
11.
11.
11.4.
11.4.2 Asset-oriented approaches
11.4.3 Cash flow-oriented approaches
И.4.4
Xjy Table
II.4.5
II.
11.5.1 Definition of a performance measure
11.5.1.1
11.5.1.1.1
11.5.
11.5.
11.
11.
11.5.2.
11.
11.5.2.3 Forecast method
11.
11.
11.5.3.2 Residual income approaches
11.
11.
11.5.4.2 Arbitrage Pricing Theory
11.
11.5.4.4 Discussion
11.5.5 Valuation of business units
11.5.5.1 Definition of business units
11.
11.
11.5.
11.5.5.3 Estimation ofthe business unit-specific cost of equity
11.
Table
П.
HI. Empirical relevance of shareholder value for banks
III.
Ш.2
III.3 Data and methodology
111.3.1 Data
111.3.1.1
111.3
IH.3.1.3 Sample coverage
111.3.2 Residual income model
III.3.2.1 Structure of the model
Ш.3.2.2
111.3.2.3 Calculation of economic equity
111.3.2.4 Calculation of residual income
Ш.З.З
Ш.3.4
III.3.4.1 Use of the Capital Asset Pricing Model
HI.3.4.2 Estimation of risk-free rate
111.3.4.3 Estimation of market risk premium
111.3.4.4 Estimation of systematic risk
Ш.4
111.4.1 Descriptive results
111.4.2 Residual income vs. discounted dividend value estimates
Ш.4.2.1
HI.4.2.2 Explanatory value of the value estimates
XVI Table of
IH.4.2.3
Ш.4.3
111.
Ш.5.1
111.
111.
Ш.5.3.1
Ш.5.3.2
111.
111.
111.
111.
111.
III.6.
Ш.6.2
Ш.6.3
III.6.4 Discussion
111.7
IV. Value drivers of retail banks
IV.
I V.2 Derivation of value driver model for banks
I V.3 Data and methodology
IV.3.1 Data
I V.3.1.1 Data set used
Table
IV
IV.3.1.3 Representativeness of the data set
IV.3.2 Estimation of intrinsic value
IV.3.2.1 Definition of residual income
IV.3
IV.3.2.
IV.3.3 Model structure
IV.3.3.1 Basic model
IV.3.3.2 Model specification
IV.3.3.3 Fit of model specifications
IV.4 Empirical results
IV.4.1 Descriptive statistics
IV
IV
IV.4.2.2 Branch structure
IV.4.2.3 Cost efficiency
IV.4.2.4 Risk capabilities
IV.4.3 Discussion
IV.5 Conclusions
References
Appendices
In the German banking sector, management is continually
increasing its focus on shareholder interests. This can be
seen in the ambitious profitability targets set by manage¬
ment in this sector. Some municipalities are also putting
increasing pressure on Landesbanks and saving banks, as
members of the largest German banking group, to create
greater financial value.
The increasing importance of shareholder value in the
banking sector poses a number of questions that are of
interest from a scientific perspective. Stephanie Gross
analyses three sets of these questions:
•
be measured in banking? Does the banking sector have
any special features that need to be taken into con¬
sideration when measuring this?
•
expected shareholder value creation? Which factors
are responsible for systematic deviations between the
intrinsic value of a bank and the market value of a bank?
•
bank managers should focus on in order to increase
shareholder value?
This book is essential reading for researchers and stu¬
dents in the fields of economics and business administra¬
tion with concentration in finance. It is also of interest to
executives of banks and financial institutions. |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Gross, Stephanie 1977- |
| author_GND | (DE-588)132538784 |
| author_facet | Gross, Stephanie 1977- |
| author_role | aut |
| author_sort | Gross, Stephanie 1977- |
| author_variant | s g sg |
| building | Verbundindex |
| bvnumber | BV022269670 |
| classification_rvk | QK 300 |
| ctrlnum | (OCoLC)635155178 (DE-599)BVBBV022269670 |
| dewey-full | 332.1 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.1 |
| dewey-search | 332.1 |
| dewey-sort | 3332.1 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | 1. Aufl. |
| format | Thesis Book |
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| genre_facet | Hochschulschrift |
| id | DE-604.BV022269670 |
| illustrated | Illustrated |
| index_date | 2024-07-02T16:45:45Z |
| indexdate | 2024-07-09T20:53:47Z |
| institution | BVB |
| isbn | 3835004336 9783835004337 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-015480180 |
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| physical | XXVI, 277 S. graph. Darst. 210 mm x 148 mm |
| publishDate | 2006 |
| publishDateSearch | 2006 |
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| publisher | Dt. Univ.-Verl. |
| record_format | marc |
| series2 | Gabler Edition Wissenschaft |
| spelling | Gross, Stephanie 1977- Verfasser (DE-588)132538784 aut Banks and shareholder value an overview of bank valuation and empirical evidence on shareholder value for banks Stephanie Gross 1. Aufl. Wiesbaden Dt. Univ.-Verl. 2006 XXVI, 277 S. graph. Darst. 210 mm x 148 mm txt rdacontent n rdamedia nc rdacarrier Gabler Edition Wissenschaft Zugl.: Frankfurt (Main), Univ., Diss., 2005 Shareholder-Value-Analyse (DE-588)4353913-0 gnd rswk-swf Bank (DE-588)4004436-1 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Bank (DE-588)4004436-1 s Shareholder-Value-Analyse (DE-588)4353913-0 s DE-604 Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015480180&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015480180&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext |
| spellingShingle | Gross, Stephanie 1977- Banks and shareholder value an overview of bank valuation and empirical evidence on shareholder value for banks Shareholder-Value-Analyse (DE-588)4353913-0 gnd Bank (DE-588)4004436-1 gnd |
| subject_GND | (DE-588)4353913-0 (DE-588)4004436-1 (DE-588)4113937-9 |
| title | Banks and shareholder value an overview of bank valuation and empirical evidence on shareholder value for banks |
| title_auth | Banks and shareholder value an overview of bank valuation and empirical evidence on shareholder value for banks |
| title_exact_search | Banks and shareholder value an overview of bank valuation and empirical evidence on shareholder value for banks |
| title_exact_search_txtP | Banks and shareholder value an overview of bank valuation and empirical evidence on shareholder value for banks |
| title_full | Banks and shareholder value an overview of bank valuation and empirical evidence on shareholder value for banks Stephanie Gross |
| title_fullStr | Banks and shareholder value an overview of bank valuation and empirical evidence on shareholder value for banks Stephanie Gross |
| title_full_unstemmed | Banks and shareholder value an overview of bank valuation and empirical evidence on shareholder value for banks Stephanie Gross |
| title_short | Banks and shareholder value |
| title_sort | banks and shareholder value an overview of bank valuation and empirical evidence on shareholder value for banks |
| title_sub | an overview of bank valuation and empirical evidence on shareholder value for banks |
| topic | Shareholder-Value-Analyse (DE-588)4353913-0 gnd Bank (DE-588)4004436-1 gnd |
| topic_facet | Shareholder-Value-Analyse Bank Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015480180&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015480180&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
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