Banks and shareholder value: an overview of bank valuation and empirical evidence on shareholder value for banks
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| Format: | Thesis Electronic eBook |
| Language: | English |
| Published: |
Wiesbaden
Dt. Univ.-Verl.
2006
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| Edition: | 1. Aufl. |
| Series: | Gabler Edition Wissenschaft
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| Subjects: | |
| Online Access: | BTU01 FHM01 FHR01 UBG01 UBR01 UBT01 UBY01 UEI03 UPA01 Volltext Inhaltsverzeichnis |
| Physical Description: | 1 Online-Ressource |
| ISBN: | 9783835004337 9783835092785 |
| DOI: | 10.1007/978-3-8350-9278-5 |
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| 245 | 1 | 0 | |a Banks and shareholder value |b an overview of bank valuation and empirical evidence on shareholder value for banks |c Stephanie Gross |
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Record in the Search Index
| _version_ | 1804137265131159552 |
|---|---|
| adam_text | Summary of Contents XI
Summary of Contents
Table of Contents XIII
List of Figures XIX
List of Tables XXI
Lists of Abbreviations XXIII
List of Symbols XXV
I. Introduction 1
II. How to measure the shareholder value of banks? 9
II. 1 Motivation and key research questions 9
11.2 Overview of bank valuation literature 12
11.3 Bank specifics in the context of valuation 18
11.4 Valuation methods and their applicability to banks 29
11.5 Measuring the shareholder value of banks 48
11.6 Conclusions and outlook 98
III. Empirical relevance of shareholder value for banks 101
III. 1 Motivation and key research questions 101
111.2 Overview of existing research 106
111.3 Data and methodology 112
111.4 Accuracy and explanatory value of residual income value estimates 136
III. 5 Determinants of the prediction error 145
111.6 Sensitivity analyses 166
111.7 Conclusions 173
IV. Value drivers of retail banks 175
IV. 1 Motivation and key research questions 175
IV.2 Derivation of value driver model for banks 177
IV.3 Data and methodology 182
IV.4 Empirical results 202
IV.5 Conclusions 220
References 223
Appendices 235
Table of Contents XIII
Table of Contents
List of Figures XIX
List of Tables XXI
List of Abbreviations XXIII
List of Symbols XXV
I. Introduction 1
II. How to measure the shareholder value of banks? 9
II. 1 Motivation and key research questions 9
11.2 Overview of bank valuation literature 12
11.3 Bank specifics in the context of valuation 18
11.3.1 Definition and business structure of banks 18
11.3.1.1 Definition of banks 18
11.3.1.2 Analysis of the balance sheet and income statement 19
11.3.2 Value relevant specifics of banks 22
11.3.2.1 Specific role of financing and risk taking 22
11.3.2.2 Bank specific laws and regulations 25
H.3.2.3 Specifics of the operating business 27
11.4 Valuation methods and their applicability to banks 29
11.4.1 Market oriented approaches 29
11.4.2 Asset oriented approaches 34
H.4.3 Cash flow oriented approaches 36
H.4.4 Residual income oriented approaches 39
Xjy Table of Contents
II.4.5 Discussion 44
II.5 Measuring the shareholder value of banks 48
11.5.1 Definition of a performance measure 48
11.5.1.1 Cash flow to equity 48
11.5.1.1.1 Use of the indirect approach 48
11.5.1.1.2 Derivation of free cash flow to equity 51
11.5.1.1.3 Estimation of reinvestments 56
11.5.1.2 Residual income 58
11.5.2 Forecasting of future prospects 65
U.S.2.1 Specifics in bank planning 65
11.5.2.2 Forecast horizon 67
11.5.2.3 Forecast method 70
11.5.3 Determination of terminal value 71
11.5.3.1 Cash flow oriented approaches 71
11.5.3.2 Residual income approaches 74
11.5.4 Estimating the cost of equity 76
11.5.4.1 Capital Asset Pricing Model 76
11.5.4.2 Arbitrage Pricing Theory 81
11.5.4.3 Alternative approaches 83
11.5.4.4 Discussion 84
11.5.5 Valuation of business units 85
11.5.5.1 Definition of business units 86
11.5.5.2 Definition of a business unit specific performance measure 87
11.5.5.2.1 Allocation of interest income using funds transfer pricing 88
11.5.5.2.2 Allocation of overhead costs 91
11.5.5.3 Estimation of the business unit specific cost of equity 92
11.5.6 Discussion 93
Table of Contents XV
II.6 Conclusions and outlook 98
III. Empirical relevance of shareholder value for banks 101
III. 1 Motivation and key research questions 101
111.2 Overview of existing research 106
111.3 Data and methodology 112
111.3.1 Data 112
111.3.1.1 Data set used 112
111.3.1.2 Sample characteristics 113
111.3.1.3 Sample coverage 117
111.3.2 Residual income model 119
111.3.2.1 Structure of the model 119
111.3.2.2 Potential adjustments to accounting variables 123
111.3.2.3 Calculation of economic equity 126
111.3.2.4 Calculation of residual income 126
111.3.3 Discounted dividend model 128
111.3.4 Estimation of cost of equity 130
111.3.4.1 Use of the Capital Asset Pricing Model 130
111.3.4.2 Estimation of risk free rate 131
111.3.4.3 Estimation of market risk premium 133
111.3.4.4 Estimation of systematic risk 134
111.4 Accuracy and explanatory value of residual income value estimates 136
111.4.1 Descriptive results 136
111.4.2 Residual income vs. discounted dividend value estimates 138
IH.4.2.1 Accuracy of the value estimates 138
IH.4.2.2 Explanatory value of the value estimates 140
XVI Table of Contents
III.4.2.3 Robustness of the results 141
III.4.3 Comparison to prior research on industrial companies 143
III.5 Determinants of the prediction error 145
III.5.1 Hypotheses 145
HI.5.2 Descriptive statistics of results 147
111.5.3 Regression analysis 154
111.5.3.1 Basic model specification and methodological approach 154
111.5.3.2 Application of the pooled regression model and results 157
111.5.3.3 Application of the between effects model and results 158
111.5.3.4 Application of the fixed effects model and results 159
111.5.3.5 Application of the random effects model 162
111.5.4 Discussion 162
111.6 Sensitivity analyses 166
111.6.1 Alternative specifications of cost of equity parameters 166
111.6.2 Alternative adjustments of accounting variables 168
111.6.3 Alternative specification of decay rate in Phase 2 170
111.6.4 Discussion 171
111.7 Conclusions 173
IV. Value drivers of retail banks 175
IV. 1 Motivation and key research questions 175
IV.2 Derivation of value driver model for banks 177
IV.3 Data and methodology 182
IV.3.1 Data 182
IV.3.1.1 Data set used 182
Table of Contents XVII
IV.3.1.2 Sample characteristics 183
IV.3.1.3 Representativeness of the data set 186
IV.3.2 Estimation of intrinsic value 187
IV.3.2.1 Definition of residual income 187
IV.3.2.2 Estimation of cost of equity 188
IV.3.2.3 Definition of accounting variables 191
IV.3.3 Model structure 193
IV.3.3.1 Basic model 193
IV.3.3.2 Model specification 196
IV.3.3.3 Fit of model specifications 198
IV.4 Empirical results 202
IV.4.1 Descriptive statistics 202
IV.4.2 Regression results 207
IV.4.2.1 Business mix 207
IV.4.2.2 Branch structure 209
IV.4.2.3 Cost efficiency 212
IV.4.2.4 Risk capabilities 215
IV.4.3 Discussion 217
IV.5 Conclusions 220
References 223
Appendices 235
List of Figures XIX
List of Figures
Figure II l: Assessment of valuation models for banks 46
Figure II 2: Components of consolidated financial statements 50
Figure II 3: Derivation of Free Cash Flow to Equity for banks 52
Figure II 4: Accounting adjustments to bank residual income 60
Figure II 5: Forecast horizon for banks using a DCF approach 69
Figure II 6: Allocation of interest income using funds transfer pricing 89
Figure II 7: Key adjustments to DCF and residual income models for banks 94
Figure III l: Model design 103
Figure III 2: Outline of analysis 104
Figure III 3: Research on market value and economic performance 107
Figure III 4: Development of return Total sample vs. DS World Banks 114
Figure III 5: Characteristics of the sample by region 115
Figure III 6: Characteristics of the sample by bank type 116
Figure III 7: Sample coverage of DS banking indices 118
Figure III 8: Structure of the model 121
Figure III 9: Dispersion of prediction error Mean = 0 142
Figure 111 10: Prediction error by region 147
Figure III l 1: Prediction error by bank type 149
Figure 111 12: Prediction error by bank size 150
Figure 10 13: Prediction error by ROE 151
XX List of Figures
Figure 111 14: Prediction error by year 152
Figure IH 15: Development of prediction error by region 153
Figure III 16: Assessment of hypotheses 163
Figure 111 17: Overview of sensitivity analyses 171
Figure IV 1: Types of value drivers and examples 177
Figure IV 2: Value metrics framework 179
Figure IV 3: Value driver tree for retail banks 180
Figure IV 4: Sample characteristics Universal Banks vs. Savings Banks 184
Figure IV 5: Sample characteristics by year 185
Figure IV 6: Structure of regression models 193
Figure IV 7: Development of RIOE by year 203
Figure IV 8: Mean values of variables by sample 204
Figure IV 9: Mean values of variables over time 206
Figure IV 10: Overview of regression results 217
List of Tables XXI
List of Tables
Table II 1: Overview of bank specific valuation literature 14
Table II 2: Overview of empirical studies on bank shareholder value 16
Table II 3: Structure of the balance sheet of banks vs. non banks 20
Table II 4: Structure of the income statement of banks vs. non banks 22
Table III 1: Overview of empirical evidence on performance indicators 109
Table III 2: Descriptive statistics of sample characteristics 113
Table III 3: Descriptive statistics of prediction error 136
Table III 4: Prediction error Residual income vs. discounted dividend model 138
Table III 5: Regressions of market value on value estimates 140
Table III 6: Comparison of results with prior research 144
Table III 7: Overview of independent variables 155
Table III 8: Sensitivity of IV to changes in beta methodology 166
Table III 9: Sensitivity of IV to changes in assumed risk premium 167
Table 111 10: Sensitivity of IV to accounting adjustments 168
Table III l 1: Sensitivity of IV to decay rate assumption 170
Table IV 1: Descriptive statistics of sample characteristics Total sample 183
Table IV 2: Calculation of operating income 192
Table IV 3: Descriptive statistics of RIOE by sample 202
Table IV 4: Regression results for business mix 207
XXII List of Tables
Table IV 5: Between effects results for business mix by subsample 209
Table IV 6: Regression results for branch structure 210
Table IV 7: Regression results for cost efficiency 212
Table IV 8: Between effects results for cost efficiency by subsample 213
Table IV 9: Regression results for cost efficiency Staff vs. Non staff costs 214
Table IV 10: Regression results for risk capabilities 216
|
| adam_txt |
Summary of Contents XI
Summary of Contents
Table of Contents XIII
List of Figures XIX
List of Tables XXI
Lists of Abbreviations XXIII
List of Symbols XXV
I. Introduction 1
II. How to measure the shareholder value of banks? 9
II. 1 Motivation and key research questions 9
11.2 Overview of bank valuation literature 12
11.3 Bank specifics in the context of valuation 18
11.4 Valuation methods and their applicability to banks 29
11.5 Measuring the shareholder value of banks 48
11.6 Conclusions and outlook 98
III. Empirical relevance of shareholder value for banks 101
III. 1 Motivation and key research questions 101
111.2 Overview of existing research 106
111.3 Data and methodology 112
111.4 Accuracy and explanatory value of residual income value estimates 136
III. 5 Determinants of the prediction error 145
111.6 Sensitivity analyses 166
111.7 Conclusions 173
IV. Value drivers of retail banks 175
IV. 1 Motivation and key research questions 175
IV.2 Derivation of value driver model for banks 177
IV.3 Data and methodology 182
IV.4 Empirical results 202
IV.5 Conclusions 220
References 223
Appendices 235
Table of Contents XIII
Table of Contents
List of Figures XIX
List of Tables XXI
List of Abbreviations XXIII
List of Symbols XXV
I. Introduction 1
II. How to measure the shareholder value of banks? 9
II. 1 Motivation and key research questions 9
11.2 Overview of bank valuation literature 12
11.3 Bank specifics in the context of valuation 18
11.3.1 Definition and business structure of banks 18
11.3.1.1 Definition of banks 18
11.3.1.2 Analysis of the balance sheet and income statement 19
11.3.2 Value relevant specifics of banks 22
11.3.2.1 Specific role of financing and risk taking 22
11.3.2.2 Bank specific laws and regulations 25
H.3.2.3 Specifics of the operating business 27
11.4 Valuation methods and their applicability to banks 29
11.4.1 Market oriented approaches 29
11.4.2 Asset oriented approaches 34
H.4.3 Cash flow oriented approaches 36
H.4.4 Residual income oriented approaches 39
Xjy Table of Contents
II.4.5 Discussion 44
II.5 Measuring the shareholder value of banks 48
11.5.1 Definition of a performance measure 48
11.5.1.1 Cash flow to equity 48
11.5.1.1.1 Use of the indirect approach 48
11.5.1.1.2 Derivation of free cash flow to equity 51
11.5.1.1.3 Estimation of reinvestments 56
11.5.1.2 Residual income 58
11.5.2 Forecasting of future prospects 65
U.S.2.1 Specifics in bank planning 65
11.5.2.2 Forecast horizon 67
11.5.2.3 Forecast method 70
11.5.3 Determination of terminal value 71
11.5.3.1 Cash flow oriented approaches 71
11.5.3.2 Residual income approaches 74
11.5.4 Estimating the cost of equity 76
11.5.4.1 Capital Asset Pricing Model 76
11.5.4.2 Arbitrage Pricing Theory 81
11.5.4.3 Alternative approaches 83
11.5.4.4 Discussion 84
11.5.5 Valuation of business units 85
11.5.5.1 Definition of business units 86
11.5.5.2 Definition of a business unit specific performance measure 87
11.5.5.2.1 Allocation of interest income using funds transfer pricing 88
11.5.5.2.2 Allocation of overhead costs 91
11.5.5.3 Estimation of the business unit specific cost of equity 92
11.5.6 Discussion 93
Table of Contents XV
II.6 Conclusions and outlook 98
III. Empirical relevance of shareholder value for banks 101
III. 1 Motivation and key research questions 101
111.2 Overview of existing research 106
111.3 Data and methodology 112
111.3.1 Data 112
111.3.1.1 Data set used 112
111.3.1.2 Sample characteristics 113
111.3.1.3 Sample coverage 117
111.3.2 Residual income model 119
111.3.2.1 Structure of the model 119
111.3.2.2 Potential adjustments to accounting variables 123
111.3.2.3 Calculation of economic equity 126
111.3.2.4 Calculation of residual income 126
111.3.3 Discounted dividend model 128
111.3.4 Estimation of cost of equity 130
111.3.4.1 Use of the Capital Asset Pricing Model 130
111.3.4.2 Estimation of risk free rate 131
111.3.4.3 Estimation of market risk premium 133
111.3.4.4 Estimation of systematic risk 134
111.4 Accuracy and explanatory value of residual income value estimates 136
111.4.1 Descriptive results 136
111.4.2 Residual income vs. discounted dividend value estimates 138
IH.4.2.1 Accuracy of the value estimates 138
IH.4.2.2 Explanatory value of the value estimates 140
XVI Table of Contents
III.4.2.3 Robustness of the results 141
III.4.3 Comparison to prior research on industrial companies 143
III.5 Determinants of the prediction error 145
III.5.1 Hypotheses 145
HI.5.2 Descriptive statistics of results 147
111.5.3 Regression analysis 154
111.5.3.1 Basic model specification and methodological approach 154
111.5.3.2 Application of the pooled regression model and results 157
111.5.3.3 Application of the between effects model and results 158
111.5.3.4 Application of the fixed effects model and results 159
111.5.3.5 Application of the random effects model 162
111.5.4 Discussion 162
111.6 Sensitivity analyses 166
111.6.1 Alternative specifications of cost of equity parameters 166
111.6.2 Alternative adjustments of accounting variables 168
111.6.3 Alternative specification of decay rate in Phase 2 170
111.6.4 Discussion 171
111.7 Conclusions 173
IV. Value drivers of retail banks 175
IV. 1 Motivation and key research questions 175
IV.2 Derivation of value driver model for banks 177
IV.3 Data and methodology 182
IV.3.1 Data 182
IV.3.1.1 Data set used 182
Table of Contents XVII
IV.3.1.2 Sample characteristics 183
IV.3.1.3 Representativeness of the data set 186
IV.3.2 Estimation of intrinsic value 187
IV.3.2.1 Definition of residual income 187
IV.3.2.2 Estimation of cost of equity 188
IV.3.2.3 Definition of accounting variables 191
IV.3.3 Model structure 193
IV.3.3.1 Basic model 193
IV.3.3.2 Model specification 196
IV.3.3.3 Fit of model specifications 198
IV.4 Empirical results 202
IV.4.1 Descriptive statistics 202
IV.4.2 Regression results 207
IV.4.2.1 Business mix 207
IV.4.2.2 Branch structure 209
IV.4.2.3 Cost efficiency 212
IV.4.2.4 Risk capabilities 215
IV.4.3 Discussion 217
IV.5 Conclusions 220
References 223
Appendices 235
List of Figures XIX
List of Figures
Figure II l: Assessment of valuation models for banks 46
Figure II 2: Components of consolidated financial statements 50
Figure II 3: Derivation of Free Cash Flow to Equity for banks 52
Figure II 4: Accounting adjustments to bank residual income 60
Figure II 5: Forecast horizon for banks using a DCF approach 69
Figure II 6: Allocation of interest income using funds transfer pricing 89
Figure II 7: Key adjustments to DCF and residual income models for banks 94
Figure III l: Model design 103
Figure III 2: Outline of analysis 104
Figure III 3: Research on market value and economic performance 107
Figure III 4: Development of return Total sample vs. DS World Banks 114
Figure III 5: Characteristics of the sample by region 115
Figure III 6: Characteristics of the sample by bank type 116
Figure III 7: Sample coverage of DS banking indices 118
Figure III 8: Structure of the model 121
Figure III 9: Dispersion of prediction error Mean = 0 142
Figure 111 10: Prediction error by region 147
Figure III l 1: Prediction error by bank type 149
Figure 111 12: Prediction error by bank size 150
Figure 10 13: Prediction error by ROE 151
XX List of Figures
Figure 111 14: Prediction error by year 152
Figure IH 15: Development of prediction error by region 153
Figure III 16: Assessment of hypotheses 163
Figure 111 17: Overview of sensitivity analyses 171
Figure IV 1: Types of value drivers and examples 177
Figure IV 2: Value metrics framework 179
Figure IV 3: Value driver tree for retail banks 180
Figure IV 4: Sample characteristics Universal Banks vs. Savings Banks 184
Figure IV 5: Sample characteristics by year 185
Figure IV 6: Structure of regression models 193
Figure IV 7: Development of RIOE by year 203
Figure IV 8: Mean values of variables by sample 204
Figure IV 9: Mean values of variables over time 206
Figure IV 10: Overview of regression results 217
List of Tables XXI
List of Tables
Table II 1: Overview of bank specific valuation literature 14
Table II 2: Overview of empirical studies on bank shareholder value 16
Table II 3: Structure of the balance sheet of banks vs. non banks 20
Table II 4: Structure of the income statement of banks vs. non banks 22
Table III 1: Overview of empirical evidence on performance indicators 109
Table III 2: Descriptive statistics of sample characteristics 113
Table III 3: Descriptive statistics of prediction error 136
Table III 4: Prediction error Residual income vs. discounted dividend model 138
Table III 5: Regressions of market value on value estimates 140
Table III 6: Comparison of results with prior research 144
Table III 7: Overview of independent variables 155
Table III 8: Sensitivity of IV to changes in beta methodology 166
Table III 9: Sensitivity of IV to changes in assumed risk premium 167
Table 111 10: Sensitivity of IV to accounting adjustments 168
Table III l 1: Sensitivity of IV to decay rate assumption 170
Table IV 1: Descriptive statistics of sample characteristics Total sample 183
Table IV 2: Calculation of operating income 192
Table IV 3: Descriptive statistics of RIOE by sample 202
Table IV 4: Regression results for business mix 207
XXII List of Tables
Table IV 5: Between effects results for business mix by subsample 209
Table IV 6: Regression results for branch structure 210
Table IV 7: Regression results for cost efficiency 212
Table IV 8: Between effects results for cost efficiency by subsample 213
Table IV 9: Regression results for cost efficiency Staff vs. Non staff costs 214
Table IV 10: Regression results for risk capabilities 216 |
| 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 | BV023037510 |
| classification_rvk | QK 300 |
| collection | ZDB-2-SBE ebook |
| ctrlnum | (OCoLC)611886063 (DE-599)BVBBV023037510 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| doi_str_mv | 10.1007/978-3-8350-9278-5 |
| edition | 1. Aufl. |
| format | Thesis Electronic eBook |
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| genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
| genre_facet | Hochschulschrift |
| id | DE-604.BV023037510 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T19:19:31Z |
| indexdate | 2024-07-09T21:09:32Z |
| institution | BVB |
| isbn | 9783835004337 9783835092785 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016241258 |
| oclc_num | 611886063 |
| open_access_boolean | |
| owner | DE-473 DE-BY-UBG DE-945 DE-739 DE-706 DE-898 DE-BY-UBR DE-M347 DE-355 DE-BY-UBR DE-634 DE-703 |
| owner_facet | DE-473 DE-BY-UBG DE-945 DE-739 DE-706 DE-898 DE-BY-UBR DE-M347 DE-355 DE-BY-UBR DE-634 DE-703 |
| physical | 1 Online-Ressource |
| psigel | ZDB-2-SBE ebook |
| publishDate | 2006 |
| publishDateSearch | 2006 |
| publishDateSort | 2006 |
| 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 1 Online-Ressource txt rdacontent c rdamedia cr rdacarrier Gabler Edition Wissenschaft Zugl.: Frankfurt am Main, Univ., Diss., 2006 Bank (DE-588)4004436-1 gnd rswk-swf Shareholder-Value-Analyse (DE-588)4353913-0 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Bank (DE-588)4004436-1 s Shareholder-Value-Analyse (DE-588)4353913-0 s b DE-604 Erscheint auch als Druck-Ausgabe, Paperback 3-8350-0433-6 https://doi.org/10.1007/978-3-8350-9278-5 Verlag Volltext HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016241258&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Gross, Stephanie 1977- Banks and shareholder value an overview of bank valuation and empirical evidence on shareholder value for banks Bank (DE-588)4004436-1 gnd Shareholder-Value-Analyse (DE-588)4353913-0 gnd |
| subject_GND | (DE-588)4004436-1 (DE-588)4353913-0 (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 | Bank (DE-588)4004436-1 gnd Shareholder-Value-Analyse (DE-588)4353913-0 gnd |
| topic_facet | Bank Shareholder-Value-Analyse Hochschulschrift |
| url | https://doi.org/10.1007/978-3-8350-9278-5 http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016241258&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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