The valuation of financial companies: tools and techniques to value banks, insurance companies, and other financial institutions
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| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Chichester
Wiley
2014
|
| Edition: | 1. publ. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | VIII, 246 S. graph. Darst. |
| ISBN: | 9781118617335 |
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Record in the Search Index
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| adam_text | Titel: The valuation of financial companies
Autor: Massari, Mario
Jahr: 2014
Contents
Preface vii
Acknowledgments ix
1 Bank Business Models 1
1.1 Economics of banking 1
1.2 Commercial banks 3
1.2.1 Structure of the industry in the US 3
1.2.2 Overview of the US regulation 5
1.2.3 Commercial banks balance sheets 6
1.3 Investment banks 7
1.3.1 Structure of the US banking industry 9
1.3.2 Typical balance sheet for an investment bank 10
1.3.3 The banking industry outside the US 12
2 Financial Statements Analysis for Banks 15
2.1 Balance sheet 15
2.1.1 Assets 16
2.1.2 Investment property 17
2.1.3 Intangibles 18
2.1.4 Research and development 20
2.1.5 Goodwill 20
2.1.6 Securities 21
2.1.7 Equity stakes 25
2.1.8 Loans and receivables 27
2.1.9 Impairment test 30
2.1.10 Financial liabilities 32
2.1.11 Hedging 35
2.1.12 De-recognition of financial assets and liabilities 37
2.2 The US GAAP for banks 44
2.2.1 Reversal of impairment 49
2.2.2 Transfer among different categories 49
2.3 Profit loss statement 49
2.4 Major differences between IAS/IFRS and US GAAP 51
2.5 Example of IAS/IFRS application 54
3 The Regulatory Capital for Banks 61
3.1 Regulatory capital requirements 61
3.1.1 Definition of capital according to basel I and II 62
3.1.2 The risk-weighted assets 64
3.2 Basel II 68
3.2.1 Does Basel II work? 70
3.3 The reform of Basel III 73
3.3.1 New definition of capital 73
3.3.2 Change in RWA computation 75
3.3.3 New coefficients 75
3.3.4 Leverage ratio 77
3.3.5 Liquidity ratios 78
3.4 Managing the regulatory capital 78
4 Assessing and Preparing the Business Plan for a Bank 81
4.1 Status quo analysis 82
4.1.1 Asset quality 82
4.1.2 Toxic and illiquid assets 83
4.1.3 Goodwill 84
4.1.4 Capitalization 84
4.2 Internal consistency 85
4.2.1 Historical versus projected performance 86
4.2.2 ROE framework 86
4.2.3 P L and balance sheet drivers 87
4.2.4 P L versus balance sheet 88
4.2.5 Asset side versus liability side 89
4.2.6 Financial versus operating forecasts 92
4.3 External consistency 92
4.3.1 Macroeconomic outlook 93
4.3.2 Competitive dynamics 94
4.3.3 Business plan versus market consensus 96
4.4 The forecasting model of a bank 96
4.4.1 Balance sheet 97
4.4.2 P L 99
4.4.3 Checking forecasts 101
5 Bank Valuation 105
5.1 Why bank valuation is different 105
5.2 Discounted returns model 108
5.2.1 The cost of capital for financial institutions 108
5.2.2 The dividend discount model 111
5.2.3 The cash flow to equity model 118
5.2.4 The excess return model 120
5.3 Relativevaluation 123
5.3.1 Market multiples 126
5.3.2 Deal multiples 129
5.3.3 Multiples from fundamentals 131
5.3.4 Value maps and other regressions 134
5.4 Asset/liability-based valuation 137
5.5 The sum of the parts framework 143
5.6 Bank valuation in M A 144
5.7 The valuation of Wells Bank 148
6 Insurance Business Models and Financial Statements 159
6.1 The business model of insurance companies 159
6.2 Segmentation by products 160
6.2.1 Life and health 160
6.2.2 Property and casualty 161
6.2.3 Reinsurance 161
6.3 Distribution channels 162
6.4 Insurance balance sheet under US GAAP 162
6.4.1 Reserves and separate accounts 162
6.4.2 Deferred policy acquisition costs 167
6.5 Insurance contracts under IAS/IFRS 167
6.5.1 Recognition of insurance contracts 168
6.5.2 Adequacy of insurance liabilities 169
6.5.3 Unbundling 170
6.5.4 Reinsurance 171
6.5.5 Discretionary participation features 171
6.6 Case study 172
7 Regulatory Capital for Insurance Companies 177
7.1 Insurance industry regulation in the US 177
7.2 Current US system 178
7.2.1 Risk-based capital 178
7.3 Solvency II - European-based regulation 181
7.3.1 Valuation of assets and liabilities 182
7.3.2 Best estimate and risk margin 184
7.3.3 Own funds
7.3.4 SCR and MCR
7.4 Main differences between solvency II and US regulation
8 Assessing the Business Plan for an Insurance Company
8.1 Status quo analysis
8.1.1 Asset valuation
8.1.2 Reserve adequacy
8.1.3 Solvency
8.2 Internal consistency
8.2.1 Historical versus projected performance
8.2.2 P L versus balance sheet
8.2.3 Asset side versus liability side
8.2.4 Financial versus operating forecasts
8.3 External consistency
8.3.1 Macroeconomic outlook
8.3.2 Competitive dynamics
8.3.3 Business plan versus market consensus
8.4 The forecasting model
8.4.1 Non-life business
8.4.2 Life
8.4.3 Checking forecasts
9 Insurance Companies Valuation
9.1 Appraisal value
9.1.1 The value-in-force
9.1.2 The ANAV
9.1.3 The business goodwill
9.2 Relative valuation
9.3 The case of general insurance
9.3.1 Step 1
9.3.2 Step 2
10 The Valuation of Other Financial Companies
10.1 The valuation of finance companies
10.2 The valuation of funds
References
Index
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| spelling | Massari, Mario Verfasser (DE-588)171225635 aut The valuation of financial companies tools and techniques to value banks, insurance companies, and other financial institutions Mario Massari ; Gianfranco Gianfrate ; Laura Zanetti 1. publ. Chichester Wiley 2014 VIII, 246 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Wertanalyse (DE-588)4065660-3 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Unternehmensberatung (DE-588)4078592-0 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 s Wertanalyse (DE-588)4065660-3 s DE-604 Unternehmensberatung (DE-588)4078592-0 s 1\p DE-604 Gianfrate, Gianfranco Verfasser aut Zanetti, Laura Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027238672&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Massari, Mario Gianfrate, Gianfranco Zanetti, Laura The valuation of financial companies tools and techniques to value banks, insurance companies, and other financial institutions Wertanalyse (DE-588)4065660-3 gnd Unternehmensbewertung (DE-588)4078594-4 gnd Unternehmensberatung (DE-588)4078592-0 gnd |
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| title | The valuation of financial companies tools and techniques to value banks, insurance companies, and other financial institutions |
| title_auth | The valuation of financial companies tools and techniques to value banks, insurance companies, and other financial institutions |
| title_exact_search | The valuation of financial companies tools and techniques to value banks, insurance companies, and other financial institutions |
| title_full | The valuation of financial companies tools and techniques to value banks, insurance companies, and other financial institutions Mario Massari ; Gianfranco Gianfrate ; Laura Zanetti |
| title_fullStr | The valuation of financial companies tools and techniques to value banks, insurance companies, and other financial institutions Mario Massari ; Gianfranco Gianfrate ; Laura Zanetti |
| title_full_unstemmed | The valuation of financial companies tools and techniques to value banks, insurance companies, and other financial institutions Mario Massari ; Gianfranco Gianfrate ; Laura Zanetti |
| title_short | The valuation of financial companies |
| title_sort | the valuation of financial companies tools and techniques to value banks insurance companies and other financial institutions |
| title_sub | tools and techniques to value banks, insurance companies, and other financial institutions |
| topic | Wertanalyse (DE-588)4065660-3 gnd Unternehmensbewertung (DE-588)4078594-4 gnd Unternehmensberatung (DE-588)4078592-0 gnd |
| topic_facet | Wertanalyse Unternehmensbewertung Unternehmensberatung |
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