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"Standard valuation methods do not lend themselves to bank holding companies. Banks create value through the types of assets and liabilities they create (e.g., lending and deposit taking relationships). Bank income streams reflect heterogeneous sources of income which differ in their margins of profitability and persistence. Our approach to valuation permits potential differences in the composition of assets, liabilities, income and expenses, and in the profitability and persistence of different sources of income, to reflect themselves in estimated relationships that relate the composition of the balance sheet and income statement to bank value. Our approach explains substantial cross-sectional variation in observed market-to-book values, and residuals from cross-sectional regressions of market-to-book values are useful for predicting future stock returns. Predictable future variation in returns does not reflect priced risk factors, but is related to trading costs"--National Bureau of Economic Research web site.
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Subjects
Bank holding companies, ValuationShowing 2 featured editions. View all 2 editions?
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Activity-based valuation of bank holding companies
2007, National Bureau of Economic Research
in English
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Activity-based valuation of bank holding companies
2007, National Bureau of Economic Research
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in English
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Book Details
Edition Notes
"February 2007"
Includes bibliographical references (p. 51-52).
Also available in PDF from the NBER world wide web site (www.nber.org).
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- Created September 29, 2008
- 3 revisions
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October 19, 2009 | Edited by WorkBot | add edition to work page |
April 25, 2009 | Edited by ImportBot | add OCLC number |
September 29, 2008 | Created by ImportBot | Imported from Oregon Libraries MARC record |