MARC Record from Library of Congress

LEADER: 02159nam a22003017a 4500
001 2007615195
003 DLC
005 20070605100744.0
007 cr |||||||||||
008 070605s2007 mau sb 000 0 eng
010 $a 2007615195
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aCalomiris, Charles W.
245 10 $aActivity-based valuation of bank holding companies$h[electronic resource] /$cCharles W. Calomiris, Doron Nissim.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2007.
490 1 $aNBER working paper series ;$vworking paper 12918
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 6/5/2007.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"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.
700 1 $aCalomiris, Charles W.
700 1 $aNissim, Doron.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 12918.
856 40 $uhttp://papers.nber.org/papers/w12918