03911nam 22006735 450 991025487500332120251030105635.09781137561428113756142410.1057/978-1-137-56142-8(CKB)3710000000734727(DE-He213)978-1-137-56142-8(MiAaPQ)EBC4720104(Perlego)3487860(EXLCZ)99371000000073472720160627d2016 u| 0engurnn#008mamaatxtrdacontentcrdamediacrrdacarrierValuing Banks A New Corporate Finance Approach /by Federico Beltrame, Daniele Previtali1st ed. 2016.London :Palgrave Macmillan UK :Imprint: Palgrave Macmillan,2016.1 online resource (XXIV, 242 p. 19 illus.)Palgrave Macmillan Studies in Banking and Financial Institutions,2523-33789781137561411 1137561416 Includes bibliographical references and index.1) Valuation in Banking: Issues and Models -- 2) Value, Capital Structure and Cost of Capital: A Theoretical Framework -- 3) Measuring the Cash Flows of Banks: the FCFA Asset Side Approach -- 4) The Cost of Capital of Banks: Theories and Empirical Evidences -- 5) Banks’ Asset-Side Multiples: Profitability, Growth, Leverage and Deposits Effect -- 6) A Comparison Among Valuation Metrics on a Real Case.Bank valuation is one of the most difficult topics to address in corporate finance. The application of standard valuation methodologies can be limited and heavily influenced by the varying specifics of regulation, business process, equity and debt capital function (among others) among banks. Generally, these limitations result in the application of a simplified equity-side approach based on dividends. Yet, dividends represent a synthetic measure of cash and, therefore, often do not present an accurate view of the value creation process in terms of cash flows. This book aims to overcome the limitations the variations in bank-specifics impose by providing a bank-specific valuation theoretical framework and a new asset-side model. The book includes also a constructive comparison of equity and asset side methods. The authors present a novel framework entitled, the “Asset Mark-down Model”. This method incorporates an Adjusted Present Value model, which allows practitioners to identify the main value creation sources of a particular bank: from asset-based cash flow and the mark-down on deposits, to tax benefits on bearing liabilities. Through the implementation of this framework, the authors offer a more accurate and more specific approach to valuing banks.Palgrave Macmillan Studies in Banking and Financial Institutions,2523-3378Financial services industryCapital marketBusiness enterprisesFinanceValuationFinancial risk managementFinancial ServicesCapital MarketsCorporate FinanceInvestment AppraisalRisk ManagementFinancial services industry.Capital market.Business enterprisesFinance.Valuation.Financial risk management.Financial Services.Capital Markets.Corporate Finance.Investment Appraisal.Risk Management.332.1Beltrame Federicoauthttp://id.loc.gov/vocabulary/relators/aut792950Previtali Danieleauthttp://id.loc.gov/vocabulary/relators/autBOOK9910254875003321Valuing Banks2240010UNINA