01002nam0 2200301 450 00002190720090121150013.01852781394185898127120090121d1992----km-y0itay50------baengGBa-------001yy<<The >>new industrial economicsrecent developments in industrial organization, oligopoly and game theoryedited by George Norman and Manfredi La MannaAldershotEdward Elgarc1992X, 261 p.ill.25 cm<<The >>new industrial economics60499OligopoliEconomia industrialeTeoria dei giochi338.819Fusione di imprese (Concentrazione)Norman,George070La Manna,Manfredi070ITUNIPARTHENOPE20090121RICAUNIMARC000021907616/97614NAVA2New industrial economics60499UNIPARTHENOPE05605nam 2200709 450 991081646700332120200520144314.01-118-82136-X1-118-61725-8(CKB)2670000000501487(EBL)1594543(SSID)ssj0001129724(PQKBManifestationID)11648369(PQKBTitleCode)TC0001129724(PQKBWorkID)11081564(PQKB)10833938(MiAaPQ)EBC1594543(Au-PeEL)EBL1594543(CaPaEBR)ebr10827165(CaONFJC)MIL563504(OCoLC)904769287(PPN)185454526(EXLCZ)99267000000050148720140121h20142014 uy 0engurcnu||||||||txtccrThe valuation of financial companies tools and techniques to value banks, insurance companies, and other financial institutions /Mario Massari, Gianfranco Gianfrate, Laura ZanettiChichester, [England] :John Wiley & Sons, Incorporation,2014.©20141 online resource (258 p.)Wiley finance seriesDescription based upon print version of record.1-118-61733-9 Includes bibliographical references and index.The Valuation of Financial Companies: Tools and Techniques to Value Banks, Insurance Companies, and Other Financial Institutions; Contents; Preface; Acknowledgments; 1 Bank Business Models; 1.1 Economics of Banking; 1.2 Commercial Banks; 1.2.1 Structure of the Industry in the US; 1.2.2 Overview of the US Regulation; 1.2.3 Commercial Banks Balance Sheets; 1.3 Investment Banks; 1.3.1 Structure of the US Banking Industry; 1.3.2 Typical Balance Sheet for an Investment Bank; 1.3.3 The Banking Industry outside the US; 2 Financial Statements Analysis for Banks; 2.1 Balance Sheet; 2.1.1 Assets2.1.2 Investment Property 2.1.3 Intangibles; 2.1.4 Research and Development; 2.1.5 Goodwill; 2.1.6 Securities; 2.1.7 Equity Stakes; 2.1.8 Loans and Receivables; 2.1.9 Impairment Test; 2.1.10 Financial Liabilities; 2.1.11 Hedging; 2.1.12 De-recognition of Financial Assets and Liabilities; 2.2 The US GAAP for Banks; 2.2.1 Reversal of Impairment; 2.2.2 Transfer among Different Categories; 2.3 Profit & Loss Statement; 2.4 Major Differences between IASIFRS and US GAAP; 2.5 Example of IASIFRS Application; 3 The Regulatory Capital for Banks; 3.1 Regulatory Capital Requirements3.1.1 Definition of Capital According to Basel I and II 3.1.2 The Risk-Weighted Assets; 3.2 Basel II; 3.2.1 Does Basel II Work?; 3.3 The Reform of Basel III; 3.3.1 New Definition of Capital; 3.3.2 Change in RWA Computation; 3.3.3 New Coefficients; 3.3.4 Leverage Ratio; 3.3.5 Liquidity Ratios; 3.4 Managing the Regulatory Capital; 4 Assessing and Preparing the Business Plan for a Bank; 4.1 STATUS QUO Analysis; 4.1.1 Asset Quality; 4.1.2 Toxic and Illiquid Assets; 4.1.3 Goodwill; 4.1.4 Capitalization; 4.2 Internal Consistency; 4.2.1 Historical versus Projected Performance; 4.2.2 ROE Framework4.2.3 P&L and Balance Sheet Drivers 4.2.4 P&L versus Balance Sheet; 4.2.5 Asset Side versus Liability Side; 4.2.6 Financial versus Operating Forecasts; 4.3 External Consistency; 4.3.1 Macroeconomic Outlook; 4.3.2 Competitive Dynamics; 4.3.3 Business Plan versus Market Consensus; 4.4 The Forecasting Model of a Bank; 4.4.1 Balance Sheet; 4.4.2 P&L; 4.4.3 Checking Forecasts; 5 Bank Valuation; 5.1 Why Bank Valuation is Different; 5.2 Discounted Returns Model; 5.2.1 The Cost of Capital for Financial Institutions; 5.2.2 The Dividend Discount Model; 5.2.3 The Cash Flow to Equity Model5.2.4 The Excess Return Model 5.3 Relative Valuation; 5.3.1 Market Multiples; 5.3.2 Deal Multiples; 5.3.3 Multiples from Fundamentals; 5.3.4 Value Maps and Other Regressions; 5.4 Asset Liability-Based Valuation; 5.5 The Sum Of The Parts Framework; 5.6 Bank Valuation in M&A; 5.7 The Valuation of Wells Bank; 6 Insurance Business Models and Financial Statements; 6.1 The Business Model of Insurance Companies; 6.2 Segmentation by Products; 6.2.1 Life and Health; 6.2.2 Property and Casualty; 6.2.3 Reinsurance; 6.3 Distribution Channels; 6.4 Insurance Balance Sheet under US GAAP6.4.1 Reserves and Separate AccountsThis book presents the main valuation approaches that can be used to value financial institutions. By sketching 1) the different business models of banks (both commercial and investment banks) and insurance companies (life, property and casualty and reinsurance); 2) the structure and peculiarities of financial institutions' reporting and financial statements; and 3) the main features of regulatory capital frameworks for banking and insurance (ie Basel III, Solvency II), the book addresses why such elements make the valuation of financial institutions different from the valuationWiley finance series.BusinessCash managementFinancial managementBusiness.Cash management.Financial management.650Masari Mario1648239Gianfrate Gianfranco595664Zanetti Laura437637MiAaPQMiAaPQMiAaPQBOOK9910816467003321The valuation of financial companies3996254UNINA