LEADER 05605nam 2200709 450 001 9910816467003321 005 20200520144314.0 010 $a1-118-82136-X 010 $a1-118-61725-8 035 $a(CKB)2670000000501487 035 $a(EBL)1594543 035 $a(SSID)ssj0001129724 035 $a(PQKBManifestationID)11648369 035 $a(PQKBTitleCode)TC0001129724 035 $a(PQKBWorkID)11081564 035 $a(PQKB)10833938 035 $a(MiAaPQ)EBC1594543 035 $a(Au-PeEL)EBL1594543 035 $a(CaPaEBR)ebr10827165 035 $a(CaONFJC)MIL563504 035 $a(OCoLC)904769287 035 $a(PPN)185454526 035 $a(EXLCZ)992670000000501487 100 $a20140121h20142014 uy 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe valuation of financial companies $etools and techniques to value banks, insurance companies, and other financial institutions /$fMario Massari, Gianfranco Gianfrate, Laura Zanetti 210 1$aChichester, [England] :$cJohn Wiley & Sons, Incorporation,$d2014. 210 4$dİ2014 215 $a1 online resource (258 p.) 225 0$aWiley finance series 300 $aDescription based upon print version of record. 311 $a1-118-61733-9 320 $aIncludes bibliographical references and index. 327 $aThe 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 Assets 327 $a2.1.2 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 Requirements 327 $a3.1.1 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 Framework 327 $a4.2.3 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 Model 327 $a5.2.4 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 GAAP 327 $a6.4.1 Reserves and Separate Accounts 330 $aThis book presents the main valuation approaches that can be used to value financial institutions. By sketching 1) the different business models of banks (both commercial and investment banks) and insurance companies (life, property and casualty and reinsurance); 2) the structure and peculiarities of financial institutions' reporting and financial statements; and 3) the main features of regulatory capital frameworks for banking and insurance (ie Basel III, Solvency II), the book addresses why such elements make the valuation of financial institutions different from the valuation 410 0$aWiley finance series. 606 $aBusiness 606 $aCash management 606 $aFinancial management 615 0$aBusiness. 615 0$aCash management. 615 0$aFinancial management. 676 $a650 700 $aMasari$b Mario$01648239 701 $aGianfrate$b Gianfranco$0595664 701 $aZanetti$b Laura$0437637 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910816467003321 996 $aThe valuation of financial companies$93996254 997 $aUNINA