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Full Description
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.
Contents
ContentsList of TablesList of FiguresAcknowledgementsAbout the AuthorsPrefaceIntroduction1. Valuation inBanking: issues and models1.1 Introduction1.1.1 A different roleof equity: the regulatory constraints1.1.2 The role of debt1.1.3 Loan loss provisioningand charge-offs1.1.4 Cash flowestimation1.2 Valuation Methodsof Banks: a critical review1.2.1 Discounted cashflow models1.2.2 Excess returnsvaluation1.2.3 Asset andmixed-based valuation1.2.4 Relative marketvaluation1.2.5 Contingent claimvaluation1.3 Conclusions2. Value, Capitalstructure and cost of capital: a theoretical framework2.1 Introduction2.2 Limitations of theEquity Side Approach2.3 An Asset SideApproach to Banks Valuation: An Introduction2.4 Banks' Cost ofCapital and the Modigliani-Miller Propositions2.5 Banks Valuation: AScheme with Separate Quantification of Mark-Down2.5.1 Valuation schemewithout taxation and growth2.5.2 Valuation schemewith tax benefits2.5.3 Valuation schemewith taxation and growth2.5.4 The AMM: anoverview2.6 The Restatement ofModigliani and Miller's Theories for the Banking Industry2.6.1 Absence of taxes2.6.2 Presence of taxes2.7 Consistency of theAMM Model with Excess Returns Models2.8 Conclusions3. Measuring the CashFlows of Banks: the FCFA Asset Side Approach3.1 Introduction
