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100 1 a| Calomiris, Charles W.=| ^A417227;

245 10 a| Activity-based valuation of bank holding companiesh| [electronic resource] /c| Charles W. Calomiris, Doron Nissim.;

260 a| Cambridge, MA :b| National Bureau of Economic Research,;

490 1 a| NBER working paper series ;v| working paper 12918;

500 a| Title from PDF file as viewed on 6/5/2007.;

504 a| Includes bibliographical references.;

506 a| Available only to authorized users.;

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.;

530 a| Also available in print.;

538 a| Mode of access: World Wide Web;

655 0 a| Electronic books.=| ^A491897;

700 1 a| Calomiris, Charles W.=| ^A417227;

700 1 a| Nissim, Doron.?| UNAUTHORIZED;

710 2 a| National Bureau of Economic Research.=| ^A186;

830 0 a| Working paper series (National Bureau of Economic Research : Online) ;v| working paper no. 12918.?| UNAUTHORIZED;

856 40 z| Full text available from NBER Working Papersu| https://go.openathens.net/redirector/ecu.edu?url=https%3A%2F%2Fdx.doi.org%2F10.3386%2Fw12918;

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Activity-based valuation of bank holding companies / Charles W. Calomiris, Doron Nissim.

Author/creator	Calomiris, Charles W.
Other author	Calomiris, Charles W.
Other author	Nissim, Doron.
Other author	National Bureau of Economic Research.
Format	Electronic
Publication Info	Cambridge, MA : National Bureau of Economic Research,
Supplemental Content	Full text available from NBER Working Papers

Series	NBER working paper series ; working paper 12918 Working paper series (National Bureau of Economic Research : Online) ; working paper no. 12918. UNAUTHORIZED
Summary	"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.
General note	Title from PDF file as viewed on 6/5/2007.
Bibliography note	Includes bibliographical references.
Access restriction	Available only to authorized users.
Other forms	Also available in print.
Technical details	Mode of access: World Wide Web
Genre/form	Electronic books.
LCCN	2007615195

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Activity-based valuation of bank holding companies / Charles W. Calomiris, Doron Nissim.

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