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Korbinian Eichner
Title
Dr.
Last Name
Eichner
First name
Korbinian
Email
korbinian.eichner@unisg.ch
Phone
+41 71 224 74 21
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PublicationBeta-Faktoren in der Bewertung von Banken: Eine empirische Bottom-Up AnalyseWhen applying the capital asset pricing model (CAPM) for determining the cost of equity of banks, beta factors represent a key input parameter. The following study analyses which bank specific factors influence the observable level of beta factors for European banks. Based on a sample of 315 observations, it is found out that returns of equity, their variability, balance sheet risks, liquidity and regulatory capital levels, as well as size materially influence the levels of observable beta factors. The effects are found out to be highly statistically significant across various multivariate regressions. The results suggest that when creating peer groups of comparable companies, attention should be paid to these influencing factors to avoid including banks that substantially deviate in terms of these factors from those of the valuation subject.Type: working paper
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PublicationZur Variabilität des Price/Book-Multiplikators bei der Bewertung von Banken( 2017-07-10)This article studies empirically influencing factors of Price/Book-Multiples of banks with a particular focus on capital requirements according to Basel-III-framework. The analyses are based on a sample of 315 observations of European financial institutions. The presented results show that the level of the P/B-multiple can be explained by the banks’ specific operating risks, their expected (excess) returns of equity, future earnings growth, retention rates, as well as current regulatory capital ratios. When using the Price/Book-multiple to check the plausibility of objectified business values or subjective values for decision-making purposes, the selection of peer companies should be based on these variables, as these variables influence materially the level of this multiple.Type: working paper