Financial Services Firms : Governance, Regulations, Valuations, Mergers, and Acquisitions.
Zabihollah. Rezaee
Bok Engelsk 2011 · Electronic books.
| Omfang | 1 online resource (602 pages)
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| Utgave | 3rd ed.
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| Opplysninger | Intro -- Contents -- Preface -- Acknowledgments -- PART I: Financial Services Industry: Its Markets, Regulations, and Governance -- 1 Fundamentals of the Financial Markets and Institutions -- INTRODUCTION -- FINANCIAL MARKETS -- FINANCIAL INFORMATION AND CAPITAL MARKETS -- FINANCIAL CRISIS AND FINANCIAL REGULATORY REFORMS -- TYPES AND ROLES OF FINANCIAL MARKETS -- FINANCIAL SERVICES FIRMS -- CONCLUSION -- NOTES -- 2 Introduction to Financial Institutions -- INTRODUCTION -- LANDSCAPE OF THE FINANCIAL SERVICES INDUSTRY -- STRUCTURAL CHANGES IN THE FINANCIAL SERVICES INDUSTRY -- HISTORICAL PERSPECTIVE OF AMERICAN BANKING -- CURRENT TRENDS IN THE FINANCIAL SERVICES BANKING INDUSTRY -- REGULATORY REFORMS -- VALUATION PROCESS -- CONCLUSION -- NOTES -- 3 Corporate Governance -- INTRODUCTION -- CORPORATE GOVERNANCE EFFECTIVENESS -- GLOBAL REGULATORY REFORMS -- SARBANES-OXLEY ACT OF 2002 -- DODD-FRANK ACT -- CORPORATE GOVERNANCE FUNCTIONS -- BOARD OF DIRECTORS AND ITS COMMITTEES -- AUDIT COMMITTEE ROLES AND RESPONSIBILITIES -- EXECUTIVE COMPENSATION -- CONCLUSION -- NOTES -- PART II: The Foundation: Financial Institutions, Valuations, Mergers, Acquisitions, and Regulatory and Accounting Environment -- 4 Overview of the Valuation Process -- INTRODUCTION -- VALUATION SERVICES -- VALUATION PROFESSION -- VALUATION OF THE BUSINESS -- ATTRACTING VALUATION CLIENTS -- ACCEPTING A CLIENT -- PRICING VALUATION SERVICES -- IMPORTANCE OF THE ENGAGEMENT LETTER -- PLANNING AN APPRAISAL ENGAGEMENT -- GENERAL PLANNING -- APPRAISER'S TRAITS -- APPRAISER'S DUE DILIGENCE PROCESS -- RISK ASSESSMENT -- CONCLUSION -- NOTES -- 5 Overview of Mergers and Acquisitions -- INTRODUCTION -- HISTORICAL PERSPECTIVE OF MERGERS AND ACQUISITIONS -- RECENT TRENDS IN MERGERS AND ACQUISITIONS -- REGULATIONS OF BANK MERGERS -- PLAYERS IN MERGERS AND ACQUISITIONS.. - 13 External Environment Assessment -- IMPACT OF EXTERNAL ENVIRONMENT ON VALUE -- POLITICAL ANALYSIS -- ECONOMIC ANALYSIS -- SOCIAL ANALYSIS -- TECHNOLOGICAL ANALYSIS -- OTHER ANALYSIS -- CONCLUSION -- NOTES -- PART V: Valuation of Mergers and Acquisitions -- 14 Bank Merger and Acquisition Process -- STRATEGY PHASE -- NEGOTIATION AND INVESTIGATION PHASE -- FINALIZATION AND INTEGRATION PHASE -- OTHER CONSIDERATIONS -- CONCLUSION -- NOTES -- 15 Valuing a Bank as a Business Enterprise -- BUSINESS ENTERPRISE VERSUS A COLLECTION OF ASSETS -- CONCEPT OF THE BANKING FRANCHISE -- DIFFERENCE BETWEEN STRATEGIC AND TACTICAL VALUATIONS -- WHY THE COST APPROACH IS NOT USED FOR STRATEGIC BANK VALUATIONS -- APPLICATION OF THE MARKET APPROACH TO VALUING A BANK -- APPLICATION OF THE INCOME APPROACH TO VALUING A BANK -- SENSITIVITY OF VALUE ESTIMATE TO ASSUMPTION CHANGES -- VALUE-CREATION OPPORTUNITIES AND THE ACQUISITION PRICE -- VALUATION METHODS FOR MERGERS AND ACQUISITIONS -- SOPHISTICATED VALUATION TECHNIQUES FOR MERGERS AND ACQUISITIONS -- RELATION BETWEEN PRICE AND VALUE AND EFFECT ON STOCKHOLDERS -- CONCLUSION -- NOTES -- 16 Valuation of Tangible Bank Assets -- TANGIBLE PHYSICAL ASSETS -- TANGIBLE FINANCIAL ASSETS -- TANGIBLE ASSETS IN BANK MERGERS AND ACQUISITIONS -- INTANGIBLE ASSETS IN BANK MERGERS AND ACQUISITIONS -- CONCLUSION -- 17 Core Deposits as a Special Type of Intangible Asset Valuation -- CONCEPT OF CORE DEPOSIT BASE AS AN INTANGIBLE ASSET -- INTERNAL REVENUE SERVICE POSITION ON CORE DEPOSITS -- IMPORTANT CORE DEPOSIT TAX COURT CASES -- DEPOSITS TO BE INCLUDED IN VALUATION -- ALTERNATIVE APPROACHES TO VALUING A CORE DEPOSIT BASE -- CORE DEPOSIT BASE LIFE ESTIMATION -- APPLICATION OF THE COST SAVINGS APPROACH -- APPLICATION OF THE FUTURE INCOME APPROACH -- SYSTEMICALLY IMPORTANT FINANCIAL INSTITUTIONS -- CONCLUSION -- NOTES.. - 18 Derivative Financial Instruments -- AUTHORITATIVE GUIDELINES ON DERIVATIVES -- DERIVATIVE MARKETS -- DERIVATIVES RISK MANAGEMENT -- DERIVATIVES RISK MANAGEMENT POLICY -- ACCOUNTING FOR DERIVATIVES -- TAX CONSIDERATIONS OF DERIVATIVES -- AUDIT OF DERIVATIVE TRANSACTIONS -- SOURCES OF INFORMATION ON DERIVATIVES -- DERIVATIVES VALUATION MODELS -- DERIVATIVES UNDER THE DODD-FRANK ACT OF 2010 -- CONCLUSION -- NOTES -- 19 Real-World Bank Valuation Complications -- BANKS EXPERIENCING RECENT LOSSES -- BANKS WITH LOW EQUITY CAPITAL -- BANKS WITH UNCERTAIN FUTURE LOAN LOSS EXPOSURE -- PREFERRED AND COMMON STOCK -- HIGHLY LEVERAGED BANKS -- BRANCH ACQUISITIONS -- EUROPEAN BANKING MODEL -- INITIAL PUBLIC OFFERING -- ISLAMIC BANKING SYSTEM -- EMERGING ISSUES IN THE FINANCIAL SERVICES INDUSTRY -- CONCLUSION -- NOTES -- About the Author -- Index.. - MOTIVES FOR BUSINESS COMBINATIONS -- DETERMINANTS OF MERGERS AND ACQUISITIONS -- PERCEIVED SHORTCOMINGS OF MERGERS AND ACQUISITIONS -- STUDIES ON MERGERS AND ACQUISITIONS -- LEVERAGED BUYOUT -- POST MERGERS AND ACQUISITIONS PERFORMANCE -- SHAREHOLDER WEALTH AND EFFECT OF MERGERS AND ACQUISITIONS -- JOINT VENTURES AND STRATEGIC ALLIANCES -- ETHICS IN MERGERS AND ACQUISITIONS -- GOVERNANCE IN MERGERS AND ACQUISITIONS -- MERGERS AND ACQUISITIONS PROCESS -- CONCLUSION -- NOTES -- 6 Regulatory Environment and Financial Reporting Process of Financial Institutions -- INTRODUCTION -- CONSOLIDATION -- REGULATORY ENVIRONMENT -- BANK SUPERVISION -- FINANCIAL MODERNIZATION: THE GRAMM-LEACH-BLILEY ACT -- FINANCIAL REPORTING PROCESS OF FINANCIAL INSTITUTIONS -- STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO. 115 -- AUDITING PROPER CLASSIFICATIONS OF MARKETABLE SECURITIES -- TAX CONSIDERATION OF FAIR VALUE -- RECENT DEVELOPMENT OF FAIR VALUE ACCOUNTING -- FINANCIAL REPORTING REQUIREMENTS OF FINANCIAL INSTITUTIONS -- CORPORATE GOVERNANCE OF FINANCIAL INSTITUTIONS -- CONCLUSION -- NOTES -- PART III: Fundamentals of Valuations: Concepts, Standards, and Techniques -- 7 Value and Valuation: A Conceptual Foundation -- ASSET-LIABILITY MANAGEMENT -- INVESTMENT MANAGEMENT -- LENDING MANAGEMENT -- LIQUIDITY MANAGEMENT -- NATURE OF VALUE -- TWELVE CONCEPTS OF VALUE -- TYPES OF PROPERTY THAT CAN BE VALUED -- RELATIONSHIP AMONG DIFFERENT TYPES OF VALUE -- PRINCIPLES OF VALUATION THEORY -- PRICING VALUE VERSUS REPORTING VALUE -- LIMITATIONS OF THE VALUATION PROCESS -- CONCLUSION -- NOTES -- 8 Approaches to Measuring Value -- OVERVIEW OF THE VALUATION PROCESS -- COST APPROACH TO VALUATION -- MARKET APPROACH TO VALUATION -- INCOME APPROACH TO VALUATION -- SPECIAL TOPICS-APPROCHES TO INTANGIBLE ASSET VALUATION -- SPECIAL TOPICS-BUSINESS VALUATION.. - VALUATION AND BUSINESS CONCENTRATIONS -- SPECIAL TOPICS-CLOSELY HELD STOCK -- SPECIAL TOPICS-VALUING WIDELY TRADED COMPANIES -- CONCLUSION -- NOTES -- 9 Valuations for Tax and Accounting Purposes -- TAX ASPECTS OF MERGERS AND ACQUISITIONS -- TYPICAL TAX-ORIENTED VALUATIONS -- ACCOUNTING ASPECTS OF MERGERS AND ACQUISITIONS -- TYPICAL ACCOUNTING-ORIENTED VALUATIONS -- ACQUISITION METHOD -- PRESENTATION, DISCLOSURE, AND TRANSITION REQUIREMENTS OF BUSINESS COMBINATIONS -- CONVERGENCE IN ACCOUNTING STANDARDS ON MERGERS AND ACQUISITIONS -- CONCLUSION -- NOTES -- 10 Intangible -- NATURE AND TYPES OF INTANGIBLE ASSETS -- AMORTIZABLE VERSUS NONAMORTIZABLE INTANGIBLE ASSETS -- MEASURING THE USEFUL LIFE OF AN INTANGIBLE ASSET -- ESTABLISHING VALUE OF INTANGIBLE ASSETS -- AMORTIZATION METHODS -- SUPPORTING INTANGIBLE ASSET VALUATION AND AMORTIZATION -- GOODWILL IMPAIRMENT -- CONCLUSION -- NOTES -- PART IV: Assessment of Financial Institutions -- 11 Financial Analysis of Banks and Bank Holding Companies -- TYPES AND SOURCES OF FINANCIAL DATA -- OVERVIEW OF FINANCIAL STATEMENTS -- COMPOSITION OF BANK ASSETS -- COMPOSITION OF BANK LIABILITIES -- OFF-BALANCE SHEET ITEMS -- COMPOSITION OF BANK CAPITAL -- REGULATORY CAPITAL COMPONENTS -- RISK-BASED CAPITAL -- VALUE-AT-RISK MODELS -- COMPOSITION OF BANK INCOME -- COMPOSITION OF BANK EXPENSES -- BALANCE SHEET ANALYSIS ILLUSTRATION -- INCOME STATEMENT AND PROFITABILITY ANALYSIS ILLUSTRATION -- LOAN RISK ANALYSIS ILLUSTRATION -- LIQUIDITY AND INVESTMENT PORTFOLIO ANALYSIS ILLUSTRATION -- PORTFOLIO EQUITIES ANALYSIS (REALM MODEL) -- SPECIAL BANK HOLDING COMPANY CONSIDERATIONS -- LIABILITY MANAGEMENT -- CONCLUSION -- NOTES -- 12 Internal Characteristics Assessment -- OBJECTIVES AND BENEFITS OF AN INTERNAL CHARACTERISTICS ASSESSMENT -- TEN P FACTOR FRAMEWORK -- SHAREHOLDER VALUE CREATION -- CONCLUSION -- NOTES.. - Indispensable coverage of new federal regulatory reforms andfederal financial issues An essential guide covering new federal regulatory reformsand federal financial issues Financial Institutions, Valuations, Mergers and Acquisitions,Third Edition presents a new regulatory framework for financialinstitutions in the post-bailout era. Provides valuable guidance to assess risks, measure performanceand conduct valuations processes to create shareholder valueCovers the protection of other stakeholders, includingcustomers, regulators, government, and consumersOffers an up-to-date understanding of financial institutions,their challenges, and their opportunities in thepost-Sarbanes-Oxley era Over the past decade, substantial changes have taken place inthe structure and range of products and services provided by thefinancial services industry. Get current coverage of these changesthat have transformed both traditional organizations such as banks,thrifts, and insurance companies, as well as securities providers,asset management companies and financial holding companies with theup-to-the-minute coverage found in Financial Institutions,Valuations, Mergers and Acquisitions, Third Edition.
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| ISBN | 9781118098516
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