Drobetz, Wolfgang; Erdmann, Thomas; Zimmermann, Heinz - 2007
non-interest income in terms of fees and commissions. In panel regressions, we relate bank stock returns to fundamental … non-interest income to total income, and the ratio of off-balance sheet items to total assets on subsequent bank stock … assets load negatively on subsequent bank stock returns. Overall, the valuation of bank stocks incorporates both the …