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This article examines the loan rate-setting behavior of German banks for a large variety of retail and corporate loan products. We find that a bank's operational efficiency is priced in bank loan rates and alters interest-setting behavior. Specifically, we establish that a higher degree of...
Persistent link: https://www.econbiz.de/10010310654
We examine the saving behavior of banks retail customers. Our unique dataset comprises the contract and cash flow information for approximately 2.2 million individual contracts from 1991 to 2010. We find that contractual rewards, i.e., qualified interest payments, and government subsidies,...
Persistent link: https://www.econbiz.de/10010982144
This article examines the loan rate-setting behavior of German banks for a large variety of retail and corporate loan products. We find that a bank's operational efficiency is priced in bank loan rates and alters interest-setting behavior. Specifically, we establish that a higher degree of...
Persistent link: https://www.econbiz.de/10010984741
This study empirically evaluates the price impact of agency risk in firm valuation. Using aunique data set comprised of internal valuation documents, we find that venture capitalistsuse risk discounts to cope with expected agency risks...
Persistent link: https://www.econbiz.de/10005866808
Standard equity valuation approaches (i.e., DDM, RIM, and DCF) are derivedunder the assumption of ideal conditions, such as infinite payoffs and cleansurplus accounting. Since these conditions are hardly ever met, we provideextensions of the standard approaches based on the fundamental principle...
Persistent link: https://www.econbiz.de/10005866810
This study examines the loan-pricing behavior of German banks for a large variety of retail and corporate loan products. We find that a bank"s operational efficiency is priced in bank loan rates and alters interest-setting behavior. Specifically, we establish that a higher degree of operational...
Persistent link: https://www.econbiz.de/10014522967
Standard equity valuation approaches (i.e., DDM, RIM, and DCF model) are derived under the assumption of ideal conditions, such as infinite payoffs and clean surplus accounting. Because these conditions are hardly ever met, we extend the standard approaches, based on the fundamental principle of...
Persistent link: https://www.econbiz.de/10010306614
Banks face a ‘behavioralization’ of their balance sheets since deposit funding increasingly consists of non-maturing deposits with uncertain cash flows exposing them to asset liability (ALM) risk. Thus, this study examines the behavior of banks’ retail customers regarding non-maturing...
Persistent link: https://www.econbiz.de/10011194184
This study examines the relevance of financial and non-financial information for the valuation of venture capital (VC) investments. Based on a hand-collected data set on venture-backed start-ups in Germany, we investigate the internal due diligence documents of over 200 investment rounds. We...
Persistent link: https://www.econbiz.de/10010824476
This article examines and extends research on the relation between the capital asset pricing model market beta, accounting risk measures and macroeconomic risk factors. We employ a beta decomposition approach that nests competing models with different business risk proxies and allows to frame...
Persistent link: https://www.econbiz.de/10010867652