Does relative valuation work for banks?
Tài liệu tham khảo
Abarbanell, 1997, Fundamental analysis, future earnings, and stock prices, Journal of Accounting Research, 35, 1, 10.2307/2491464
Alford, 1992, The effect of the set of comparable firms on the accuracy of the price-earnings valuation method, Journal of Accounting Research, 30, 94, 10.2307/2491093
An, 2010, Warranted multiples and stock returns, Journal of Accounting, Auditing and Finance, 25, 143, 10.1177/0148558X1002500201
Asquith, 2005, Information content of equity analyst reports, Journal of Financial Economics, 75, 245, 10.1016/j.jfineco.2004.01.002
Bandyopadhyay, 1995, Analysts' use of earnings forecasts in predicting stock returns: Forecast horizon effects, International Journal of Forecasting, 11, 429, 10.1016/0169-2070(95)00593-0
Beltratti, 2012, The credit crisis around the globe: Why did some banks perform better?, Journal of Financial Economics, 105, 1, 10.1016/j.jfineco.2011.12.005
Bhattacharya, 2003, Assessing the relative informativeness and permanence of pro forma earnings and GAAP operating earnings, Journal of Accounting and Economics, 36, 285, 10.1016/j.jacceco.2003.06.001
Bhojraj, 2002, Who is my peer? A valuation based approach to the selection of comparable firms, Journal of Accounting Research, 40, 407, 10.1111/1475-679X.00054
Bhojraj, 2003, What's my line? A comparison of industry classification schemes for capital market research, Journal of Accounting Research, 41, 745, 10.1046/j.1475-679X.2003.00122.x
Blau, 2017, Bank opacity and the efficiency of stock prices, Journal of Banking & Finance, 76, 32, 10.1016/j.jbankfin.2016.11.026
Bongini, 2015, The importance of being systemically important financial institutions, Journal of Banking & Finance, 50, 562, 10.1016/j.jbankfin.2014.07.006
Calomiris
Cheng, 2000, The valuation accuracy of the price-earnings and price-book benchmark valuation methods, Review of Quantitative Finance and Accounting, 15, 349, 10.1023/A:1012050524545
Cooper, 2008
Das, 1998, Earnings predictability and bias in analysts' earnings forecasts, Accounting Review, 73, 277
Dittmann, 2008
Fama, 1991, Efficient capital markets: II, Journal of Finance, 46, 1575, 10.1111/j.1540-6261.1991.tb04636.x
Fama, 1992, The cross-section of expected stock returns, Journal of Finance, 47, 427, 10.1111/j.1540-6261.1992.tb04398.x
Fama, 2012, Size, value, and momentum in international stock returns, Journal of Financial Economics, 105, 457, 10.1016/j.jfineco.2012.05.011
Flannery, 2004, Market evidence on the opaqueness of banking firms' assets, Journal of Financial Economics, 71, 419, 10.1016/S0304-405X(03)00185-5
Flannery, 2013, The 2007–2009 financial crisis and bank opaqueness, Journal of Financial Intermediation, 22, 55, 10.1016/j.jfi.2012.08.001
Gray, 2012, Analyzing valuation measures: A performance horse-race over the past 40 years, Journal of Portfolio Management, 39, 112, 10.3905/jpm.2012.39.1.112
Herrmann, 2003, Pricing with performance-controlled multiples, Schmalenbach Business Review, 55, 194, 10.1007/BF03396674
Huizinga, 2012, Bank valuation and accounting discretion during a financial crisis, Journal of Financial Economics, 106, 614, 10.1016/j.jfineco.2012.06.008
Jones, 2012, Opaque banks, price discovery, and financial instability, Journal of Financial Intermediation, 21, 383, 10.1016/j.jfi.2012.01.004
Kim, 1999, Valuing IPOs, Journal of Financial Economics, 53, 409, 10.1016/S0304-405X(99)00027-6
Kothari, 2001, Capital markets research in accounting, Journal of Accounting and Economics, 31, 105, 10.1016/S0165-4101(01)00030-1
Lie, 2002, Multiples used to estimate corporate value, Financial Analysts Journal, 58, 44, 10.2469/faj.v58.n2.2522
Liu, 2002, Equity valuation using multiples, Journal of Accounting Research, 40, 135, 10.1111/1475-679X.00042
Liu, 2007, Cash flow king in valuations?, Financial Analysts Journal, 63, 56, 10.2469/faj.v63.n2.4522
McLean, 2016, Does academic research destroy return predictability?, Journal of Finance, 71, 5, 10.1111/jofi.12365
Morgan, 2002, Rating banks: Risk and uncertainty in an opaque industry, American Economic Review, 92, 874, 10.1257/00028280260344506
Nissim, 2010
Nissim, 2013, Relative valuation of U.S. insurance companies, Review of Accounting Studies, 18, 324, 10.1007/s11142-012-9213-8
Park, 2003, An empirical study on the relevance of applying relative valuation models to investment strategies in the Japanese stock market, Japan and the World Economy, 15, 331, 10.1016/S0922-1425(03)00019-7
Penman, 2013, Returns to buying earnings and book value: Accounting for growth and risk, Review of Accounting Studies, 18, 1021, 10.1007/s11142-013-9226-y
Ramnath, 2008, The financial analyst forecasting literature: A taxonomy with suggestions for further research, International Journal of Forecasting, 24, 34, 10.1016/j.ijforecast.2007.12.006
Rossi, 2016
Schreiner, 2007
Yee, 2004, Forward versus trailing earnings in equity valuation, Review of Accounting Studies, 9, 301, 10.1023/B:RAST.0000028192.03130.df