search query: @author Unal, H. / total: 4
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| Author: | Kane, E.J. Unal, H. |
| Title: | Modeling structural and temporal variation in the market's valuation of banking firms |
| Journal: | Journal of Finance
1990 : MAR, VOL. 45:1, p. 113-136 |
| Index terms: | VALUATION BANKS FINANCIAL MODELS |
| Language: | eng |
| Abstract: | Hidden capital exists whenever the accounting measure of a firm's net worth diverges from its economic value. Such unbooked capital has on-balance-sheet and off-balance-sheet sources. A model is developed to estimate both forms of hidden capital and to test hypotheses about their determinants. In effect, the analysis expands the two-index model by endogenizing the market and interest rate sensitivities of any stock and decomposing each sensitivity into on-balance-sheet and off-balance-sheet elements. For a sample of 1975-1985, the model finds considerable variation in both forms of hidden capital. |
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