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Produktbild: Value and Capital Management

Value and Capital Management A Handbook for the Finance and Risk Functions of Financial Institutions

Aus der Reihe Wiley Finance Series

152,99 €

inkl. gesetzl. MwSt., Versandkostenfrei


Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

31.08.2015

Verlag

John Wiley & Sons Inc

Seitenzahl

720

Maße (L/B/H)

25/17,5/4,3 cm

Gewicht

1402 g

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-1-118-77463-2

Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

31.08.2015

Verlag

John Wiley & Sons Inc

Seitenzahl

720

Maße (L/B/H)

25/17,5/4,3 cm

Gewicht

1402 g

Auflage

1. Auflage

Sprache

Englisch

ISBN

978-1-118-77463-2

Herstelleradresse

Libri GmbH
Europaallee 1
36244 Bad Hersfeld
DE

Email: gpsr@libri.de

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  • Produktbild: Value and Capital Management
  • List of Abbreviations xiii
     
    Preface xvii
     
    Acknowledgments xix
     
    About the Author xxiii
     
    PART ONE Introduction 1
     
    CHAPTER 1 Why is Value Management Important? 3
     
    Better Information 3
     
    Better Insights 6
     
    Better Decisions 8
     
    Why Shareholder Value? 12
     
    CHAPTER 2 How do CFOs and CROs Add Value? 15
     
    The Evolution of the Corporate Center as "Shareholder Surrogate" 15
     
    The Implications for the CFO 20
     
    The Implications for the CRO 24
     
    PART TWO Better Information - Measuring Value 29
     
    CHAPTER 3 RAPMs - The Industry Standard 31
     
    What Makes Financial Services Unique? 31
     
    What do RAPMs do and How? 34
     
    The RAPM (R)evolution 37
     
    Three RAPMs for Three Distinct Purposes . . . 41
     
    . . . Linking Directly to Shareholder Value 46
     
    Insurance Example 49
     
    Banking Example 50
     
    CHAPTER 4 Two Challenges in Using RAPMs 51
     
    Do RAPMs Influence Strategy? 51
     
    Do RAPMs Give the Right Signals? 55
     
    CHAPTER 5 Valuing Financial Services - The Theory 71
     
    What Determines Share Value? Market Multiples, RoE and Growth . . . 71
     
    . . . But What Determines Market Multiples? 73
     
    Why a Market-Consistent Approach? 77
     
    Value: Where it Comes from and How to Create More of it 80
     
    CHAPTER 6 Valuing Financial Services - The Evidence 85
     
    Evidence from the Insurance Industry 85
     
    Evidence from Banking 96
     
    Is it Just me or are Others Thinking the Same Thing? 98
     
    CHAPTER 7 Market-Consistent Valuation for Insurers 101
     
    Introduction to Fair Valuation for Insurers 101
     
    Calculating Traditional Embedded Value 104
     
    European Embedded Value 106
     
    Market Consistent Embedded Value (MCEV) 109
     
    How is MCEV Calculated in Practice? 115
     
    From MCEV to MVBS 120
     
    Final Comments: Whither MCEV? 122
     
    PART THREE Better Insights - Managing Value 125
     
    CHAPTER 8 Property and Casualty Insurance 127
     
    History and Economic Rationale 127
     
    From Principles to Rules of the Game 133
     
    From Rules to the Valuation of PC Businesses 135
     
    PC KPIs: Understanding and Managing Value 140
     
    CHAPTER 9 Life and Health Insurance 151
     
    History and Economic Rationale 151
     
    From Principles to "Rules of the Game" 163
     
    LH Valuation 167
     
    Understanding Value Creation: Capital Intensity and Financial Risk Taking 171
     
    CHAPTER 10 Banking 189
     
    History 189
     
    Products 195
     
    Economic Rationale 197
     
    From Principles to "Rules of the Game" 199
     
    From "Rules" to Value 201
     
    CHAPTER 11 Achieving Profitable Growth 211
     
    Rules of the Game and KPIs 211
     
    Management Actions - Three Horizons of Growth 217
     
    Horizon 1 - Increasing Sales Productivity 218
     
    Horizon 1 - Going Multi-channel 221
     
    Horizon 1 - Getting More out of Existing Customers; cross sell, big data and customer loyalty 224
     
    Horizon 1 - Managing the Customer Portfolio Skew 228
     
    Horizon 2 - Anticipating Mega-trends 230
     
    Horizon 2 - Exploiting Adjacencies 232
     
    Horizon 2 - Transformational and Bolt-on Acquisitions 234
     
    Horizon 3 - Creative Disruptions 238
     
    CHAPTER 12 Achieving Operating Efficiency 241
     
    The Importance of Operating Efficiency 242
     
    Rules of the Game 248
     
    Pay Less: Optimize Procurement 249
     
    Pay Less: From Business Process Redesign to Outsourcing 250
     
    Use Less, But More Effectively: Digitize and Autom