Avaliação de Bancos: Projeção das Demonstrações de Resultado do Exercício (DRE) com Enfoque em Modelos Econométricos

Valuation of Banks: Projection of Statements of Income for the Year with focus on Econometric Models

Celso Costa Junior

MPRA Paper from University Library of Munich, Germany

Abstract: Due to the difficulties that the bank activity presents in a financial institution. And when using the dividend discount model in the evaluation of banks, appears the problem of not being able to estimate the net capital expenses and the working capital noncash. Considering that, this work has as proposal to use econometric methods for the projection of financial statements instead of using information on what it is expected of revenues/expenses growth supplied by the analyzed company. This aproach aims to eliminate the problem of evaluation of banks, because it would consider that the studied institutions could maintain their investment politics and administration of working capital noncash. The statistical results of the econometrics modeling were satisfactory, demonstrating that the use of econometrics models in the bank analysis is effective.

Keywords: Asset pricing; Econometrics Modeling; Banks. (search for similar items in EconPapers)
JEL-codes: C5 G12 G3 (search for similar items in EconPapers)
Date: 2011-07
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