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Residual income models and the valuation of conventional and Islamic banks
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Dissertation
Residual income models and the valuation of conventional and Islamic banks
2005
Overview
As a result of the global growth of the Islamic banking industry it becomes increasingly important to be able to determine the value of Islamic banks and compare their ability to create value with other banks in the industry. This research starts with the identification of the most suitable model to determine value of banks in general. Different models are evaluated, and the most suitable model to explain the cross-sectional returns of banks is determined to be the Residual Income model. Estimation of the parameters of the model for conventional banks is fairly similar to that of other types of industries, with the exception of capital, which is defined as equity capital only since other capital can be regarded as operational funds. The Residual Income model is applied to conventional banks, to determine that the model, to a significant degree, captures the cross-sectional differences in stock market returns of conventional banks over a significant period of time. For Islamic banks, the estimation of parameters differs, amongst others due to the different balance sheet structure, and the lack of availability of market data. The application of the Residential Income model to Islamic banks results in the identification of a number of issues. Although indicative, this research finds that it is possible to determine the value of Islamic banks using the same model as can be applied to conventional banks. Once the issues surrounding the application of a Residual Income model to Islamic banks are resolved, further research will have to be undertaken to validate the initial results of this research.
Publisher
ProQuest Dissertations & Theses
Subject
ISBN
1073292606, 9781073292608
