The Determinants of Bank Stock Prices in Time of Crisis

The purpose of this book is to study the determinants of stock prices of a panel of European banks during the financial crisis. The research is based on the idea that banks' stock prices in a period of market uncertainty and turmoil reflect the dynamics of budget indicators, market and macroeconomic variables, as well as the dynamics outside the core business and systemic variables. This work is divided into two parts: a first part that is essentially theoretical, which aims to address the issue of creating and disseminating economic value in the specificity of financial intermediaries as well as the formation of banks' share prices between expectations and risk; a second part that is essentially empirical, which illustrates the findings of an empirical investigation conducted on a panel of listed European banks aiming to analyse the sensitivity of stock prices of the banks compared to the variations of the budget indicators, as well as external and market variables.

Autorentext

Vincenzo Pacelli ed Elisabetta D'Apolito sono professori aggregati di "Banca e Finanza" presso il Dipartimento di Economia dell'Università di Foggia (Italia). Hanno conseguito il dottorato di ricerca in "Banca e Finanza" presso l'Università di Roma "Sapienza".