bc0e6d7f_ue_Investing__Timeless_Reading__Description
[Title] Valuing financial service firms (2009 version) [Download] Download paper as pdf file [Description] 
It is difficult to estimate cash flows at financial service companies. As a consequence, they remain one of the last bastions for the dividend discount model. Inherent in the use of this model are two assumptions – that financial service companies pay out what they can afford to in dividends and that the regulatory constraints that they operate under will keep risk under control. In the crisis of 2008, both assumptions came under assault. In this paper, we look at ways of adapting to the changed enviornoment, when valung banks, insurance companies and invstment banks.
Value Investing: Timeless Reading
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