By Jürgen Müller
Uncertainty is the best threat administration faces, however it additionally offers huge, immense possibilities for price construction. Basing strategic judgements on theoretically rigorous research is for that reason very important to long term company luck in an doubtful and altering market. the genuine alternative strategy is the software to combine the values of flexibleness and uncertainty into capital budgeting. Jürgen Müller applies the genuine choice method of provider industries, for this reason to retail banking; he offers empirical aid for the procedure and simplifies the applicability of actual alternative recommendations in company perform. in keeping with a case examine of the Polish retail banking marketplace, the writer develops and illustrates a simplified method of genuine choice valuation in accordance with the binomial choice pricing model.
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967). 43 For the prerequisites to set up a bank, several laws need to be considered (Baue, Grabowski, Raczko (1995), p. 170). The minimum capital requirements are the equivalent of USD 2 million for a Polish entity and USD 6 million for a foreign entity, compared to ECU 5 million as EU standard (Belka, Pruski, Raczko (1995), p. 239) 2. Retail bankinginanemerging market: The case of Poland 19 Western companies. Exceptions are consumer finance banks such as Ford Bank and GE Capital or Citibank, which has launched a retail credit card.
After a general discussion of recent economic developments in Poland, the institutional framework for the banking industry is explored. A discussion of the current competitive Iandscape in Polish retail banking follows. The real options approach to capital budgeting, which represents the general framework of analysis for this thesis, is introduced in chapter 3. Starting from the current capital budgeting paradigm - the discounted cash flow analysis - the real options approach is presented as a theoretically consistent extension of the traditional approach.
Foreign competition In regard to future EU membership, Poland has agreed to fully open its financial markets to foreign entry by 1999. This will facilitate the granting of a banking license or the acquisition of a Polish bank. " Taking Portugal and Spain as reference points, lower barriers to foreign entry are likely to increase competition and the trend towards consolidation in the industry. " 50 Kern (1996), p. 77 51 Price Waterhouse (1997); OECD (1995), pp. 128-129 51 See, for example, the investments by Allied Irish Bank and ING in the context of the twinning program.