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Article

Стоимость банков России перед кризисом 2008 г.: был ли пузырь?

The phenomenon of high value banks in Russia before the crisis is being explored. Prices were irrationally high as it is shown by the model of the P/BV multiplier with realistic input parameters of expected growth and return on equity (ROE). By that measure multiplier P / BV had to be two times lower at that time. The main error of market analysts at that time was unrealistic ROE expectation.