Abstract
The large number of asset pricing models and empirical studies of stock returns are evidence of the desire to understand the return generating process of financial assets in general and in stocks in particular. One focus of the research in this area has been on multi-factor asset pricing models [(1986), (1992)]. These models are based on the assumption that the stock returns are generated by a limited number of company, industry, or macroeconomic factors. It is remarkable that banks are usually excluded from most of the empirical analysis with the argument that they are special, thus requiring a different asset pricing model.
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Bessler, W., Opfer, H. (2004). Bank Stock Returns and Economic Variables: An Empirical Analysis for Germany. In: Geberl, S., Kaufmann, HR., Menichetti, M.J., Wiesner, D.F. (eds) Aktuelle Entwicklungen im Finanzdienstleistungsbereich. Physica, Heidelberg. https://doi.org/10.1007/978-3-7908-2651-7_14
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