Il divario di valutazione tra le banche europee e statunitensi: un'analisi basata sui rapporti prezzo/valore contabile

This thesis explores the persistent valuation gap between European and US banks, focusing on the drivers of price-to-book ratios. What motivates this research is the observation and increased focus on the phenomenon that European banks have traded at a discount relative to US banks for the past two decades and the fact that previous research directly addressing this topic is scarce. The empirical analysis uses two sample sets, namely the global systemically important banks and the largest 30 listed banks in each region by market capitalization as of 2024. The datasets cover the period of 2005-2024. Statistical methods include descriptive statistics, t-tests, fixed- effects panel regressions and a variable evolution analysis. Additionally, a qualitative review of regulatory and market integration developments provides structural context. Results confirm the existence of a persistent valuation gap, with US banks trading at a premium across both samples. Profitability factors emerge as one of the most consistent drivers of bank valuation. Leverage, measured through the regulatory tier 1 capital ratios, is found to be negatively associated with valuations, indicating investors might discount higher capital buffers. Risk measures, growth indicators, payout policies and other controlling factors also contribute to explaining the valuation gap. The qualitative analysis of regulatory reforms and the incomplete European market integration emphasize their importance for the operating environment and their potential to influence the valuation divergence. The central takeaways from the findings suggests that the narrowing valuation gap requires a combination of stronger profitability, sustained efficiency improvements and further progress in European financial integration. The thesis contributes to the literature by combining quantitative and qualitative evidence and by documenting recent developments up to 2024.