This paper investigates the way in which the financial market defines and evaluates different business models, using a sample of listed European banking groups from 2006 to 2015. The main findings suggest that the financial market seems to associate a better risk-return trade-off to non-banking fees than to banking ones and that the performance of different business models varies depending on context conditions. In particular, in the current economic context, characterised by the combination of slow economic growth with historically low levels of interest rates, the market-oriented business model tends to over-perform. These findings have strategic implications for bank managers, regulators, and supervisors, due to the impact of the crises on banking business, profitability and risk and the new challenges they entail.

中文翻译：

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金融市场如何评估商业模式？来自欧洲银行的证据

本文使用 2006 年至 2015 年的欧洲上市银行集团样本，研究了金融市场定义和评估不同商业模式的方式。主要发现表明，金融市场似乎将更好的风险回报权衡与非银行费用高于银行费用，并且不同商业模式的表现因环境条件而异。尤其是在当前经济增长缓慢与利率处于历史低位相结合的经济背景下，以市场为导向的商业模式往往表现优异。由于危机对银行业务、盈利能力和风险的影响以及它们带来的新挑战，这些发现对银行经理、监管者和监管者具有战略意义。