16. Eglitis, Aaron & Magnusson, Niklas, “Sweden Can Handle Possible Bank Collapse in Baltics”, Bloomberg, June 4, 2009
17. Eglitis, Aaron. “Latvia‟s Outlook Raised to Stable by S&P on Recovery (Update2)”, Bloomberg Businessweek, February 12, 2010
18. Emerging Europe Monitor: Central Europe & Baltic States “Latvia: Risk Summary”, January 2010, Vol. 17 Issue 1, p. 12
19. Fleming, Alex and Talley, Samuel. “Latvian Banking Crisis: Stakes and Mistakes”, The World Bank Group – Beyond Transition: The Newsletter About Reforming Economies, Volume 7, Number 3-4, March-April 1996
20. Francis, J., Olsson, P. & Oswald, J. “Comparing accuracy and explainability of dividend, free cash flow and abnormal earnings equity value estimates”, Journal of Accounting Research, 45-70, 2000
21. Hess, Lisa W., “Latvian Linchpin”, Forbes, August 28 2009, Vol. 184 Issue 3, p. 106
22. Higgins, Andrew. “Latvia to Take 51% Stake In Local Bank”, Wall Street Journal – Eastern Edition, October 11 2008, Vol. 252 Issue 112, p. A12
23. Hurt, Harry. “The Case for Financial Reinvention”, New York Times, March 19, 2010
24. Kaufmann, Daniel. & Kraay, Aart. & Mastruzzi, Massimo. “Governance Matters VIII:
Aggregate and Individual Governance Indicators, 1996-2008”, World Bank Policy Research Working Paper No. 4978, Jun 29 2009
25. Kier, Cathrine. “Banker frygter EU's regulerings-bombe”, March 23 2010
26. Levin, J. & Olsson, P. “Terminal value techniques in equity valuation: implications of the steady state assumption”, Research Report, Stockholm School of Economics, The Economic Research Institute, 2000
27. Nagpal, Sahil. ”Latvian government to bail out leading bank”, September 9 2008, TopNews.in
28. Nagpal, Sahil. ”Latvian minister blasts "irresponsible" Scandinavian banks”, December 1 2009, TopNews.in
29. Nymark, Jens. ”Bankaktiers afkast kommer på skrump”, Børsen, May 4 2010
30. Penman, S. H. & Sougiannis, T. “A comparison of dividend, cash flow, and earnings approaches to equity valuation”, Contemporary Accounting Research, 343-383, 1998
31. Plenborg, Thomas. “Firm valuation: comparing the residual income and discounted cash flow approaches”, Scandinavian Jounal of Management, Vol. 18, 303-318, 2002
32. Rasmussen, Matthias Jarl. “The Income Approach to Bank Valuation”, M.Sc. in Finance and Accounting, June 2004
33. Rizga, Kristina. “Latvia‟s Tiger Economy Loses Its Bite”, The Nation, 2009, September 16 34. Salahuddin, Mohammad & Shahbaz, Mohammad. “Does Nominal Devaluation Precede Real
Devaluation in Floating Exchange Rate Regime? An Empirical Investigation for Ghana”, Pakistan Journal of Commerce and Social Sciences, July 2009, Vol. 3, p. 35-48
35. Slater, Steve. “Analysis: Europe‟s banks face harsh reality of Basel III jolt”, February 2 2010 36. Weisbrot, Mark & Ray, Rebecca. “Latvia‟s Recession: The Cost of Adjustment With An
“Internal Devaluation””, Center for Economic and Policy Research, Washington February 2010
37. Wong, Jim. Choi, Ka-fai and Fong, Tom. “Determinants of the capital level of banks in Hong Kong”, Hong Kong Monetary Authority Quarterly Bulletin, September 2005
38. Young, Tom & Fournier, Elizabeth & Pettifer, Nicholas. “Basel III: The revenge of Basel”, International Financial Law Review, March 2010, Vol. 29, Issue 2, p. 20-21
Reports:
39. Bank of Latvia, “Macroeconomic Developments Report”, Report number 3, 2009
40. Bicevska, Agnese & Melihovs, Aleksejs & Kalnberzina, Krista, ”Savings In Latvia”, Latvijas Banka, Discussion Paper 1, 2009
41. Carlsen, Jesper W. & Callesen, Britta. “Strategisk regnskabsanalyse af Nordea Koncernen”, HD (R) studiet, Hovedopgave 2003, Handelshøjskolen i København
42. Deutsche Bank, ”The Basics of Stocks: How to Analyze a Bank”, 2001
43. Eklöf, Jan & Söderberg, Helene. ”Bank 2009 – EPSI Denmark”, EPSI Denmark, October 5 2009
44. EPSI Baltic Countries, ”EPSI Baltic Countries”, 2005
45. EPSI Finland, ”EPSI Rating asiakastyytyväisyystutkimus 2009”, October 5 2009
46. EPSI Norway, ”EPSI Ratings kundeundersøkelse av bankbransjen 2009”, October 5 2009 47. Eurochambres, “EES National Report – Latvia”, 2008
48. European Central Bank, “EU Banking Structures”, October 2008
49. European Commission, “Assessment of the action taken by Latvia and Hungary in response to the Council Recommendations of 7 July 2009 with a view to bringing an end to the situation of excessive government deficit”, 2010
50. FSR, “Fagligt notat om værdiansættelse”, 2002
51. Global Markets Direct, “Nordea Bank AB – Financial and Strategic Analysis Review”, December 2009
52. LD Invest, “Nyhedsbrev om økonomi og investering”, 14th edition, June 29 2009
53. Mayer Brown, “Summary of Government Interventions in Financial Markets: Denmark”, 26 May 2009
54. Mayer Brown, “Summary of Government Interventions in Financial Markets: Sweden”, 26 May 2009
55. Mayer Brown, “Summary of Government Interventions in Financial Markets: Norway”, 26 May 2009
56. Mayer Brown, “Summary of Government Interventions in Financial Markets: Finland”, 26 May 2009
57. Nordea Group AB, “Capital and risk management (pillar 3)”, Nordea 2009
58. Parmler, Johan. ”Bankerna 2009 enligt Svenskt Kvalitetsindex”, Svenskt Kvalitetsindex (SKI), October 5 2009
59. PriceWaterhouseCoopers, “International Financial Reporting Standards: Illustrative Bank Financial Statements”, 2002
60. PriceWaterhouseCoopers, “Swedish Tax Newsletter”, January 2009 61. PriceWaterhouseCoopers, ”Economic Profit (EVA TM)”
62. Standard & Poor‟s, “Basel 3 Proposals Are Unlikely To Materially Change Bank Ratings, Report Says”, March 2010
63. The Economist Intelligence Unit, “Country Report Denmark”, March 2010 64. The Economist Intelligence Unit, “Country Report EU”, March 2010 65. The Economist Intelligence Unit, “Country Report Finland”, March 2010 66. The Economist Intelligence Unit, “Country Report Latvia”, March 2010 67. The Economist Intelligence Unit, “Country Report Norway”, March 2010 68. The Economist Intelligence Unit, “Country Report Poland”, March 2010 69. The Economist Intelligence Unit, “Country Report Sweden”, March 2010
70. Zarco, Ismael A., “Financial Assets and Libilities of Households in the European Union”, eurostat, Economy and finance, 32/2009
IMF:
71. “Republic of Latvia: First Review and Financing Assurances Review Under the Stand-By Arrangement, Requests for Waivers of Nonobservance of Performance Criteria, and Rephasing of Purchases Under the Arrangement”, International Monetary Fund, Country Report No. 09/297, October 2009
72. Babihuga, R., “Macroeconomic and Financial Soundness Indicators: An Empirical Investigation”, International Monetary Fund, Washington 2007
73. Belka, M., “The impact of the crisis on new EU member states” – Role and Contribution of the Fund in the Crisis, International Monetary Fund, Brussels December 2 2009
74. Claessens, Stijn. “Competition in the Financial Sector: Overview of Competition Policies”, IMF Working Paper, March 2009
75. Coe, David. & Helpman, Elhanan. “International R&D Spillovers and Institutions”, IMF Working Paper, April 2008, No. 08/104
76. Demirgüc-Kunt, Asli & Detragiache, Enrica. “The Determinants of Banking Crises in Developing and Developed Countries”, IMF Staff Papers, Vol. 45, No. 1, March 1998
77. Kose, Ayhan M. & Otrok, Christopher & Whiteman, Charles H. “International Business Cycles: World, Region, and Country-Specific Factors”, IMF, University of Virginia, University of Iowa, 2003
78. Obiora, I., Kingsley., “Decoupling from the East Toward the West? Analyses of Spillovers to the Baltic Countries”, International Monetary Fund, June 2009
79. Podpiera, Richard. “Does Compliance with Basel Core Principles Bring Any Measurable Benefits?”, IMF Working Paper, November 2004
80. Shiells, Clinton R. & Pani, Marco & Jafarov, Etibar. “Is Russia Still Driving Regional Economic Growth?”, IMF Working Paper, September 2005, No. 05/192
81. Sundararajan, V., C. Enoch, A. San José, P. Hilbers, R. Krueger, M. Moretti, and G. Slack,
“Financial Soundness Indicators: Analytical Aspects and Country Practices”, International Monetary Fund Occasional Paper No. 212, Washington 2002
IMF News Reports:
82. “Concluding Statement by Participating Parent Banks” - European Banking Group Coordination Meeting for Latvia Held in Stockholm, Sweden, September 11 2009
83. “IMF Completes Second Review Under Stand-By Arrangement with Latvia and Approves
€200.3 Million Disbursement” – Press Release No. 10/47, February 17 2010
84. “IMF Executive Board Approves €1.68 Billion (US$2.35 Billion) Stand-By Arrangement for Latvia” – Press Release No. 08/345, December 23 2008
85. “Joint IMF, EC Press Release on the European Banking Group Coordination Meeting on Latvia” – Press Release No. 09/304, September 14 2009
Annual Reports:
86. Nordea Group AB Annual Report 2000-2009 87. Bank of Latvia Annual Report 2004
88. Danske Bank Annual Report 2001-2009 89. DnB NOR Annual Report 2001-2009 90. SEB Group Annual Report 2001-2009 91. Swedbank Annual Report 2001-2009
Databases:
92. Central Statistical Bureau of Latvia
93. European Banking Federation (EBF) – Banking Sector Statistics 2008 94. Eurostat – European Commission
95. Orbis – Company Report Database
Internet:
96. www.euroinvestor.dk Accessed 25 April 2010 97. www.nordea.com Accessed 25 April 2010 98. www.bank.lv/eng Accessed 30 April 2010 99. www.liaa.gov.lv/eng Accessed 30 April 2010
100. www.li.lv Accessed 30 April 2010
101. www.am.gov.lv/eng Accessed 30 April 2010 102. www.compiler.fi/tradestation/baltics/ Accessed 30 April 2010
103. eng.bankasoc.lv Accessed 30 April 2010
104. www.imf.org Accessed 30 April 2010
105. www.globalpropertyguide.com Accessed 30 April 2010
106. www.rzb.at Accessed 30 April 2010
107. www.cosmopolis.ch/english/politics Accessed 1 May 2010
108. europa.eu/rapid Accessed 1 May 2010
109. www.baltictimes.com Accessed 1 May 2010 110. www.huffingtonpost.com Accessed 1 May 2010
111. ecfr.eu Accessed 1 May 2010
112. www.wikipedia.org Accessed 1 May 2010 113. www.highbeam.com Accessed 1 May 2010 114. www.baltic-course.com/eng Accessed 1 May 2010 115. latviaeconomy.blogspot.com Accessed 1 May 2010 116. www.eurofound.europa.eu Accessed 1 May 2010
117. www.csb.gov.lv Accessed 1 May 2010
118. www.nationsencyclopedia.com Accessed 1 May 2010 119. www.economist.com Accessed 1 May 2010
120. www.nytimes.com Accessed 1 May 2010
121. www.nasdaqomxbaltic.com Accessed 1 May 2010 122. www.nasdaqomxnordic.com Accessed 1 May 2010
123. www.nordea.lv Accessed 1 May 2010
124. dianchu.blogspot.com Accessed 1 May 2010
125. www.ft.com Accessed 1 May 2010
126. www.nationalbanken.dk Accessed 4 May 2010 127. www.reuters.com/finance/stocks Accessed 4 May 2010 128. moneycentral.msn.com Accessed 4 May 2010 129. www.pwc.com/dk/da Accessed 4 May 2010 130. europa.eu/legislation_summaries Accessed 5 May 2010 131. www.finanstilsynet.dk Accessed 5 May 2010 132. www.indskydergarantifonden.dk Accessed 5 May 2010
133. www.nytimes.com Accessed 5 May 2010
134. www.smpbank.lv Accessed 5 May 2010
135. www.bgf.pl Accessed 5 May 2010
136. www.bis.org Accessed 5 May 2010
137. www.fininc.eu Accessed 5 May 2010
138. www.pohjola.fi Accessed 5 May 2010
139. www.topforeignstocks.com Accessed 5 May 2010 140. www.businessdictionary.com Accessed 5 May 2010 141. www.standardandpoors.com Accessed 5 May 2010 142. www.epsi-rating.com Accessed 5 May 2010 143. www.worldbulletin.net Accessed 5 May 2010 144. www.irishtimes.com Accessed 5 May 2010 145. Epp.eurostat.ec.europa.eu Accessed 5 May 2010
Research Reports:
146. Arctic Securities, “Nordea bank AB”, Arctic – Flash Report 10 February 2010 147. Credit Suisse, “Nordea”, Equity Research – Upgrade Rating 9 February 2010 148. Credit Suisse, “European Banks”, Equity Research – 10 May 2010
149. Danske Markets, “Nordic Banks – Sector Report”, Investment Research 4 March 2010 150. Deutsche Bank, “Deutsche Bank reviews three Swedish top banks”, 25 January 2010 151. Deutsche Bank, “Nordea”, Global Markets Research 24 February 2010
152. DnB NOR, “Capital Markets Day Update – Nordea”, 24 February 2010
153. Goldman Sachs, “Goldman Sachs raises targets on top Swedish banks”, 9 February 2010 154. J.P. Morgan, “Nordea bank AB”, Europe Equity Research 23 February 2010
155. Macquarie, ”Macquarie updates stance on Nordea, Danske Bank”, 25 February 2010 156. Nomura, “Nomura updates Handelsbanken, Swedbank, Nordea”, 11 January 2010