Visser and Wu in their study of the determinants of bank price-earnings ratios before and after deregulation found:

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Visser and Wu's study on the determinants of bank price-earnings ratios before and after deregulation found that before the Depository Institutions Deregulation and Monetary Control Act (DIDMCA), factors such as the growth rate of deposits, the growth rate of earnings, and the ratio of capital to assets were positively associated with the price-earnings ratio. After DIDMCA, the dividend payout ratio became more significant, while the past earnings growth rate remained highly important, and growth became less important. This indicates that the study found all of the mentioned findings (A, B, and C) to be true.

Visser and Wu in Their Study of the Determinants of Bank