http://www.d20pfsrd.com/classes/base-classes/cavalier#TOC-Banner-Ex-.
"As long as the cavalier’s banner is clearly visible, all allies within 60 feet receive... / The banner must be at least Small or larger and must be carried or displayed by the cavalier or his mount to function."
I assume that in case of a concealed cavalier the banner doesn't work, am i right?
And looking for Greater Banner
"In addition, while his banner is displayed, the cavalier can spend a standard action to wave the banner through the air"
To wave the banner implies that the banner must be something i'm holding or i have to hold the banner only for the purpose this ability?
I'm discussing about the class with some friends and we don't know what we are supposed to think because there isn't a clear definition of "banner"