<P>为了回报各位会员，提供免费下载 投资风险管理</P>
<P>Yen Yee Chong</P>
<P>John Wiley &amp; Sons Ltd 出版</P>
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<P>1 Introduction to Investment Risk 1<BR>Dream versus rude awakening 1<BR>Book structure 3<BR>------------------------------------------</P>
<P>2 The Beginning of Risk 5<BR>Risk and business 5<BR>Case study: The shark and its risk 5<BR>Case study: The ruin of Cr&acute;edit Lyonnais (CL) 7<BR>Case study: ABB engineering 7<BR>Investment scams 9<BR>Banking risk and sharks 9<BR>Risk management as a discipline 10<BR>Humans and risk 11<BR>Case study: High-street retail store losses 12<BR>Case study: Allied Irish Bank (AIB) 12<BR>The state of the investment game 13<BR>Risk types 13<BR>Reputation risk 14<BR>Case study: Equitable Life 14<BR>Credit risk 15<BR>Market risk 15<BR>Operational risk 16<BR>Risk and damage 17<BR>Viable alternatives 18</P>
<P>----------------------------------------------<BR>3 Investing under Risk 21<BR>Human behaviour and investment choice 21<BR>Portfolio management 22<BR>Value-at-Risk (VaR) 25<BR>Monte Carlo simulation 28<BR>Collective use of mathematical tools 29<BR>Position keeping 30</P>
<P>Investment managerial control 31<BR>The treasurer’s role 31<BR>Trading and risk management 32<BR>Investment risk experts 38<BR>Case study: A large UK PLC defined benefits pension fund 39<BR>Who controls whom 39</P>
<P>-------------------------------------------------<BR>4 Investing under Attack 41<BR>Investor disenchantment 41<BR>Risk-bearers and risk-takers 41<BR>Professional investor/shareholder 41<BR>Investment companies/fund managers 42<BR>Investment banks 43<BR>Auditors 43<BR>A look in the risk mirror 44<BR>Risk-averse 44<BR>Risk-neutral 45<BR>Risk-takers 45<BR>Investor analysis 46<BR>Types of CEO – birds of a feather 47<BR>The CEO eagle – The M&amp;A addict 47<BR>The CEO dodo – Risk-phobic 48<BR>The CEO ostrich – Risk-ignorant 48<BR>The CEO owl – Risk-acceptable 48<BR>The CEO magpie – Risk-seeking 48<BR>Company structure and risks 49<BR>Case study: The executive background check 49<BR>Risk vanities 51<BR>Pensions mis-selling 52<BR>Case study: Boo.com 53<BR>Corporate misgovernance 53<BR>Accuracy of corporate losses 54<BR>Classes of instruments and their risk components 55<BR>Derivatives 56<BR>Bonds 57<BR>Equities 60<BR>Investment as a project 62</P>
<P>--------------------------------------------------<BR>5 Investing under Investigation 63<BR>Instinct versus ability 63<BR>Checking corporate fundamentals 64<BR>Formulate a business plan 64<BR>Due diligence 67<BR>Risk support and methodology 68<BR>Investor cynicism 69<BR>Case study: LTCM 70</P>
<P>-----------------------------------------------<BR>6 Risk Warning Signs 73<BR>Prevailing risk attitudes 73<BR>Reputational risk 74<BR>Case study: Enron 74<BR>Airborne early warning (AEW) 76<BR>International accounting standards (IAS) 77<BR>Credit ratings 78<BR>The ratings procedure 79<BR>Business lines 80<BR>Law and risk management 81<BR>Case study: the UK Football League 81<BR>What the law covers 82<BR>Completeness of contract 82<BR>Case study: Merrill Lynch versus Unilever pension fund 83<BR>Sarbanes–Oxley Act for audit control 84<BR>Insurance 85<BR>Risk retention: self-insurance 87<BR>Case study: Insuring big oil projects 88<BR>Case study: the Names and Lloyds, London 89<BR>Sharing, transferring or mitigating risk 89<BR>Search for risk management 92<BR>Alternative theories 92<BR>Causality and managing investment risk 92<BR>Value-added chain 93<BR>Risk management to pick up the pieces 94<BR>Scenario analysis 94<BR>Case study: Business Continuity, lessons from September 11th 94<BR>Case study: Guaranteed annuity payments 96<BR>Stress testing 96<BR>Bayesian probability 97<BR>Artificial intelligence (AI) and expert systems 97<BR>Case study: Anti-money laundering 97<BR>Risk maps 99</P>
<P>-------------------------------------------------------<BR>7 The Promise of Risk Management Systems 101<BR>Current state of systems 101<BR>Risk management methodology – RAMP 102<BR>Activity A: Analysis and project launch 102<BR>Activity B: Risk review 102<BR>Activity C: Risk management 102<BR>Activity D: Project close down 103<BR>Financial IT system support 103<BR>The Basel II Loss Database project 103<BR>Case study: Algorithmics systems in a bank 105<BR>Integration and straight-through processing (STP) 106<BR>IT systems project failure 107<BR>Case study: IT overload 107<BR>Tying financial system functionality to promise 108<BR>Risk Prioritisation 108<BR>Giving the go-ahead 109<BR>Building risk management systems 109<BR>Finding the “best” risk management system 109<BR>The invitation to tender (ITT) process 110<BR>Business functionality requirements 110<BR>User’s functional priorities 111<BR>Business flirting – the user’s system specification 113<BR>Business flirting – the supplier’s reply 113<BR>Judging the ITT beauty show 114<BR>System priorities 115<BR>Project life cycle 116<BR>Risk management project plan 117<BR>A – Our risk strategy 117<BR>B – Risk review 117<BR>C – Risk management 117<BR>D – Project close down 119</P>
<P>--------------------------------------------<BR>8 Realistic Risk Management 121<BR>Intentional damage 121<BR>Fraud, theft and loss 121<BR>Fraud perceived as the main criminal threat 122<BR>419 – not a number, but a way of life 123<BR>Operational risk in emerging markets 124<BR>Parachuting in the experts 125<BR>Case study: Chase Manhattan in Russia 125<BR>Unintentional damage 126<BR>Case study: Split capital investment funds 126<BR>Rogue staff 129<BR>Exposure to fraud at the top 129<BR>Exposure to fraud lower down the rung 131<BR>Case Study: Deutsche Morgan-Grenfell, 1996 132<BR>An operational risk perspective 132<BR>Operational risk protection: the “roof” 133<BR>Investment project growth 134<BR>Phase 1: High skill 135<BR>Phase 2: High performance 135<BR>Phase 3: Client growth 135<BR>Phase 4: Asset growth 136<BR>Case Study: Soros Quantum Fund and Buffett’s Berkshire Hathaway 136<BR>Phase 5: Skill decline 136<BR>Investor risk skills 137<BR>Investment management skills in the market 137<BR>Hiring star managers and CEOs 138<BR>Investment managers and governance 138<BR>Creating a winning fund management team 139<BR>Building for investment resilience 140<BR>Moving ahead from the investment herd 140<BR>Recap on operational risk 141</P>
<P>－－－－－－－－－－－－－－－－－<BR>9The Basel II Banking Regulations 143<BR>Current banking problems 143<BR>Basel II – a brief overview 143<BR>1 Pillar one: Capital requirements 144<BR>2 Pillar two: Supervisory review 145<BR>3 Pillar three: Market discipline 146<BR>Cost-benefits under Basel II 146<BR>Risk for financial institutions and insurance 148<BR>The Basel II OpRisk principles 150<BR>Loss database 151<BR>Loss database drawbacks 152<BR>Scenarios for Basel II OpRisk 154<BR>Next steps: After Basel 154</P>
<P>－－－－－－－－－－－－－－－－－－<BR>10 Future-proofing against Risk 159<BR>Moral hazard 159<BR>Risk detection 160<BR>Case study: Marconi 161<BR>Risk countermeasures 163<BR>Case study: The Yakuza and shareholder meetings 163<BR>Risk firepower 164<BR>Case study: Huntingdon Life Sciences (HLS) 164<BR>Insurance: the buck used to stop here 166<BR>Risk monitoring 167<BR>Case study: WorldCom 168<BR>Forensic accounting 169<BR>Appropriate risk management structure 170<BR>Case study: BCCI bank 171<BR>Facts, not figures 174<BR>New risk focus 175</P>
<P>-----------------------------------------------------------<BR>11 Integrated Risk Management 177<BR>Developments in the finance sector 177<BR>Organic risk management 178<BR>Separating reputation from risk management 180<BR>Case study: Enron 181<BR>Future for risk management 184<BR>The case for organic risk management 184<BR>Case study: Hunting for staff deceit 187<BR>Unintentional (ostensibly) and legal 187<BR>Intentional and illegal 189<BR>The reigning investment ideology 189</P>
<P>------------------------------------------------<BR>12 Summary and Conclusions 195<BR>Summary of risk management 195<BR>Identify stakeholders and interests 195<BR>Match risk appetites 196<BR>Match risk time horizons 197<BR>Organic due diligence 198<BR>Value for money 199<BR>Reputation risk 199<BR>The corporate governance model 200<BR>Hitting back 200<BR>Keep your eyes on the prize 201<BR>Conclusions 203<BR>Index 205</P>
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