[下载]Integrated Risk Management Techniques and Strategies for Managing Corporate

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作者:Neil Doherty

出版社:McGraw-Hill Trade

ISBN:007135861

原价:　￥595 

页码：479

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2009-1-25 09:19:00 上传

[下载]Integrated Risk Management Techniques and Strategies for Managing Corporate Risk
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This book is really a sequel to an earlier one, Corporate Risk Management: A Financial Exposition.
When the earlier book was published in 1985, the term "risk management" had a more precise, but
narrower, meaning than today. Some risks facing firms, such as property and liability risks, are
known as "pure" risks. These are risks that only have a downside potential and are often insurable.
But there was increasing recognition that insurance was not the only way to manage pure risks.
Alternatively, risks could be reduced by investing in safety and quality control, or they could be
retained, which often involved setting up a funding mechanism, such as a captive insurance
company. ''Risk management" was the name given to the formulation of strategy from this tool set to
address this limited set of pure risks. There was little recognition that the tools of corporate finance
could be used as a framework for this exercise. The aim of my earlier book was to provide such a
financial economic framework and to show that risk management strategy could be expanded
beyond "pure" risk.
Times have changed. Now, few would question the value of financial analysis for risk management.
Indeed, risk management has become part of the mainstream of finance. The intervening decade and
a half has seen remarkable developments. The derivatives market has blossomed and with it,
financial engineering has provided sophisticated tools that can be used to hedge risks such as interest
rate risk, foreign exchange risk, and commodity risk. And, unlike the early 1980s, we now a have a
respectable theory that shows how risk destroys corporate value and how value can be created from
its management. In this new environment, insurance companies are selling financial risk
management products, and insurance substitutes are being placed directly in capital markets. Risk
assessment and mapping models are in increasing use, and the vendors of new risk management
products are increasingly being required to demonstrate their contribution to shareholder wealth.
This book takes a "value creation" approach to risk management. The book starts by reviewing some
of the basic economics, finance, and statistics that are needed to develop the value created approach.
But the real foundation for the development of risk management strategies is to
Page x
understand why risk is costly to the firm in the first place. The book reviews the various theories on
the cost of risk and the supporting evidence. The idea is that, if we understand why risk is destroying
value, we cannot only measure the damage but formulate strategies to recoup shareholder value.
Simply knowing that risk can reduce shareholder value provides a rationale for hedging the risk
(transaction costs permitting). The approach here delves deeper to examine the structural features of
the firm that cause risk to be a problem. This approach allows us to identify which firms are most
vulnerable to risk and therefore have the most to gain from its management. More importantly, this
approach allows us to develop strategies by changing those structural features and making the firm
more robust to risk. For example, for firms with high financial leverage, risk can cause high expected
bankruptcy costs, can lead to costly incentive conflicts between creditors and shareholders and, if
something bad happens, can cause a situation in which the firm is unable to finance future
investment opportunities. This reasoning leads to an examination of simple and compound leverage
strategies for managing risk, as well as contingent financing. The book also addresses the use of
limited liability to manage risk and deals with some of the thorny welfare problems of such a
strategy. And, of course, also considered are hedging products (such as derivatives and insurance)
and analyses are made of some of the newer insurance products that are appearing. The book not
only outlines new risk management strategies and products that are appearing on the market, but
shows how new products can be designed for particular needs. The book closes with a case study of
the securitization of insurance risk.
The material for this book has been developed from my teaching notes used for undergraduate,
MBA, and executive education courses at the Wharton School. I would like to express my thanks to
the numerous students and colleagues who have offered specific inputs or who have stimulated and
honed my interest in risk management over the years.
NEIL A. DOHERTY

 

[此贴子已经被作者于2009-1-25 9:27:25编辑过]

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