Corporate Risk Management

Edited by Donald H. Chew

eISBN: 9780231513005

2008 (480 pages )

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Download Complete Book Download
(pages 1-480)
Complete Book Download (pages 1-480)

Download Table of Contents
(pages 5-6)
Table of Contents (pages 5-6)

Download Introduction
(pages 7-10)
Introduction (pages 7-10)

Download Part I: The Products
(pages 11-14)
Part I: The Products (pages 11-14)

Download 1. Financial Innovation: Achievements and Prospects
(pages 15-27)
1. Financial Innovation: Achievements and Prospects (pages 15-27)

Download 2. The Evolution of Risk Management Products
(pages 28-41)
2. The Evolution of Risk Management Products (pages 28-41)

Download 3. The Revolution in Corporate Risk Management: A Decade of Innovations in Process and Products
(pages 42-72)
3. The Revolution in Corporate Risk Management: A Decade of Innovations in Process and Products (pages 42-72)

Download 4. A Senior Manager’s Guide to Integrated Risk Management
(pages 73-96)
4. A Senior Manager’s Guide to Integrated Risk Management (pages 73-96)

Download Part II: Corporate Uses of the Products
(pages 97-102)
Part II: Corporate Uses of the Products (pages 97-102)

Download 5. Rethinking Risk Management
(pages 103-130)
5. Rethinking Risk Management (pages 103-130)

Download 6. An Analysis of Trading Profits: How Most Trading Rooms Really Make Money
(pages 131-140)
6. An Analysis of Trading Profits: How Most Trading Rooms Really Make Money (pages 131-140)

Download 7. Theory of Risk Capital in Financial Firms
(pages 141-171)
7. Theory of Risk Capital in Financial Firms (pages 141-171)

Download 8. Value At Risk: Uses and Abuses
(pages 172-193)
8. Value At Risk: Uses and Abuses (pages 172-193)

Download 9. Allocating Shareholder Capital to Pension Plans
(pages 194-214)
9. Allocating Shareholder Capital to Pension Plans (pages 194-214)

Download 10. The Uses and Abuses of Finite Risk Reinsurance
(pages 215-244)
10. The Uses and Abuses of Finite Risk Reinsurance (pages 215-244)

Download 11. Does Risk Management Add Value? A Survey of the Evidence
(pages 245-266)
11. Does Risk Management Add Value? A Survey of the Evidence (pages 245-266)

Download Part III: Practitioner Perspectives: Case Studies and Roundtables
(pages 267-272)
Part III: Practitioner Perspectives: Case Studies and Roundtables (pages 267-272)

Download 12. Identifying, Measuring, and Hedging Currency Risk at Merck
(pages 273-288)
12. Identifying, Measuring, and Hedging Currency Risk at Merck (pages 273-288)

Download 13. Corporate Insurance Strategy: The Case of British Petroleum
(pages 289-308)
13. Corporate Insurance Strategy: The Case of British Petroleum (pages 289-308)

Download 14. Hedging and Value in the U.S. Airline Industry
(pages 309-332)
14. Hedging and Value in the U.S. Airline Industry (pages 309-332)

Download 15. Enterprise Risk Management: Theory and Practice
(pages 333-357)
15. Enterprise Risk Management: Theory and Practice (pages 333-357)

Download 16. The Rise and Evolution of the Chief Risk Offcer: Enterprise Risk Management at Hydro One
(pages 358-388)
16. The Rise and Evolution of the Chief Risk Offcer: Enterprise Risk Management at Hydro One (pages 358-388)

Download 17. University of Georgia Roundtable on Enterprise-Wide Risk Management, Atlanta, Georgia, November 18, 2002
(pages 389-422)
17. University of Georgia Roundtable on Enterprise-Wide Risk Management, Atlanta, Georgia, November 18, 2002 (pages 389-422)

Download 18. Morgan Stanley Roundtable on Enterprise Risk Management and Corporate Strategy, New York City, June 21, 2005
(pages 423-468)
18. Morgan Stanley Roundtable on Enterprise Risk Management and Corporate Strategy, New York City, June 21, 2005 (pages 423-468)

Download Index
(pages 469-480)
Index (pages 469-480)

Corporate Risk Management

More than 30 leading scholars and finance practitioners discuss the theory and practice of using enterprise-risk management (ERM) to increase corporate values. ERM is the corporate-wide effort to manage the right-hand side of the balance sheet—a firm's total liability structure-in ways that enable management to make the most of the firm's assets. While typically working to stabilize cash flows, the primary aim of a well-designed risk management program is not to smooth corporate earnings, but to limit the possibility that surprise outcomes can threaten a company's ability to fund its major investments and carry out its strategic plan. Contributors summarize the development and use of risk management products and their practical applications. Case studies involve Merck, British Petroleum, the American airline industry, and United Grain Growers, and the conclusion addresses a variety of topics that include the pricing and use of certain derivative securities, hybrid debt, and catastrophe bonds.

Contributors: Tom Aabo (Aarhus School of Business); Albéric Braas and Charles N. Bralver (Oliver, Wyman & Company); Keith C. Brown (University of Texas at Austin); David A. Carter (Oklahoma State University); Christopher L. Culp (University of Chicago); Neil A. Doherty (University of Pennsylvania); John R. S. Fraser (Hyrdo One, Inc.); Kenneth R. French (University of Chicago); Gerald D. Gay (Georgia State University); Jeremy Gold (Jeremy Gold Pensions); Scott E. Harrington (University of South Carolina); J. B. Heaton (Bartlit Beck Herman Palenchar & Scott LLP); Joel Houston (University of Florida); Nick Hudson (Stern Stewart & Co.); Christopher James (University of Florida); A. John Kearney and Judy C. Lewent (Merck & Co., Inc.); Robert C. Merton and Lisa K. Meulbroek (Harvard Business School); Merton H. Miller (University of Chicago); Jouahn Nam (Pace University); Andrea M. P. Neves (CP Risk Management LLC); Brian W. Nocco (Nationwide Insurance); André F. Perold (Harvard Business School); S. Waite Rawls III (Continental Bank); Kenneth J. Risko (Willis Risk Solutions); Angelika Schöchlin (University of St. Gallen); Betty J. Simkins (Oklahoma State University); Donald J. Smith (Boston University); Clifford W. Smith Jr. (University of Rochester); Charles W. Smithson (Continental Bank); René M. Stulz (Ohio State University);

All the articles that comprise this book were first published in the Journal of Applied Corporate Finance. Morgan Stanley's ownership of the journal is a reflection of its commitment to identifying outstanding academic research and promoting its application in the practicing corporate and investment communities.

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Table of Contents

Corporate Risk Management