Essays On Corporate Financial Risk Management
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Essays On Corporate Financial Risk Management
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Author : Wenrui Zhang
language : en
Publisher:
Release Date : 2019
Essays On Corporate Financial Risk Management written by Wenrui Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Essays On Corporate Finance And Risk Management
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Author : Conrad Zimmer
language : en
Publisher:
Release Date : 2011
Essays On Corporate Finance And Risk Management written by Conrad Zimmer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Two Essays On Corporate Finance And Risk Management
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Author : Yanfeng Li
language : en
Publisher:
Release Date : 2021
Two Essays On Corporate Finance And Risk Management written by Yanfeng Li and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
Riskwork
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Author : Michael Power
language : en
Publisher: Oxford University Press
Release Date : 2016-09-09
Riskwork written by Michael Power and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-09 with Business & Economics categories.
This collection of essays deals with the situated management of risk in a wide variety of organizational settings - aviation, mental health, railway project management, energy, toy manufacture, financial services, chemicals regulation, and NGOs. Each chapter connects the analysis of risk studies with critical themes in organization studies more generally based on access to, and observations of, actors in the field. The emphasis in these contributions is upon the variety of ways in which organizational actors, in combination with a range of material technologies and artefacts, such as safety reporting systems, risk maps and key risk indicators, accomplish and make sense of the normal work of managing risk - riskwork. In contrast to a preoccupation with disasters and accidents after the event, the volume as whole is focused on the situationally specific character of routine risk management work. It emerges that this riskwork is highly varied, entangled with material artefacts which represent and construct risks and, importantly, is not confined to formal risk management departments or personnel. Each chapter suggests that the distributed nature of this riskwork lives uneasily with formalized risk management protocols and accountability requirements. In addition, riskwork as an organizational process makes contested issues of identity and values readily visible. These 'back stage/back office' encounters with risk are revealed as being as much emotional as they are rationally calculative. Overall, the collection combines constructivist sensibilities about risk objects with a micro-sociological orientation to the study of organizations.
Essays On Corporate Finance And Risk Management
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Author : Monica Marin
language : en
Publisher:
Release Date : 2008
Essays On Corporate Finance And Risk Management written by Monica Marin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Bankruptcy categories.
The Fantods Of Risk
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Author : Ann Blair Kloman
language : en
Publisher: Xlibris Corporation
Release Date : 2008-01-21
The Fantods Of Risk written by Ann Blair Kloman and has been published by Xlibris Corporation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-01-21 with Philosophy categories.
The Fantods of Risk is a collection of essays from the pages of Risk Management Reports, which the author edited, wrote and published from 1974 through 2007, plus several other published articles. The subject is risk management, a discipline for dealing with uncertainty in our personal and organizational lives. They continue the author’s contrary and challenging approach to managing risk, first started in Risk Management Reports and later in Mumpsimus Revisited, published in 2005.
Essays On Corporate Risk Governance
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Author : Mr. Gaizka Ormazabal Sanchez
language : en
Publisher: Stanford University
Release Date : 2011
Essays On Corporate Risk Governance written by Mr. Gaizka Ormazabal Sanchez and has been published by Stanford University this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
This dissertation comprises three papers on the governance of corporate risk: 1. The first paper investigates the role of organizational structures aimed at monitoring corporate risk. Proponents of risk-related governance structures, such as risk committees or Enterprise Risk Management (ERM) programs, assert that risk monitoring adds value by ensuring that corporate risks are managed. An alternative view is that such governance structures are nothing more than window-dressing created in response to regulatory or public pressure. Consistent with the former view, I find that, in the period between 2000 and 2006, firms with more observable risk oversight structures exhibit lower equity and credit risk than firms with fewer or no observable risk oversight structures. I also provide evidence that firms with more observable risk oversight structures experienced higher returns during the worst days of the 2007-2008 financial crisis and were less susceptible to market fluctuations than firms with fewer or no observable risk oversight structures. Finally, I find that firms without observable risk oversight structures experienced higher abnormal returns to recent legislative events relating to risk management than firms with observable risk oversight structures. 2. The most common empirical measure of managerial risk-taking incentives is equity portfolio vega (Vega), which is measured as the dollar change in a manager's equity portfolio for a 0.01 change in the standard deviation of stock returns. However, Vega exhibits at least three undesirable features. First, Vega is expressed as a dollar change. This implicitly assumes that managers with identical Vega have the same incentives regardless of differences in their total equity and other wealth. Second, the small change in the standard deviation of returns used to calculate Vega (i.e., 0.01) yields a very local approximation of managerial risk-taking incentives. If an executive's expected payoff is highly nonlinear over the range of potential stock price and volatility outcomes, a local measure of incentives is unlikely to provide a valid assessment of managerial incentives. Third, Vega is measured as the partial derivative of the manager's equity portfolio with respect to return volatility. This computation does not consider that this partial derivative also varies with changes in stock price. The second paper develops and tests a new measure of managerial risk-taking equity incentives that adjusts for differences in managerial wealth, considers more global changes in price and volatility, and explicitly considers the impact of stock price and volatility changes. We find that our new measure exhibits higher explanatory power and is more robust to model specification than Vegafor explaining a wide range of measures of risk-taking behavior. 3. The third paper examines the relation between shareholder monitoring and managerial risk-taking incentives. We develop a stylized model to show that shareholder monitoring mitigates the effect of contractual risk-taking incentives on the manager's actions. Consistent with the model, we find empirically that the positive association between the CEO's contractual risk-taking incentives and risk-taking behavior decreases with the level of shareholder monitoring. Furthermore, consistent with the board anticipating and optimally responding to shareholder monitoring, boards of firms exposed to more intense monitoring design compensation contracts that provide higher incentives to take risks. Overall, our results suggest that, when evaluating risk-taking incentives provided by a compensation contract, it is important to account for the firm's monitoring environment.
The Fantods Of Risk
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Author : H. Felix Kloman
language : en
Publisher: Xlibris Corporation
Release Date : 2008
The Fantods Of Risk written by H. Felix Kloman and has been published by Xlibris Corporation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
The Fantods of Risk is a collection of essays from the pages of Risk Management Reports, which the author edited, wrote and published from 1974 through 2007, plus several other published articles. The subject is risk management, a discipline for dealing with uncertainty in our personal and organizational lives. They continue the author's contrary and challenging approach to managing risk, first started in Risk Management Reports and later in Mumpsimus Revisited, published in 2005.
Two Essays On Corporate Finance
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Author : Kristine W. Hankins
language : en
Publisher:
Release Date : 2006
Two Essays On Corporate Finance written by Kristine W. Hankins and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
ABSTRACT: Firms have many risk management tools at their disposal. How a firm uses these choices alone and as part of a choice set is less well understood. I examine two major risk management decisions in the corporate finance arena. First, I address the use of operational hedging (corporate finance activity that reduces firm risk). I document that acquisitions are operational hedges and that firms substitute operational and financial hedging. Next, I explore the speed of capital structure adjustment. Capital structure decisions are an important part of risk management and I document that the costs and benefits of adjustment are significant factors in determining leverage. Collectively, my research presents new information on how firms use two major risk management tools: operational hedges and capital structure adjustment.
Three Essays On Risk Management And Corporate Finance
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Author : Tianjiao Gao
language : en
Publisher:
Release Date : 2014
Three Essays On Risk Management And Corporate Finance written by Tianjiao Gao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.