Essays On Corporate Risk Governance
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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.
Essays On Corporate Risk Governance
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Author : Mr. Gaizka Ormazabal Sanchez
language : en
Publisher:
Release Date : 2011
Essays On Corporate Risk Governance written by Mr. Gaizka Ormazabal Sanchez 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.
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.
Riskwork
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Author : Michael Power
language : en
Publisher: Oxford University Press
Release Date : 2016
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 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 suggest 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.
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.
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.
Security And Risk Management Selected Academic Essays
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Author : Matthieu Petrigh
language : en
Publisher: GRIN Verlag
Release Date : 2015-10-07
Security And Risk Management Selected Academic Essays written by Matthieu Petrigh and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-07 with Business & Economics categories.
Anthology from the year 2014 in the subject Business economics - Business Management, Corporate Governance, grade: 70%, University of Portsmouth (Institute of Criminal Justice Studies), course: BSc Security and Risk Management, language: English, abstract: This collection of essays outlines the work of one BSc student in Security and Risk Management from the University of Portsmouth, UK. It provides useful insights towards a better understanding of the topics of security, risk and organised crime. This book will be of particular relevance for BSc students in security and risk management and for security professionals who would like to deepen their academic knowledge. List of essays: What are the main influences on the function of a security manager in the retail and aviation sectors? Is there such a thing as an unified theory of risk and does the academic literature account for such principle adequately? There has been a move away from risk as probability to risk as accountability and liability which place the emphasis upon the individual Business continuity management has evolved as a business function Critically discuss how corporate security management is evolving The introduction of more privatisation into public policing will bring lower standards and risk greater corruption Critically examine the appropriateness of the term ‘organised crime’
Mumpsimus Revisited
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Author : Felix H. Kloman
language : en
Publisher: Xlibris Corporation
Release Date : 2005-05-01
Mumpsimus Revisited written by Felix H. 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 2005-05-01 with Business & Economics categories.
Three Essays On Corporate Governance Shareholder Activism And Economic Policy Risk
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Author : Marcel Maier
language : de
Publisher:
Release Date : 2019
Three Essays On Corporate Governance Shareholder Activism And Economic Policy Risk written by Marcel Maier 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.
Risk Management And Corporate Governance
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Author : Abol Jalilvand
language : en
Publisher: Routledge
Release Date : 2013-05-13
Risk Management And Corporate Governance written by Abol Jalilvand and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-05-13 with Business & Economics categories.
The asymmetry of responsibilities between management and corporate governance both for day-to-day operations and the board’s monthly or quarterly review and evaluation remains an unresolved challenge. Expertise in the area of risk management is a fundamental requirement for effective corporate governance, if not by all, certainly by some board members. This means that along with board committees such as "compensation", "audit", "strategy" and several others, "risk management" committees must be established to monitor the likelihood of certain events that may cause the collapse of the firm. Risk Management and Corporate Governance allows academics and practitioners to assess the state of international research in risk management and corporate governance. The chapters overlay the areas of risk management and corporate governance on both financial and operating decisions of a firm while treating legal and political environments as externalities to decisions undertaken.
Corporate Governance In Banking
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Author : Justine Chinoperekweyi, Ph.D.
language : en
Publisher: Notion Press
Release Date : 2009
Corporate Governance In Banking written by Justine Chinoperekweyi, Ph.D. and has been published by Notion Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
This thesis is the product of my PhD studies at the Department of International Economics and Management at Copenhagen Business School and consists of four essays - one literature review and three empirical studies - on different aspects of the corporate governance of banks. The four essays are self-contained and can be read independently.