Essays On Financial Risk Taking And Embedded Heuristics
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Essays On Financial Risk Taking And Embedded Heuristics
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Author : Mary Stimmler
language : en
Publisher:
Release Date : 2013
Essays On Financial Risk Taking And Embedded Heuristics written by Mary Stimmler and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
This dissertation investigates the relationship between the use of financial risk taking and the complex mathematical models used to quantify risks. In the first essay, laboratory experiments demonstrate that students who have taken courses in finance and economics take more risk when they are exposed to complex mathematical models, even when these models do not provide more information. Furthermore, students who have a strong belief in the power of risk quantification to produce accurate assessments of future events are more likely to take more risk when it is accompanies by complex quantitative models. The second essay uses data on U.S. banks from 1994-2007 and investigates popular claims that innovative risk measures, such as value at risk (VAR) resulted in greater risk seeking by banks prior to the financial crisis. It theorizes that as formal risk assessment models, such as the risk models used by banks, become institutionalized within organizations, a model's abstract representation of reality becomes reified and treated as though it is real and complete. This results in organizationally-embedded decision-making heuristics that shape how choices are made within the firm. For risk models, this meant that when banks encouraged the use of risk models, they generated an implicit belief that these models represented accurate assessments of future outcomes. This reduced uncertainty about future outcomes and led to greater risk taking.
Risk Taking In International Politics
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Author : Rose McDermott
language : en
Publisher: University of Michigan Press
Release Date : 2001
Risk Taking In International Politics written by Rose McDermott and has been published by University of Michigan Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Political Science categories.
Discusses the way leaders deal with risk in making foreign policy decisions
Future Perspectives In Risk Models And Finance
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Author : Alain Bensoussan
language : en
Publisher: Springer
Release Date : 2014-11-20
Future Perspectives In Risk Models And Finance written by Alain Bensoussan and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-11-20 with Business & Economics categories.
This book provides a perspective on a number of approaches to financial modelling and risk management. It examines both theoretical and practical issues. Theoretically, financial risks models are models of a real and a financial “uncertainty”, based on both common and private information and economic theories defining the rules that financial markets comply to. Financial models are thus challenged by their definitions and by a changing financial system fueled by globalization, technology growth, complexity, regulation and the many factors that contribute to rendering financial processes to be continuously questioned and re-assessed. The underlying mathematical foundations of financial risks models provide future guidelines for risk modeling. The book’s chapters provide selective insights and developments that can contribute to better understand the complexity of financial modelling and its ability to bridge financial theories and their practice. Future Perspectives in Risk Models and Finance begins with an extensive outline by Alain Bensoussan et al. of GLM estimation techniques combined with proofs of fundamental results. Applications to static and dynamic models provide a unified approach to the estimation of nonlinear risk models. A second section is concerned with the definition of risks and their management. In particular, Guegan and Hassani review a number of risk models definition emphasizing the importance of bi-modal distributions for financial regulation. An additional chapter provides a review of stress testing and their implications. Nassim Taleb and Sandis provide an anti-fragility approach based on “skin in the game”. To conclude, Raphael Douady discusses the noncyclical CAR (Capital Adequacy Rule) and their effects of aversion of systemic risks. A third section emphasizes analytic financial modelling approaches and techniques. Tapiero and Vallois provide an overview of mathematical systems and their use in financial modeling. These systems span the fundamental Arrow-Debreu framework underlying financial models of complete markets and subsequently, mathematical systems departing from this framework but yet generalizing their approach to dynamic financial models. Explicitly, models based on fractional calculus, on persistence (short memory) and on entropy-based non-extensiveness. Applications of these models are used to define a modeling approach to incomplete financial models and their potential use as a “measure of incompleteness”. Subsequently Bianchi and Pianese provide an extensive overview of multi-fractional models and their important applications to Asset price modeling. Finally, Tapiero and Jinquyi consider the binomial pricing model by discussing the effects of memory on the pricing of asset prices.
Dissertation Abstracts International
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Author :
language : en
Publisher:
Release Date : 2007
Dissertation Abstracts International written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Dissertations, Academic categories.
The Palgrave Handbook Of Workplace Innovation
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Author : Adela McMurray
language : en
Publisher: Springer Nature
Release Date : 2021-03-09
The Palgrave Handbook Of Workplace Innovation written by Adela McMurray and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-09 with Business & Economics categories.
Innovation is a source of building long-term sustainability. If implemented successfully it can lead to superior organizational performance. To be competitive, companies and their leaders continuously strive to engage in new market spaces by developing and engaging in an innovative culture so as to differentiate themselves from their rivals. With contributions from scholars and practitioners, this Handbook provides evidence-based case studies to identify workplace innovation practices in developed and developing countries. Chapters are based on an organizational innovation framework and focuses on two major areas: the determinants of innovation and the process and outcome elements. It covers in-depth, cutting edge specialised topics such as frugal innovation, innovation associated with leadership as well as numerous organisational contexts such as for-profit and not for profit sectors and small, medium and large organisations. Essential reading for any student or scholar of innovation studies, this handbook provides novel coverage of innovation practices linked to organizational variables such as culture, ethics, leadership and performance.
Risk Management In Crisis
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Author : Piotr Jedynak
language : en
Publisher: Routledge
Release Date : 2021-08-19
Risk Management In Crisis written by Piotr Jedynak and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-19 with Business & Economics categories.
Risk management is a domain of management which comes to the fore in crisis. This book looks at risk management under crisis conditions in the COVID-19 pandemic context. The book synthesizes existing concepts, strategies, approaches and methods of risk management and provides the results of empirical research on risk and risk management during the COVID-19 pandemic. The research outcome was based on the authors’ study on 42 enterprises of different sizes in various sectors, and these firms have either been negatively affected by COVID-19 or have thrived successfully under the new conditions of conducting business activities. The analysis looks at both the impact of the COVID-19 pandemic on the selected enterprises and the risk management measures these enterprises had taken in response to the emerging global trends. The book puts together key factors which could have determined the enterprises’ failures and successes. The final part of the book reflects on how firms can build resilience in challenging times and suggests a model for business resilience. The comparative analysis will provide useful insights into key strategic approaches of risk management. The Open Access version of this book, available at http://www.taylorfrancis.com/books/oa-mono/10.4324/9781003131366/ has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license.
Risk Profiling And Tolerance Insights For The Private Wealth Manager
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Author : Joachim Klement
language : en
Publisher: CFA Institute Research Foundation
Release Date : 2018-05-01
Risk Profiling And Tolerance Insights For The Private Wealth Manager written by Joachim Klement and has been published by CFA Institute Research Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-05-01 with Business & Economics categories.
If risk aversion and willingness to take on risk are driven by emotions and we as humans are bad at correctly identifying them, the finance profession has a serious challenge at hand—how to reliably identify the individual risk profile of a retail investor or high-net-worth individual. In this series of CFA Institute Research Foundation briefs, we have asked academics and practitioners to summarize the current state of knowledge about risk profiling in different key areas.
Judgment Under Uncertainty
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Author : Daniel Kahneman
language : en
Publisher: Cambridge University Press
Release Date : 1982-04-30
Judgment Under Uncertainty written by Daniel Kahneman and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982-04-30 with Psychology categories.
Thirty-five chapters describe various judgmental heuristics and the biases they produce, not only in laboratory experiments, but in important social, medical, and political situations as well. Most review multiple studies or entire subareas rather than describing single experimental studies.
A Practical Guide To Risk Management
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Author : Tom Coleman
language : en
Publisher:
Release Date : 2015
A Practical Guide To Risk Management written by Tom Coleman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Managing risk is at the core of managing any financial organization. Risk measurement and quantitative tools are critical aids for supporting risk management, but quantitative tools alone are no substitute for judgment, wisdom, and knowledge. Managers within a financial organization must be, before anything else, risk managers in the true sense of managing the risks that the firm faces.
Action Perception And The Brain
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Author : J. Schulkin
language : en
Publisher: Springer
Release Date : 2012-02-07
Action Perception And The Brain written by J. Schulkin and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-02-07 with Philosophy categories.
Theories of brain evolution stress communication and sociality are essential to our capacity to represent objects as intersubjectively accessible. How did we grow as a species to be able to recognize objects as common, as that which can also be seen in much the same way by others? Such constitution of intersubjectively accessible objects is bound up with our flexible and sophisticated capacities for social cognition understanding others and their desires, intentions, emotions, and moods which are crucial to the way human beings live. This book is about contemporary philosophical and neuroscientific perspectives on the relation of action, perception, and cognition as it is lived in embodied and socially embedded experience. This emphasis on embodiment and embeddedness is a change from traditional theories, which focused on isolated, representational, and conceptual cognition. In the new perspectives contained in our book, such 'pure' cognition is thought to be under-girded and interpenetrated by embodied and embedded processes.