Two Essays In Corporate Risk Management
DOWNLOAD
Download Two Essays In Corporate Risk Management PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Two Essays In Corporate Risk Management book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Two Essays In Corporate Risk Management
DOWNLOAD
Author : Betty J. Simkins
language : en
Publisher:
Release Date : 2001
Two Essays In Corporate Risk Management written by Betty J. Simkins and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Two Essays On Corporate Finance And Risk Management
DOWNLOAD
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.
Essays On Corporate Risk Governance
DOWNLOAD
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.
Two Essays On Corporate Finance
DOWNLOAD
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.
Essays On Corporate Risk Management
DOWNLOAD
Author : Jiyeon Yun
language : en
Publisher:
Release Date : 2019
Essays On Corporate Risk Management written by Jiyeon Yun 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.
In my dissertation, I examine corporate risk management behavior of U.S. insurers. In my first essay, I investigate the effects of executive compensation on corporate risk management. Because risk averse managers may underinvest and reduce risk beyond what is optimal for investors, I examine whether firms can encourage managerial risk taking through compensation that leads managers to hedge less. Our unique dataset allows us to build the comprehensive and clean measure of corporate hedging behavior. Utilizing the implementation of FAS 123R, paper finds that CEO compensation has a causal effect on their firms' overall hedging. In addition, paper provides strong evidence that CEO compensation has a causal effect on firms' insurance demand but only weak evidence on derivative usage. In my second essay, I investigate whether Enterprise Risk Management (ERM) creates value by allowing firms to take more strategic business risk and greater advantage of opportunities in their core business. Firms that engage in ERM should be able to better understand the aggregate risk inherent in different business activities. With an increased understanding in a firm's risk profile, ERM adopting firms should take a more strategic approach to risk management and expand risk-taking in areas where they do have a comparative advantage. We find that ERM adopting firms are increasing its share of core risk. We also find that life insurers have significantly higher share of core risk. ERM firms are increasing its share of core risk not through the risk substitution with non-core risk but by increasing its non-core risk. This provides evidence that ERM firms are recognizing interactions among sources of risks and the benefits of natural hedges.
Essays On Corporate Risk Management
DOWNLOAD
Author : Adnan Anil Isin
language : en
Publisher:
Release Date : 2013
Essays On Corporate Risk Management written by Adnan Anil Isin 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.
Essays On Corporate Risk Management
DOWNLOAD
Author :
language : en
Publisher:
Release Date : 2011
Essays On Corporate Risk Management written by 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.
Essays On Corporate Risk Management
DOWNLOAD
Author : Jaideep Singh Oberoi
language : en
Publisher:
Release Date : 2010
Essays On Corporate Risk Management written by Jaideep Singh Oberoi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
Essays On Corporate Risk Management
DOWNLOAD
Author : 姚文韜
language : en
Publisher:
Release Date : 2021
Essays On Corporate Risk Management written by 姚文韜 and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Risk management categories.
Two Essays On Risk Management
DOWNLOAD
Author : Chen-Miao Lin
language : en
Publisher:
Release Date : 2003
Two Essays On Risk Management written by Chen-Miao Lin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Risk management categories.