Integrated Risk Management: Techniques and Strategies for Managing Corporate RiskMcGraw Hill Professional, 17 kwi 2000 - 646 Over the years, risk management has developed separately in both the insurance and financial fields. Today, the two are finding value in each other's tools and techniques. Integrated Risk Management combines the best of the two notions of risk management, insurance and financial, to develop solutions ideal for taday's complex risk environment. Tools go beyond hedging strategies to also examine leveraging, post-loss financing, contingent financing, and fiversification. |
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Integrated Risk Management : Techniques and Strategies for Managing ... Neil Doherty Widok fragmentu - 2000 |
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adverse selection bankruptcy costs basis risk bond bondholders call option capital market capital structure cash flows chapter choice claims compensation consider contract corporate correlation coverage creditors debt financing deductible default put option diversified dividend effect example exercise price expected loss expected return expected utility expected value exposure units F I G U R E firm value firm’s fund gamble hedge hedge ratio higher incentive income increase indifference curve insurer’s interest rates investment opportunities investors issue leverage liability loss lower moral hazard optimal payoff policyholder portfolio post-loss financing post-loss investment pre-loss present value probability problem profit put option reduce reinsurance reinvestment risk management strategies risk premium risky event safety senior debt share price shareholders shown shows standard deviation stock price striking price tax shield transaction costs trigger underinvestment value of equity wealth worth zero