Corporate Risk Management

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Praise for Corporate Risk Management "Corporate Risk Management: Theories and Applications is not just a manual, it is also a faithful companion for academics wishing to update their knowledge and for all company directors who want the most appropriate instruments to manage both the risks they have decided to take on and those that are imposed on them." -Denis Kessler, Chairman and Chief Executive Officer of the SCOR Group A comprehensive, one-stop resource for graduate students, academics, and finance professionals alike Corporate Risk Management examines the motivation for risk management and the measurement of its efficiency-providing theoretical models under information asymmetry that justify risk management, modern empirical analyses of theoretical propositions, and statistical models that identify risks and their variations in different economic cycles. Focusing on corporate financial aspects of risk management, this timely book covers over 20 subjects of risk management, particularly default, liquidity, and operational risks that arose during and after the 2008 financial crisis. Examination of Conditional Value at Risk (CVaR) in the measurement of market risk under Basel III illustrates current debates in the field, while detailed investigations of events such as the Enron bankruptcy, the failure of the Long Term Capital Management (LTCM) fund and the 2008 financial crisis exemplify corporate governance failure and its consequences to effective risk management.