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Books > Business & Economics > Finance & accounting > Finance > Insurance
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Risk Management in Turbulent Times (Hardcover)
Loot Price: R2,728
Discovery Miles 27 280
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Risk Management in Turbulent Times (Hardcover)
Expected to ship within 12 - 19 working days
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The subprime crisis has shown that the sophisticated risk
management models used by banks and insurance companies had serious
flaws. Some people even suggest that these models are completely
useless. Others claim that the crisis was just an unpredictable
accident that was largely amplified by the lack of expertise and
even naivety of many investors. This book takes the middle view. It
shows that these models have been designed for "tranquil times,"
when financial markets behave smoothly and efficiently. However, we
are living in more and more "turbulent times": large risks
materialize much more often than predicted by "normal" models,
financial models periodically go through bubbles and crashes.
Moreover, financial risks result from the decisions of economic
actors who can have incentives to take excessive risks, especially
when their remunerations are ill designed. The book provides a
clear account of the fundamental hypotheses underlying the most
popular models of risk management and show that these hypotheses
are flawed. However it shows that simple models can still be
useful, provided they are well understood and used with caution.
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