In this age of international terrorism and international economic
contagion, it is clear that "globalization" in its broadest sense -
i.e., the "breaking down of barriers"- is often a double-edged
sword. The world economy of the early twenty-first century offers
substantial growth potential and strategic benefits for firms, but
it also entails much risk, which must be measured and managed
effectively. Consequently, business in today's world must
constantly be alert to opportunities afforded by improving
technology and financial market integration as they seek to develop
successful risk management programs.
Often viewed as a narrow field focusing on derivatives or
insurance, risk management is in fact a much broader discipline,
encompassing operational strategies as well as the financial and/or
insurance decisions of the firm. This is particularly true for
complex business enterprises operating in the international
market.
In view of the importance of risk management in practice as well as
in the academic literature, the Fox School of Business and
Management at Temple University invited leading scholars of
finance, risk management, and international business to examine the
current status and future direction of global risk management as a
discipline.
The conference was held on April 20, 2001 at the Fox School under
the auspices of the Institute of Global Management Studies (IGMS)
and the Advanta Center for Financial Services Studies, as the
Second Annual International Business Forum sponsored by the
IGMS.
The conference was designed to be international in perspective and
comprehensive in coverage. It included discussions of concepts,
measurement, andmanagement of various types of risk. Each speaker
was asked to make a presentation on one topic within the broad
theme that not only would address the state of the art but also
would provide insights into specific emerging issues within the
chosen topic. Much of this volume is a collection of articles
presented at that conference. It is hoped that this collection will
provide a new research agenda for the risk management discipline,
as well as a source of reference for scholars, practitioners, and
graduate students.
General
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