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Books > Business & Economics > Business & management > Management & management techniques > Management decision making
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Risk Management: The State of the Art (Hardcover, 2002 ed.)
Loot Price: R4,717
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Risk Management: The State of the Art (Hardcover, 2002 ed.)
Series: The New York University Salomon Center Series on Financial Markets and Institutions, 8
Expected to ship within 10 - 15 working days
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Very often, we associate the dawn of modern financial theory with
Harry Markowitz who in the 1950s introduced the formal mathematics
of probability theory to the problem of managing risk in an asset
portfolio. The 1970s saw the advent of formal models for pricing
options and other derivative contracts, whose primary purpose was
also financial risk management and hedging. But events in the 1990s
made it clear that effective risk management is a critical element
for success, and indeed, for long term survival, not only for
financial institutions, but also for industrial firms, and even for
nonprofit organizations and governmental bodies. These recent
events vividly show that the world is filled with all manner of
risks, and so risk management must extend far beyond the use of
standard derivative instruments in routine hedging applications.
The articles in this volume cover two broad themes. One theme
emphasizes methods for identifying, modeling, and hedging specific
types of financial and business risks. Articles in this category
consider the technology of risk measurement, such as Value at Risk
and extreme value theory; new classes of risk, such as liquidity
risk; new financial instruments and markets for risk management,
such as derivative contracts based on weather and on catastrophic
insurance risks; and finally, credit risk, which has become one of
the most important areas of practical interest for risk management.
The second theme stresses risk management from the perspective of
the firm and the financial system as a whole. Articles in this
category analyze risk management in the international arena,
including payment and settlement risks and sovereign risk pricing,
risk management from the regulator's viewpoint, and risk management
for financial institutions. The articles in this volume examine the
"State of the Art" in risk management from the standpoint of
academic researchers, market analysts and practitioners, and
government observers.
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