Corporate Risk Management

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Donald H. Chew
Columbia University Press, Aug 14, 2012 - Business & Economics - 480 pages
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More than 30 leading scholars and finance practitioners discuss the theory and practice of using enterprise-risk management (ERM) to increase corporate values. ERM is the corporate-wide effort to manage the right-hand side of the balance sheet—a firm's total liability structure-in ways that enable management to make the most of the firm's assets. While typically working to stabilize cash flows, the primary aim of a well-designed risk management program is not to smooth corporate earnings, but to limit the possibility that surprise outcomes can threaten a company's ability to fund its major investments and carry out its strategic plan. Contributors summarize the development and use of risk management products and their practical applications. Case studies involve Merck, British Petroleum, the American airline industry, and United Grain Growers, and the conclusion addresses a variety of topics that include the pricing and use of certain derivative securities, hybrid debt, and catastrophe bonds.
 

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Contents

Introduction
The Evolution of Risk Management Products
A Decade of Innovations in Process
Corporate Uses of the Products
How Most Trading Rooms Really Make Money
Theory of Risk Capital in Financial Firms
Does Risk Management Add Value? A Survey of the Evidence
Practitioner Perspectives Case Studies and Roundtables
The Case of British Petroleum
David A Carter Daniel A Rogers and Betty J Simkins
Theory and Practice
Enterprise Risk Management
Index
Copyright

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About the author (2012)

Donald H. Chew is the founding editor of the Journal of Applied Corporate Finance, which was acquired by Morgan Stanley in August of 2004. Before joining Morgan Stanley three years ago, Chew was one of the founding partners of Stern, Stewart, and Co., a New York-based corporate finance advisory firm started in 1982. He has spent the past 25 years editing this journal and its predecessors, the Midland Corporate Finance Journal and the Chase Financial Quarterly. He has published over ten books on corporate finance, including The New Corporate Finance& mdash;Where Theory Meets Practice and (with Joel Stern) The Revolution in Corporate Finance, which are widely used in business schools throughout the United States and Europe. Chew has a Ph.D. in English as well as an MBA from the University of Rochester.

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