Corporate Risk Management / / ed. by Donald Chew.

• Superior document: Title is part of eBook package: De Gruyter Columbia University Press eBook-Package Backlist 2000-2013
• MitwirkendeR: Aabo, Tom,; Braas, Albéric,; Bralver, Charles N.,; Carter, David A.,; Culp, Christopher L.,; Doherty, Neil A.,; Fraser, John R. S.,; Heaton, J. B.,; Kearney, A. John,; Lewent, Judy C.,; Merton, Robert C.,; Meulbroek, Lisa K.,; Miller, Merton H.,; Neves, Andrea M. P.,; Nocco, Brian W.,; Perold, André F.,; Rogers, Daniel A.,; Simkins, Betty J.,; Smith, Clifford W.,; Smithson, Charles W.,; Stulz, René M.,; Waite Rawls, S.,
• HerausgeberIn: Chew, Donald,
• Place / Publishing House: New York, NY : : Columbia University Press, , [2008]; ©2008
• Year of Publication: 2008
• Language: English
• Physical Description: 1 online resource (480 p.) :; 44 illus., 44 tables

More than thirty 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.Contributors: Tom Aabo (Aarhus School of Business); Albéric Braas and Charles N. Bralver (Oliver, Wyman & Company); Keith C. Brown (University of Texas at Austin); David A. Carter (Oklahoma State University); Christopher L. Culp (University of Chicago); Neil A. Doherty (University of Pennsylvania); John R. S. Fraser (Hyrdo One, Inc.); Kenneth R. French (University of Chicago); Gerald D. Gay (Georgia State University); Jeremy Gold (Jeremy Gold Pensions); Scott E. Harrington (University of South Carolina); J. B. Heaton (Bartlit Beck Herman Palenchar & Scott LLP); Joel Houston (University of Florida); Nick Hudson (Stern Stewart & Co.); Christopher James (University of Florida); A. John Kearney and Judy C. Lewent (Merck & Co., Inc.); Robert C. Merton and Lisa K. Meulbroek (Harvard Business School); Merton H. Miller (University of Chicago); Jouahn Nam (Pace University); Andrea M. P. Neves (CP Risk Management LLC); Brian W. Nocco (Nationwide Insurance); André F. Perold (Harvard Business School); S. Waite Rawls III (Continental Bank); Kenneth J. Risko (Willis Risk Solutions); Angelika Schöchlin (University of St. Gallen); Betty J. Simkins (Oklahoma State University); Donald J. Smith (Boston University); Clifford W. Smith Jr. (University of Rochester); Charles W. Smithson (Continental Bank); René M. Stulz (Ohio State University); D. SAll the articles that comprise this book were first published in the Journal of Applied Corporate Finance. Morgan Stanley's ownership of the journal is a reflection of its commitment to identifying outstanding academic research and promoting its application in the practicing corporate and investment communities.

Table of Contents

Frontmatter -- Contents -- Introduction -- Part I: The Products -- 1. Financial Innovation: Achievements and Prospects -- 2. The Evolution of Risk Management Products -- 3. The Revolution in Corporate Risk Management -- 4. A Senior Manager's Guide to Integrated Risk Management -- Part II: Corporate Uses of the Products -- 5. Rethinking Risk Management -- 6. An Analysis of Trading Profits -- 7. Theory of Risk Capital in Financial Firms -- 8. Value At Risk -- 9. Allocating Shareholder Capital to Pension Plans -- 10. The Uses and Abuses of Finite Risk Reinsurance -- 11. Does Risk Management Add Value? -- Part III: Practitioner Perspectives: Case Studies and Roundtables -- 12. Identifying, Measuring, and Hedging Currency Risk at Merck -- 13. Corporate Insurance Strategy -- 14. Hedging and Value in the U.S. Airline Industry -- 15. Enterprise Risk Management -- 16. The Rise and Evolution of the Chief Risk Officer -- 17. University of Georgia Roundtable on Enterprise- Wide Risk Management -- 18. Morgan Stanley Roundtable on Enterprise Risk Management and Corporate Strategy -- Index