The Known, the Unknown, and the Unknowable in Financial Risk Management : : Measurement and Theory Advancing Practice / / ed. by Neil A. Doherty, Francis X. Diebold, Richard J. Herring.
A clear understanding of what we know, don't know, and can't know should guide any reasonable approach to managing financial risk, yet the most widely used measure in finance today--Value at Risk, or VaR--reduces these risks to a single number, creating a false sense of security among risk...
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Place / Publishing House: | Princeton, NJ : : Princeton University Press, , [2010] ©2010 |
Year of Publication: | 2010 |
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The Known, the Unknown, and the Unknowable in Financial Risk Management : Measurement and Theory Advancing Practice / ed. by Neil A. Doherty, Francis X. Diebold, Richard J. Herring. Course Book Princeton, NJ : Princeton University Press, [2010] ©2010 1 online resource (392 p.) : 4 halftones. 31 line illus. 23 tables. text txt rdacontent computer c rdamedia online resource cr rdacarrier text file PDF rda Frontmatter -- Contents -- Preface -- 1. Introduction -- 2. Risk: A Decision Maker'S Perspective -- 3. Mild Vs. Wild Randomness: Focusing on Those Risks that Matter -- 4. The Term Structure of Risk, the Role of Known and Unknown Risks, and Nonstationary Distributions -- 5. Crisis and Noncrisis Risk in Financial Markets: A Unified Approach to Risk Management -- 6. What We Know, Don't Know, and Can't Know about Bank Risk: A View from the Trenches -- 7. Real Estate through the Ages: The Known, the Unknown, and the Unknowable -- 8. Reflections on Decision-making under Uncertainty -- 9. On the Role of Insurance Brokers in Resolving the Known, the Unknown, and the Unknowable -- 10. Insuring against Catastrophes -- 11. Managing Increased Capital Markets Intensity: The Chief Financial Officer's Role in Navigating the Known, the Unknown, and the Unknowable -- 12. The Role of Corporate Governance in Coping with Risk and Unknowns -- 13. Domestic Banking Problems -- 14. Crisis Management: The Known, The Unknown, and the Unknowable -- 15. Investing in the Unknown and Unknowable -- List of Contributors -- Index restricted access http://purl.org/coar/access_right/c_16ec online access with authorization star A clear understanding of what we know, don't know, and can't know should guide any reasonable approach to managing financial risk, yet the most widely used measure in finance today--Value at Risk, or VaR--reduces these risks to a single number, creating a false sense of security among risk managers, executives, and regulators. This book introduces a more realistic and holistic framework called KuU --the K nown, the u nknown, and the U nknowable--that enables one to conceptualize the different kinds of financial risks and design effective strategies for managing them. Bringing together contributions by leaders in finance and economics, this book pushes toward robustifying policies, portfolios, contracts, and organizations to a wide variety of KuU risks. Along the way, the strengths and limitations of "quantitative" risk management are revealed. In addition to the editors, the contributors are Ashok Bardhan, Dan Borge, Charles N. Bralver, Riccardo Colacito, Robert H. Edelstein, Robert F. Engle, Charles A. E. Goodhart, Clive W. J. Granger, Paul R. Kleindorfer, Donald L. Kohn, Howard Kunreuther, Andrew Kuritzkes, Robert H. Litzenberger, Benoit B. Mandelbrot, David M. Modest, Alex Muermann, Mark V. Pauly, Til Schuermann, Kenneth E. Scott, Nassim Nicholas Taleb, and Richard J. Zeckhauser. Introduces a new risk-management paradigm Features contributions by leaders in finance and economics Demonstrates how "killer risks" are often more economic than statistical, and crucially linked to incentives Shows how to invest and design policies amid financial uncertainty Issued also in print. Mode of access: Internet via World Wide Web. In English. Description based on online resource; title from PDF title page (publisher's Web site, viewed 30. Aug 2021) Financial risk management. Risk management. BUSINESS & ECONOMICS / Insurance / Risk Assessment & Management. bisacsh Bardhan, Ashok, contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Borge, Daniel, contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Bralver, Charles N., contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Colacito, Riccardo, contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Diebold, Francis X., contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Diebold, Francis X., editor. edt http://id.loc.gov/vocabulary/relators/edt Doherty, Neil A., contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Doherty, Neil A., editor. edt http://id.loc.gov/vocabulary/relators/edt Edelstein, Robert H., contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Engle, Robert F., contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Goodhart, Charles A. E., contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Granger, Sir Clive W. J., contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Herring, Richard J., contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Herring, Richard J., editor. edt http://id.loc.gov/vocabulary/relators/edt Kleindorfer, Paul R., contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Kohn, Donald L., contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Kunreuther, Howard, contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Kuritzkes, Andrew, contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Litzenberger, Robert H., contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Mandelbrot, Benoit B., contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Modest, David M., contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Muermann, Alexander, contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Pauly, Mark V., contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Scott, Kenneth E., contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Taleb, Nassim Nicholas, contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Zeckhauser, Richard J., contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Backlist 2000-2013 9783110442502 print 9780691128832 https://doi.org/10.1515/9781400835287 https://www.degruyter.com/isbn/9781400835287 Cover https://www.degruyter.com/cover/covers/9781400835287.jpg |
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author_facet |
Bardhan, Ashok, Bardhan, Ashok, Borge, Daniel, Borge, Daniel, Bralver, Charles N., Bralver, Charles N., Colacito, Riccardo, Colacito, Riccardo, Diebold, Francis X., Diebold, Francis X., Diebold, Francis X., Diebold, Francis X., Doherty, Neil A., Doherty, Neil A., Doherty, Neil A., Doherty, Neil A., Edelstein, Robert H., Edelstein, Robert H., Engle, Robert F., Engle, Robert F., Goodhart, Charles A. E., Goodhart, Charles A. E., Granger, Sir Clive W. J., Granger, Sir Clive W. J., Herring, Richard J., Herring, Richard J., Herring, Richard J., Herring, Richard J., Kleindorfer, Paul R., Kleindorfer, Paul R., Kohn, Donald L., Kohn, Donald L., Kunreuther, Howard, Kunreuther, Howard, Kuritzkes, Andrew, Kuritzkes, Andrew, Litzenberger, Robert H., Litzenberger, Robert H., Mandelbrot, Benoit B., Mandelbrot, Benoit B., Modest, David M., Modest, David M., Muermann, Alexander, Muermann, Alexander, Pauly, Mark V., Pauly, Mark V., Scott, Kenneth E., Scott, Kenneth E., Taleb, Nassim Nicholas, Taleb, Nassim Nicholas, Zeckhauser, Richard J., Zeckhauser, Richard J., |
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Bardhan, Ashok, |
title |
The Known, the Unknown, and the Unknowable in Financial Risk Management : Measurement and Theory Advancing Practice / |
spellingShingle |
The Known, the Unknown, and the Unknowable in Financial Risk Management : Measurement and Theory Advancing Practice / Frontmatter -- Contents -- Preface -- 1. Introduction -- 2. Risk: A Decision Maker'S Perspective -- 3. Mild Vs. Wild Randomness: Focusing on Those Risks that Matter -- 4. The Term Structure of Risk, the Role of Known and Unknown Risks, and Nonstationary Distributions -- 5. Crisis and Noncrisis Risk in Financial Markets: A Unified Approach to Risk Management -- 6. What We Know, Don't Know, and Can't Know about Bank Risk: A View from the Trenches -- 7. Real Estate through the Ages: The Known, the Unknown, and the Unknowable -- 8. Reflections on Decision-making under Uncertainty -- 9. On the Role of Insurance Brokers in Resolving the Known, the Unknown, and the Unknowable -- 10. Insuring against Catastrophes -- 11. Managing Increased Capital Markets Intensity: The Chief Financial Officer's Role in Navigating the Known, the Unknown, and the Unknowable -- 12. The Role of Corporate Governance in Coping with Risk and Unknowns -- 13. Domestic Banking Problems -- 14. Crisis Management: The Known, The Unknown, and the Unknowable -- 15. Investing in the Unknown and Unknowable -- List of Contributors -- Index |
title_sub |
Measurement and Theory Advancing Practice / |
title_full |
The Known, the Unknown, and the Unknowable in Financial Risk Management : Measurement and Theory Advancing Practice / ed. by Neil A. Doherty, Francis X. Diebold, Richard J. Herring. |
title_fullStr |
The Known, the Unknown, and the Unknowable in Financial Risk Management : Measurement and Theory Advancing Practice / ed. by Neil A. Doherty, Francis X. Diebold, Richard J. Herring. |
title_full_unstemmed |
The Known, the Unknown, and the Unknowable in Financial Risk Management : Measurement and Theory Advancing Practice / ed. by Neil A. Doherty, Francis X. Diebold, Richard J. Herring. |
title_auth |
The Known, the Unknown, and the Unknowable in Financial Risk Management : Measurement and Theory Advancing Practice / |
title_alt |
Frontmatter -- Contents -- Preface -- 1. Introduction -- 2. Risk: A Decision Maker'S Perspective -- 3. Mild Vs. Wild Randomness: Focusing on Those Risks that Matter -- 4. The Term Structure of Risk, the Role of Known and Unknown Risks, and Nonstationary Distributions -- 5. Crisis and Noncrisis Risk in Financial Markets: A Unified Approach to Risk Management -- 6. What We Know, Don't Know, and Can't Know about Bank Risk: A View from the Trenches -- 7. Real Estate through the Ages: The Known, the Unknown, and the Unknowable -- 8. Reflections on Decision-making under Uncertainty -- 9. On the Role of Insurance Brokers in Resolving the Known, the Unknown, and the Unknowable -- 10. Insuring against Catastrophes -- 11. Managing Increased Capital Markets Intensity: The Chief Financial Officer's Role in Navigating the Known, the Unknown, and the Unknowable -- 12. The Role of Corporate Governance in Coping with Risk and Unknowns -- 13. Domestic Banking Problems -- 14. Crisis Management: The Known, The Unknown, and the Unknowable -- 15. Investing in the Unknown and Unknowable -- List of Contributors -- Index |
title_new |
The Known, the Unknown, and the Unknowable in Financial Risk Management : |
title_sort |
the known, the unknown, and the unknowable in financial risk management : measurement and theory advancing practice / |
publisher |
Princeton University Press, |
publishDate |
2010 |
physical |
1 online resource (392 p.) : 4 halftones. 31 line illus. 23 tables. Issued also in print. |
edition |
Course Book |
contents |
Frontmatter -- Contents -- Preface -- 1. Introduction -- 2. Risk: A Decision Maker'S Perspective -- 3. Mild Vs. Wild Randomness: Focusing on Those Risks that Matter -- 4. The Term Structure of Risk, the Role of Known and Unknown Risks, and Nonstationary Distributions -- 5. Crisis and Noncrisis Risk in Financial Markets: A Unified Approach to Risk Management -- 6. What We Know, Don't Know, and Can't Know about Bank Risk: A View from the Trenches -- 7. Real Estate through the Ages: The Known, the Unknown, and the Unknowable -- 8. Reflections on Decision-making under Uncertainty -- 9. On the Role of Insurance Brokers in Resolving the Known, the Unknown, and the Unknowable -- 10. Insuring against Catastrophes -- 11. Managing Increased Capital Markets Intensity: The Chief Financial Officer's Role in Navigating the Known, the Unknown, and the Unknowable -- 12. The Role of Corporate Governance in Coping with Risk and Unknowns -- 13. Domestic Banking Problems -- 14. Crisis Management: The Known, The Unknown, and the Unknowable -- 15. Investing in the Unknown and Unknowable -- List of Contributors -- Index |
isbn |
9781400835287 9783110442502 9780691128832 |
callnumber-first |
H - Social Science |
callnumber-subject |
HD - Industries, Land Use, Labor |
callnumber-label |
HD61 |
callnumber-sort |
HD 261 K598 ONLINE |
url |
https://doi.org/10.1515/9781400835287 https://www.degruyter.com/isbn/9781400835287 https://www.degruyter.com/cover/covers/9781400835287.jpg |
illustrated |
Illustrated |
doi_str_mv |
10.1515/9781400835287 |
oclc_num |
979632409 |
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Managing Increased Capital Markets Intensity: The Chief Financial Officer's Role in Navigating the Known, the Unknown, and the Unknowable -- </subfield><subfield code="t">12. The Role of Corporate Governance in Coping with Risk and Unknowns -- </subfield><subfield code="t">13. Domestic Banking Problems -- </subfield><subfield code="t">14. Crisis Management: The Known, The Unknown, and the Unknowable -- </subfield><subfield code="t">15. Investing in the Unknown and Unknowable -- </subfield><subfield code="t">List of Contributors -- </subfield><subfield code="t">Index</subfield></datafield><datafield tag="506" ind1="0" ind2=" "><subfield code="a">restricted access</subfield><subfield code="u">http://purl.org/coar/access_right/c_16ec</subfield><subfield code="f">online access with authorization</subfield><subfield code="2">star</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">A clear understanding of what we know, don't know, and can't know should guide any reasonable approach to managing financial risk, yet the most widely used measure in finance today--Value at Risk, or VaR--reduces these risks to a single number, creating a false sense of security among risk managers, executives, and regulators. This book introduces a more realistic and holistic framework called KuU --the K nown, the u nknown, and the U nknowable--that enables one to conceptualize the different kinds of financial risks and design effective strategies for managing them. Bringing together contributions by leaders in finance and economics, this book pushes toward robustifying policies, portfolios, contracts, and organizations to a wide variety of KuU risks. Along the way, the strengths and limitations of "quantitative" risk management are revealed. In addition to the editors, the contributors are Ashok Bardhan, Dan Borge, Charles N. Bralver, Riccardo Colacito, Robert H. Edelstein, Robert F. Engle, Charles A. E. Goodhart, Clive W. J. Granger, Paul R. Kleindorfer, Donald L. Kohn, Howard Kunreuther, Andrew Kuritzkes, Robert H. Litzenberger, Benoit B. Mandelbrot, David M. Modest, Alex Muermann, Mark V. Pauly, Til Schuermann, Kenneth E. Scott, Nassim Nicholas Taleb, and Richard J. Zeckhauser. Introduces a new risk-management paradigm Features contributions by leaders in finance and economics Demonstrates how "killer risks" are often more economic than statistical, and crucially linked to incentives Shows how to invest and design policies amid financial uncertainty</subfield></datafield><datafield tag="530" ind1=" " ind2=" "><subfield code="a">Issued also in print.</subfield></datafield><datafield tag="538" ind1=" " ind2=" "><subfield code="a">Mode of access: Internet via World Wide Web.</subfield></datafield><datafield tag="546" ind1=" " ind2=" "><subfield code="a">In English.</subfield></datafield><datafield tag="588" ind1="0" ind2=" "><subfield code="a">Description based on online resource; title from PDF title page (publisher's Web site, viewed 30. Aug 2021)</subfield></datafield><datafield tag="650" ind1=" " ind2="0"><subfield code="a">Financial risk management.</subfield></datafield><datafield tag="650" ind1=" " ind2="0"><subfield code="a">Risk management.</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">BUSINESS & ECONOMICS / Insurance / Risk Assessment & Management.</subfield><subfield code="2">bisacsh</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Bardhan, Ashok, </subfield><subfield code="e">contributor.</subfield><subfield code="4">ctb</subfield><subfield code="4">https://id.loc.gov/vocabulary/relators/ctb</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Borge, Daniel, </subfield><subfield code="e">contributor.</subfield><subfield code="4">ctb</subfield><subfield code="4">https://id.loc.gov/vocabulary/relators/ctb</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Bralver, Charles N., </subfield><subfield code="e">contributor.</subfield><subfield code="4">ctb</subfield><subfield code="4">https://id.loc.gov/vocabulary/relators/ctb</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Colacito, Riccardo, </subfield><subfield code="e">contributor.</subfield><subfield code="4">ctb</subfield><subfield code="4">https://id.loc.gov/vocabulary/relators/ctb</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Diebold, Francis X., </subfield><subfield code="e">contributor.</subfield><subfield code="4">ctb</subfield><subfield code="4">https://id.loc.gov/vocabulary/relators/ctb</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Diebold, Francis X., </subfield><subfield code="e">editor.</subfield><subfield code="4">edt</subfield><subfield code="4">http://id.loc.gov/vocabulary/relators/edt</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Doherty, Neil A., </subfield><subfield code="e">contributor.</subfield><subfield code="4">ctb</subfield><subfield code="4">https://id.loc.gov/vocabulary/relators/ctb</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Doherty, Neil A., </subfield><subfield code="e">editor.</subfield><subfield code="4">edt</subfield><subfield code="4">http://id.loc.gov/vocabulary/relators/edt</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Edelstein, Robert H., </subfield><subfield code="e">contributor.</subfield><subfield code="4">ctb</subfield><subfield code="4">https://id.loc.gov/vocabulary/relators/ctb</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Engle, Robert F., </subfield><subfield code="e">contributor.</subfield><subfield code="4">ctb</subfield><subfield code="4">https://id.loc.gov/vocabulary/relators/ctb</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Goodhart, Charles A. 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