Risk Management: Challenge and Opportunity

Risk Management provides an in-depth coverage of recent innovations in the science of risk management. It includes an analysis of risk classes which have until recently been ignoted by the literature, reputation and longevity risk, as well as energy and catastrophic derivatives as examples of recent advances in risk securitization. System solutions for the managing of trading credit and general corporate risk are presented as well. Several chapters deal with corporategovernance aspects of risk management, most importantly the implementation of recently adopted minimum standards for forward-looking control in German corporations. Additional coverage includes for instance an analysis of the interaction between hedging and operating polices, the management of product liability risk from the regulator’s perspective as well as empirical treatments of exposure measurement and derivatives usage. The papers included in this volume have been written in honor of Gunter Dufey, one of the pioneers in advancing risk management as a subject of academic research.

A Word of Greeting
Professor Gunter Dufey's Career Contributions:
Preface

Part 1 : Expanding the Focus of Risk Management
Chapter 1 : Does Risk Management Make Financial Markets Riskier?
Chapter 2 : The Relevance and Management of Reputation Risk in the Global Securities Industry
Chapter 3 : Managing Catastrophic Risk with Financial Instruments
Chapter 4 : Introducing New Risk Classes to Organized Exchanges: The Case of Electricity Derivatives
Chapter 5 : Challenges and Solutions for the Management of Longevity Risk

Part 2: Risk Measurement Issues
Chapter 6 : The Key to Risk Management: Management
Chapter 7 : Market Risk: Benchmark and Standard Model
Chapter 8 : KMV Credit Risk Modeling
Chapter 9 : Value at Risk: Tool for Managing Trading Risks
Chapter 10 : The Real Option Value of Operational and Managerial Flexibility in Global Supply Chain Networks
Chapter 11 : Problems of Evaluating R&D Projects as Real Options
Chapter 12 : Financial Hedging and Banks' Assets and Liabilities Management

Part 3: Regulatory Issues
Chapter 13 : Governance of Global Financial Markets: Risk of Hubris
Chapter 14 : Risk Management, Corporate Governance and the Modern Corporation
Chapter 15 : Governing the Corporate Risk Management Function: Regulatory Issues
Chapter 16 : Statutory Regulation of the Risk-Management Function in Germany: Implementation Issues for the Non-Financial Sector
Chapter 17 : Financial Reorganization in Japan: Can Japanese Banks Survive?
Chapter 18 : International Trade in Risky Foods: The Policies of the European Community and the World Trade Organization

Part 4: Risk Management from an International Perspectives
Chapter 19 : Economic Risk of EMU
Chapter 20 : Estimating the Exchange Rate Exposure of US Multinational Firms: Evidence from an Event Study Methodology
Chapter 21 : Foreign-Exchange-Risk Management in German Non-Financial Corporations: An Empirical Analysis

Authors

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