Integrated risk management : techniques and strategies for managing corporate risk

목차 (Table of Contents)

• CONTENTS
• PREFACE = ⅸ
• PART ONE BACKGROUND ANALYSIS
• Chapter 1 The Convergence of Insurance Risk Management and Financial Risk Management = 3
• Insurance and Risk Management = 4
• The Growth of Derivatives Markets = 6
• The Intellectual Climate = 8
• Integrated Risk Management = 10
• Plan of the Book = 13
• References = 15
• Chapter 2 Risk and Utility : Economic Concepts and Decision Rules = 17
• Derivation of Decision Rules = 18
• Insurance and the Expected-Utility Rule = 29
• Some Risk Management Propositions for Individuals = 32
• Dealing with One Risk When Faced with Another = 48
• Alternative Decision Rules = 50
• Conclusion = 58
• References = 59
• Chapter 3 Moral Hazard and Adverse Selection = 61
• Moral Hazard = 62
• Ex Ante Moral Hazard = 64
• Adverse Selection = 72
• Conclusion = 81
• References = 81
• Appendix = 83
• Some Problems with the Rothschild-Stiglitz Model = 83
• Other Adverse Selection Models = 84
• Chapter 4 Portfolio Theory and Risk Management = 87
• Description of an Insurance Portfolio = 89
• Risk Reduction in an Insurance Portfolio of Independent, Heterogeneous Risks = 99
• Measuring Correlation between Risk Units = 105
• Risk Reduction in an Insurance Portfolio of Interdependent Risks = 109
• Risk Reduction with Correlated Risks = 114
• Three Applications = 115
• Diversification and the Distribution of Aggregate Losses for the (Non-Insurance) Firm = 119
• Conclusion = 124
• References = 126
• Chapter 5 Capital Market Theory = 127
• A Capital Market in Which Investors Hold Only One Security = 128
• Capital Market Equilibrium with Diversification = 132
• Testing the Capital Asset Pricing Model = 150
• Implications for Financial Management = 151
• Implications for Risk Management = 154
• Conclusion = 157
• References = 158
• Chapter 6 Derivatives and Options = 160
• Forwards and Futures = 161
• Options = 165
• Swaps = 176
• Some Applications of Options = 179
• Conclusion = 189
• References = 190
• PART TWO RISK MANAGEMENT STRATEGIES
• Chapter 7 Why Is Risk Costly to Firms? = 193
• Risk and Shareholder Diversification = 195
• Why Is Risk Costly to Firms? = 199
• Core Risk and Incidental Risk = 223
• Which Firms Benefit from Managing Risk? = 225
• Some Evidence on the Cost of Risk and Firm Value = 226
• Conclusion : A Transactions Costs Explanation of Corporate Risk Management = 230
• References = 231
• Chapter 8 Risk Management Strategy : Duality and Globality = 234
• Duality in Risk Management Strategy = 235
• Classifying Risk Management Strategies = 261
• Integrated／Holistic Risk Management = 268
• Conclusion = 280
• References = 282
• Chapter 9 Post-loss Investment Decisions and the Measurement of Loss = 283
• Where Does the Value of a Firm Come From? = 284
• How Value Can Be Lost and Recaptured = 287
• Mitigation and Optimal Post-Loss Decisions : Crisis Management = 295
• Measuring Loss = 307
• Reinvestment and Abandonment : Some Special Issues = 308
• Conclusion = 327
• References = 328
• Chapter 10 Post-Loss Financing : Fundability and Dysfunctional Investment = 330
• A Sketch of the Capital Structure Problem = 332
• Recapturing Value Through Post-Loss Reinvestment = 335
• Is Post-Loss Investment Fundable? = 337
• Debt or Equity Refinancing? = 348
• Prime Autos Suffers a Liability Loss = 358
• A More General Framework for Comparing Post-Loss Debt and Equity Financing = 360
• Reintroducing Corporate Taxes = 369
• The Effect of Personal Taxes on Post-Loss Financing = 373
• Conclusion = 375
• Reference = 376
• Appendix = 377
• Problem 1 = 377
• Problem 2 = 377
• Chapter 11 Post-Loss Financing : Liquidity and Debt Renegotiation = 379
• Information Asymmetry - The Pecking Order Hypothesis = 380
• Liquidity Problems and Post-Loss Financing = 384
• Liquidity Crunches = 401
• Renegotiations of Debt and Post-Loss Underinvestment = 404
• Conclusion = 409
• References = 410
• Chapter 12 Contingent Financing = 412
• Comparison of Post- Loss Financing and Simple Contingent Financing = 413
• Contingent Financing : Size, Fundability, and Triggers = 426
• Ex Ante Analysis of LOC = 430
• Contingent Equity - loss Put Equity Options = 433
• The Impact of Hedged Losses on Share Value : Feedback Effect = 448
• Conclusion = 456
• Reference = 457
• Chapter 13 Contingent Leverage Strategies and Hybrid Debt = 458
• Risk Management and Capital Structure = 460
• Contingent Leverage Strategies and Hybrid Debt = 461
• Reducing Convexity of the Payoff = 465
• Inclusion of a Liability Hedge = 486
• Reduction in Bankruptcy Costs = 499
• Hybrid Debt and Financing Post-Loss Investment = 500
• Conclusion = 501
• References = 503
• Chapter 14 Hedging and Insurance = 504
• Review of Post-Loss Financing and the Introduction of Insurance = 505
• Pre-Loss Analysis of Insurance versus Debt Financing = 513
• Other Hedging Instruments = 521
• Structuring Insurance and Hedging Programs = 524
• Backing Off a Full Basket Option Program(the Limits of Integration) = 536
• Conflict Resolution : Horizontal versus Vertical Programs = 544
• Trading Off Risk and Return in Hedging Strategy : The Efficient Frontier = 548
• Conclusion = 552
• References = 553
• Chapter 15 Organizational Form and Risk Management : Limited Liability = 555
• Externalizing Costs with Limited Liability = 557
• Externalizing Costs - Ex Ante Analysis = 561
• Limited Liability and Optimal Insurance = 567
• Limited Liability, Safety, and Loss Prevention = 575
• Implications for Social Policy = 583
• Conclusion = 590
• Reference = 591
• Chapter 16 A Case Study : The Securitization of Catastrophe Risk = 593
• Catastrophe Reinsurance = 595
• The Design Space = 604
• Catastrophe Hedge Instruments = 606
• Revisiting the Design Space = 616
• Trading Off Basis Risk and Moral Hazard - Indexed and Parameterized Triggers = 618
• Conclusion = 621
• References = 622
• Appendix = 625
• INDEX = 632