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Strategic Risk Taking: A Framework for Risk Management (paperback) [Minkštas viršelis]

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  • Formatas: Paperback / softback, 408 pages, aukštis x plotis: 235x178 mm, weight: 667 g
  • Išleidimo metai: 07-Oct-2009
  • Leidėjas: Financial TImes Prentice Hall
  • ISBN-10: 0137043775
  • ISBN-13: 9780137043774
Kitos knygos pagal šią temą:
Strategic Risk Taking: A Framework for Risk Management (paperback)Didesnis paveikslėlis
  • Formatas: Paperback / softback, 408 pages, aukštis x plotis: 235x178 mm, weight: 667 g
  • Išleidimo metai: 07-Oct-2009
  • Leidėjas: Financial TImes Prentice Hall
  • ISBN-10: 0137043775
  • ISBN-13: 9780137043774
Kitos knygos pagal šią temą:
Pastovi nuoroda: https://www.kriso.lt/db/9780137043774.html
Raktažodžiai:

In business and investing, risk has traditionally been viewed negatively: investors and companies can lose money due to risk and therefore we typically penalize companies for taking risks. That’s why most books on risk management focus strictly on hedging or mitigating risk.

But the enterprise’s relationship with risk should be far more nuanced. Great companies become great because they seek out and exploit intelligent risks, not because they avoid all risk. Strategic Risk Taking: A Framework for Risk Management is the first book to take this broader view, encompassing both risk hedging at one end of the spectrum and strategic risk taking on the other.

World-renowned financial pioneer Aswath Damodaran–one of BusinessWeek’s top 12 business school professors–is singularly well positioned to take this strategic view. Here, Damodaran helps you separate good risk (opportunities) from bad risk (threats), showing how to utilize the former while protecting yourself against the latter. He introduces powerful financial tools for evaluating risk, and demonstrates how to draw on other disciplines to make these tools even more effective.

Simply put, Damodaran has written the first book that helps you use risk to increase firm value, drive higher growth and returns, and create real competitive advantage.

Daugiau informacijos

In finance and investing, risk has traditionally been viewed negatively: investors and companies can lose money due to risk, and therefore we typically penalize companies for taking risks. Most books on enterprise risk management focus strictly on hedging or mitigating risk. But the enterprise's relationship with risk should be far more nuanced. Great companies become great because they seek out and exploit intelligent risks, not because they avoid all risk. Aswath Damodaran'sStrategic Risk Taking is the first book to take this broader view, encompassing both risk hedging at one end of the spectrum and strategic risk taking on the other. Damodaran helps readers separate good risk (opportunities) from bad risk (threats), showing how to take advantage of the former while protecting against the latter. He introduces powerful financial tools for evaluating risk, and shows how to draw on other disciplines to make these tools even more effective.
Introduction A Roadmap for Understanding Risk xvii
Chapters 1-4 The Economists' View of Risk Aversion and the Behavioral Response
1(96)
Chapter 1 What Is Risk?
3(8)
A Very Short History of Risk
3(2)
Defining Risk
5(2)
Dealing with Risk
7(1)
Risk and Reward
7(1)
Risk and Innovation
7(1)
Risk Management
8(1)
The Conventional View and Its Limitations
8(1)
A More Expansive View of Risk Management
9(1)
Conclusion
9(2)
Chapter 2 Why Do We Care About Risk?
11(24)
The Duality of Risk
11(1)
I Am Rich, But Am I Happy? Utility and Wealth
12(6)
The St. Petersburg Paradox and Expected Utility: The Bernoulli Contribution
12(2)
Mathematics Meets Economics: Von Neumann and Morgenstern
14(2)
The Gambling Exception?
16(1)
Small Versus Large Gambles
17(1)
Measuring Risk Aversion
18(10)
Certainty Equivalents
18(2)
Risk Aversion Coefficients
20(3)
Other Views on Risk Aversion
23(3)
Prospect Theory
26(2)
Consequences of Views on Risk
28(2)
Investment Choices
28(1)
Corporate Finance
29(1)
Valuation
30(1)
Conclusion
30(5)
Chapter 3 What Do We Think About Risk?
35(30)
General Principles
35(1)
Evidence on Risk Aversion
36(25)
Experimental Studies
36(11)
Survey Measures
47(3)
Pricing of Risky Assets
50(7)
Evidence from Racetracks, Gambling, and Game Shows
57(4)
Propositions about Risk Aversion
61(2)
Conclusion
63(2)
Chapter 4 How Do We Measure Risk?
65(32)
Fate and Divine Providence
65(1)
Estimating Probabilities: The First Step to Quantifying Risk
66(2)
Sampling, The Normal Distributions, and Updating
68(2)
The Use of Data: Life Tables and Estimates
70(1)
The Insurance View of Risk
70(1)
Financial Assets and the Advent of Statistical Risk Measures
71(2)
The Markowitz Revolution
73(4)
Efficient Portfolios
73(1)
The Mean-Variance Framework
74(2)
Implications for Risk Assessment
76(1)
Introducing the Riskless Asset---The Capital Asset Pricing Model (CAPM) Arrives
77(1)
Mean Variance Challenged
78(5)
Fat Tails and Power-Law distributions
79(2)
Asymmetric Distributions
81(2)
Jump Process Models
83(1)
Data Power: Arbitrage Pricing and Multifactor Models
83(3)
Arbitrage Pricing Model
84(1)
Multifactor and Proxy Models
85(1)
The Evolution of Risk Measures
86(1)
Conclusion
86(11)
Chapters 5-8 Risk Assessment: Tools and Techniques
97(180)
Chapter 5 Risk-Adjusted Value
99(46)
Discounted Cash Flow Approaches
99(18)
The DCF Value of an Asset
100(1)
Risk-Adjusted Discount Rates
101(5)
Certainty-Equivalent Cash Flows
106(5)
Hybrid Models
111(5)
DCF Risk Adjustment: Pluses and Minuses
116(1)
Post-Valuation Risk Adjustment
117(11)
Rationale for Post-Valuation Adjustments
117(1)
Downside Risks
118(7)
Other Discounts
125(1)
Upside Risks
126(1)
The Dangers of Post-Valuation Adjustments
127(1)
Relative Valuation Approaches
128(2)
Basis for Approach
128(1)
Risk Adjustment
129(1)
DCF Versus Relative Valuation
130(1)
The Practice of Risk Adjustment
130(1)
Conclusion
131(5)
Fixed Discount
136(1)
Firm-Specific Discount
137(5)
Determinants of Illiquidity Discounts
137(2)
Estimating Firm-Specific Illiquidity Discount
139(3)
Synthetic Bid-Ask Spread
142(1)
Option-Based Discount
143(2)
Chapter 6 Probabilistic Approaches: Scenario Analysis, Decision Trees, and Simulations
145(56)
Scenario Analysis
145(8)
Best Case/Worst Case
146(1)
Multiple Scenario Analysis
147(6)
Decision Trees
153(11)
Steps in Decision Tree Analysis
153(3)
An Example of a Decision Tree
156(4)
Use in Decision Making
160(1)
Issues
161(1)
Risk-Adjusted Value and Decision Trees
162(2)
Simulations
164(15)
Steps in Simulation
164(4)
An Example of a Simulation
168(5)
Use in Decision Making
173(1)
Simulations with Constraints
174(2)
Issues
176(1)
Risk-Adjusted Value and Simulations
177(2)
An Overall Assessment of Probabilistic Risk Assessment Approaches
179(3)
Comparing the Approaches
179(1)
Complement or Replacement for Risk Adjusted Value
180(1)
In Practice
181(1)
Conclusion
182(1)
Fitting the Distribution
183(13)
Is the Data Discrete or Continuous?
183(5)
How Symmetric Is the Data?
188(6)
Are There Upper or Lower Limits on Data Values?
194(1)
How Likely Are You to See Extreme Values of Data, Relative to the Middle Values?
195(1)
Tests for Fit
196(2)
Tests of Normality
198(1)
Conclusion
199(2)
Chapter 7 Value at Risk (VaR)
201(30)
What Is VaR?
201(1)
A Short History of VaR
202(2)
Measuring VaR
204(14)
Variance-Covariance Method
204(6)
Historical Simulation
210(4)
Monte Carlo Simulation
214(3)
Comparing Approaches
217(1)
Limitations of VaR
218(5)
VaR Can Be Wrong
218(3)
Narrow Focus
221(1)
Suboptimal Decisions
222(1)
Extensions of VaR
223(2)
VaR as a Risk Assessment Tool
225(2)
Conclusion
227(4)
Chapter 8 Real Options
231(46)
The Essence of Real Options
231(2)
Real Options, Risk-Adjusted Value, and Probabilistic Assessments
233(2)
Real Option Examples
235(22)
The Option to Delay an Investment
235(11)
The Option to Expand
246(7)
The Option to Abandon an Investment
253(4)
Caveats on Real Options
257(3)
Real Options in a Risk Management Framework
260(1)
Conclusion
261(1)
Option Payoffs
262(2)
Determinants of Option Value
264(2)
Option Pricing Models
266(11)
The Binomial Model
266(4)
The Black-Scholes Model
270(7)
Chapters 9-12 Risk Management: The Big Picture
277(102)
Chapter 9 Risk Management: The Big Picture
279(30)
Risk and Value: The Conventional View
280(7)
Discounted Cash Flow Valuation
280(5)
Relative Valuation Models
285(2)
Expanding the Analysis of Risk
287(14)
Discounted Cash Flow Valuation
288(7)
Relative Valuation
295(3)
Option Pricing Models
298(3)
A Final Assessment of Risk Management
301(3)
When Does Risk Hedging Pay Off?
302(1)
When Does Risk Management Pay Off?
303(1)
Risk Hedging Versus Risk Management
303(1)
Developing a Risk Management Strategy
304(2)
Conclusion
306(3)
Chapter 10 Risk Management: Profiling and Hedging
309(32)
Risk Profile
309(10)
Step 1 List the Risks
310(1)
Step 2 Categorize the Risks
310(1)
Step 3 Measure Exposure to Each Risk
311(7)
Step 4 Analyze the Risks
318(1)
To Hedge or Not to Hedge?
319(12)
The Costs of Hedging
319(1)
The Benefits of Hedging
320(6)
The Prevalence of Hedging
326(3)
Does Hedging Increase Value?
329(2)
Alternative Techniques for Hedging Risk
331(8)
Investment Choices
331(1)
Financing Choices
332(1)
Insurance
333(1)
Derivatives
334(4)
Picking the Right Hedging Tool
338(1)
Conclusion
339(2)
Chapter 11 Strategic Risk Management
341(26)
Why Exploit Risk?
341(4)
Value and Risk Taking
342(2)
Evidence on Risk Taking and Value
344(1)
How Do You Exploit Risk?
345(11)
The Information Advantage
346(2)
The Speed Advantage
348(2)
The Experience/Knowledge Advantage
350(2)
The Resource Advantage
352(1)
Flexibility
353(3)
Building the Risk-Taking Organization
356(9)
Corporate Governance
356(2)
Personnel
358(2)
Reward/Punishment Mechanisms
360(3)
Organization Size, Structure, and Culture
363(2)
Conclusion
365(2)
Chapter 12 Risk Management: First Principles
367(12)
1 Risk Is Everywhere
367(2)
2 Risk Is Threat and Opportunity
369(1)
3 We Are Ambivalent About Risks and Not Always Rational About the Way We Assess or Deal with Risk
369(1)
4 Not All Risk Is Created Equal
370(2)
5 Risk Can Be Measured
372(1)
6 Good Risk Measurement/Assessment Should Lead to Better Decisions
373(1)
7 The Key to Good Risk Management Is Deciding Which Risks to Avoid, Which Ones to Pass Through, and Which to Exploit
374(1)
8 The Payoff to Better Risk Management Is Higher Value
375(1)
9 Risk Management Is Part of Everyone's Job
376(1)
10 Successful Risk-Taking Organizations Do Not Get There by Accident
376(2)
Conclusion
378(1)
Index 379
Aswath Damodaran is a professor of finance and David Margolis teaching fellow at the Stern School of Business at New York University. He teaches the corporate finance and equity valuation courses in the MBA program. He received his MBA and PhD from the University of California at Los Angeles. His research interests lie in valuation, portfolio management, and applied corporate finance. He has been published in the Journal of Financial and Quantitative Analysis, the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. He has written three books on equity valuation (Damodaran on Valuation, Investment Valuation, and The Dark Side of Valuation) and two on corporate finance (Corporate Finance: Theory and Practice, Applied Corporate Finance: A Users Manual). He has coedited a book on investment management with Peter Bernstein (Investment Management) and has written a book on investment philosophies (Investment Philosophies). His newest book on portfolio management is titled Investment Fables and was published in 2004. He was a visiting lecturer at the University of California, Berkeley, from 1984 to 1986, where he received the Earl Cheit Outstanding Teaching Award in 1985. He has been at NYU since 1986 and received the Stern School of Business Excellence in Teaching Award (awarded by the graduating class) in 1988, 1991, 1992, 1999, 2001, and 2007, and was the youngest winner of the University-wide Distinguished Teaching Award (in 1990). He was profiled in Business Week as one of the top 12 business school professors in the United States in 1994.