Leseprobe
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The Known, the Unknown, and the Unknowable in Financial Risk Management
Francis X. Diebold (Hrsg.), Neil A. Doherty (Hrsg.), Richard J. Herring (Hrsg.)
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Sozialwissenschaften, Recht, Wirtschaft / Wirtschaft
Beschreibung
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
Kundenbewertungen
Real estate economics, Capital market, Cash flow, Economy, Goldman Sachs, Downside risk, Institution, Diversification (finance), Arbitrage, Investment, Tax, Finance, Financial engineering, Power law, Capital requirement, Securitization, Value (economics), Monetary policy, Portfolio Weight, Risk premium, Risk assessment, Measurement, Financial institution, Central bank, Moral hazard, Chief financial officer, Incentive, Credit default swap, Economist, Shareholder, Risk, Adverse selection, Standard deviation, Investor, Payment, Disaster, Leverage (finance), Valuation (finance), Systemic risk, Bank, Market value, Accounting, Credit (finance), Probability, Reinsurance, Information asymmetry, Recession, Decision-making, Long-Term Capital Management, Asset, Financial services, Economic capital, Financial crisis, Basel II, Credit risk, Risk aversion, Interest rate, Utility, Uncertainty, Risk management, Crisis management, Corporate governance, Market liquidity, Wealth, Hedge fund, Economics, Hedge (finance), Insurance, Forecasting, Liability (financial accounting)