Managing risk in the new economy

Dimitris N. Chorafas

358 pages, parution le 01/04/2001

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Résumé

In Managing Risk in the New Economy, Dimitris Chorafas, an internationally, recognized expert on risk management, predicts a dire end to the rampant uncertainty created by credit and market meltdowns that have rocked financial institutions and industrial organizations worldwide. Chorafas not only sounds the wake-up call, but also provides an authoritative blueprint for averting impending financial disasters.

Delving into recent examples, such as the Long-Term Capital Management (LTCM) fiasco, Chorafas explains precisely how to avoid similar catastrophes.

He examines various types of risk-credit, market, and operational -and in this comprehensive guide confronts such pressing issues as:

- The risks characterizing highly leveraged institutions

How we develop an economy that creates value for companies and consumers

The kinds of risks vie assume in the process of wealth creation

The dangerous consequences of hiding major losses through the use of derivatives

The role of technology in the control of exposure

Chorafas uncovers some common misconceptions surrounding the transfer of risk and, most important, shows us how to identify and control exposure in our portfolio.

Table of Contents

	Foreword
	Preface
	Acknowledgments
Pt. 1	Emerging Industries, the Internet Economy, and the Need for Redefining Management Control	1
1	The Impact of Risk and Uncertainty on Financial Institutions	3
2	The First Big Shock of the New Economy: Meltdown in East Asia	25
3	The Breakdown of Internet Controls: Sumitomo Corporation	46
4	Creative Accounting and Lax Auditing: Kidder Peabody	68
5	Lessons from the Long-Term Capital Management Meltdown	87
Pt. 2	Playing at the Edge of the Abyss: Learning from LTCM and Other Recent Disasters	103
6	Managing Exposure to Greater Risk and More Types of Risk	105
7	Managing Risk in Highly Leveraged Institutions	122
8	The Art of Risk Management with Hedge Funds	142
9	The Bottom Line in Credit Risk: LTCM and the United Bank of Switzerland	159
10	The Dangerous Game of Hiding Major Losses Through Derivatives: The Fall of the Tiger Management Fund	179
Pt. 3	Risk Management Responsibilities in the New Economy	205
11	Senior Management Accountability in the New Economy	207
12	The Roles, Functions, and Responsibilities of Senior Bank Management	232
13	Staffing the Risk Management Department	258
14	Why Superior Organization Supports the Risk Management Function	280
15	Managing the Transfer of Risk Between Different Instruments	303
16	Accounting for Potential Risk Exposure in the New Economy	326
	Conclusion: Accounting for Different Types of Risk and Their Impacts	345
	Index	351

Caractéristiques techniques

	PAPIER
Éditeur(s)	NYIF
Auteur(s)	Dimitris N. Chorafas
Parution	01/04/2001
Nb. de pages	358
Format	15,8 x 23,5
Couverture	Relié
Poids	775g
Intérieur	Noir et Blanc
EAN13	9780735202177

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Managing risk in the new economy

Résumé

Caractéristiques techniques

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