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The dangers inherent in the financial system make understanding risk management essential for anyone working in, or planning to work in, the financial sector. A practical resource for financial professionals and students alike, Risk Management and Financial Institutions, Fourth Edition explains all aspects of financial risk as well as the way financial institutions are regulated, to help readers better understand financial markets and potential dangers. Fully revised and updated, this new edition features coverage of new regulatory issues, liquidity risk and stress testing. Special Features ·Understand how risk affects different types of financial institutions ·Learn the different types of risk and how they are managed ·Study the most current regulatory issues that deal with risk Table of Content Business Snapshots Preface Chapter 1: Introduction Part One : Financial Institutions and Their Trading Chapter 2: Banks Chapter 3: Insurance Companies and Pension Plans Chapter 4: Mutual Funds and Hedge Funds Chapter 5: Trading in Financial Markets Chapter 6: The Credit Crisis of 2007 Chapter 7: Valuation and Scenario Analysis: The Risk-Neutral and Real Worlds Part Two : Market Risk Chapter 8: How Traders Manage Their Risks Chapter 9: Interest Rate Risk Chapter 10: Volatility Chapter 11: Correlations and Copulas Chapter 12: Value at Risk and Expected Shortfall Chapter 13: Historical Simulation and Extreme Value Theory Chapter 14: Model-Building Approach Part Three : Regulation Chapter 15: Basel I, Basel II and Solvency II Chapter 16: Basel II.5, Basel III and Other Post-Crisis Changes Chapter 17: Fundamental Review of the Trading Book Part Four : Credit Risk Chapter 18: Managing Credit Risk: Margin, OTC Markets and CCPs Chapter 19: Estimating Default Probabilities Chapter 20: CVA and DVA Chapter 21: Credit Value at Risk Part Five : Other Topics Chapter 22: Scenario Analysis and Stress Testing Chapter 23: Operational Risk Chapter 24: Liquidity Risk Chapter 25: Model Risk Chapter 26: Economic Capital and RAROC Chapter 27: Enterprise Risk Management Chapter 28: Risk Management Mistakes to Avoid Part Six : Appendices Appendices Answers to Questions and Problems Glossary DerivaGem Software Tables for N(x) Index
The beginning of the twenty-first century will be remembered, Friedman argues, not for military conflicts or political events, but for a whole new age of globalization – a ‘flattening’ of the world. The explosion of advanced technologies now means that suddenly knowledge pools and resources have connected all over the planet, levelling the playing field as never before, so that each of us is potentially an equal – and competitor – of the other. The rules of the game have changed forever – but does this ‘death of distance’, which requires us all to run faster in order to stay in the same place, mean the world has got too small and too flat too fast for us to adjust? Friedman brilliantly demystifies the exciting, often bewildering, global scene unfolding before our eyes, one which we sense but barely yet understand. The World is Flat is the most timely and essential update on globalization, its successes and its discontents, powerfully illuminated by a world-class writer.In his new chapters: 'If It's Not Happening, It's Because You're Not Doing It' and 'What Happens When We All Have Dog's Hearing?' the author explores both the benefits and disadvantages of the very latest developments in global communication. The emergent popularity of blogging, pod-casting, YouTube and MySpace enable the modern world citizen to broadcast their views to a potential audience of billions, and the proliferation of Internet access to even the poorest communities gives everyone who wants to the tools to address issues of social injustice and inequality. On the other hand the technology that seems to improve communication on a global scale causes it to deteriorate on a local scale. Identifying ours as 'The Age of Interruption', Friedman discusses the annoyance and dangers of BlackBerrys in meeting rooms, hands-free kits in conversation and using a phone or iPod whilst driving. In an age when we are always 'connected' via email or mobile phone how can we hope to concentrate on one thing without interruption? As expected the author has revitalised this new edition of The World Is Flat with timely insights into the nature of our flat world.
A widespread misunderstanding concerning leveraged buyouts (LBOs) is the belief that they accomplish little but the ruin of companies and the loss of employment. How else could it be? Until recently, journalists, including much of the business press, have depicted LBO specialists as generally greedy, if not sinister, forces whose activities compound the dislocations of modern American economic and social life. This kind of criticism reached a crescendo in the press and in Congress at the end of the 1980s, and Kohlberg Kravis Roberts found itself in the middle of the controversy. Based on interviews with partners of the firm and on unprecedented access to KKR's records, George P. Baker and George David Smith have written a definitive account of how KKR has approached LBOs in a book that will appeal to the specialist and general reader alike. The authors focus on KKR's founding, evolution, and innovations as ways to understand issues in modern American business. In examining KKR as a unique form of enterprise--one that subscribes to a set of alternative perspectives on business and value creation--the book bridges the gap between public perception and academic knowledge of how financial innovation impacts economic life. The firm's approach to leveraged buyouts was an important aspect of the corporate restructuring and governance reforms in the American economy from the mid-1970s through 1990 (the years of what some have called the "leveraged buyout movement"). KKR and other companies fundamentally altered the prevailing perception of the role of debt in the modern American corporation and established an alternative model for organizing and managing corporate enterprises. KKR financed the companies it acquired with high levels of debt, while linking their ownership to management. It then imposed rigorous monitoring by the board of directors over the companies in its portfolio. This combination of factors forced managers to concentrate not on growth but rather on how to achieve value through whatever means was most appropriate to the company's circumstances. The purpose of the leveraged buyout was to realize, or "create," value in companies by reforming their management systems. KKR's approach to restructuring the relationship between owners and managers in a highly leveraged firm rested on a basic principle: Make managers owners by making them invest a significant share of their personal wealth in the enterprises they manage, and they will have stronger incentives to act in the best interests of all shareholders.