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Risk Arbitrage: An Investor's Guide (Wiley Finance #478)
by Keith M. MooreThe definitive guide to risk arbitrage, fully updated with new laws, cases, and techniques Risk Arbitrage is the definitive guide to the field and features a comprehensive overview of the theory, techniques, and tools that traders and risk managers need to be effective. This new edition is completely updated and fully revised to reflect the changes to laws and technology and includes new case studies and a detailed discussion of computer-based trading systems. Readers gain deep insight into the factors and policies that affect merger transactions, and the new developments that allow individuals to compete with professionals in managing risk arbitrage portfolios. The book provides techniques for computing spreads and determining risk, with practice exercises that allow readers to become confident with new methods before using them professionally. The current wave of corporate mergers, acquisitions, restructurings, and similar transactions has created unprecedented opportunities for those versed in contemporary risk arbitrage techniques. At the same time, the nature of the current merger wave has lent such transactions a much higher degree of predictability than ever before, making risk arbitrage more attractive to all types of investors. Risk Arbitrage provides the essential guidance needed to participate in the business. Get up to date on the most recent developments in risk arbitrage Examine new mergers and the legal changes that affect them Learn how computers and trading systems have affected competition Use the tools that enable risk determination and spread computation Both the growth in hedge funds and the changing nature of the merger and acquisition business have affected risk arbitrage processes and techniques. For the finance professional who needs expert guidance and the latest information, Risk Arbitrage is a comprehensive guide.
Risk Arbitrage
by Guy Wyser-PratteOriginally published in 1982, Risk Arbitrage has become a classic on arbitrage strategies by the "dean of the arbitrage community." It provides an overview of risk arbitrage, how it has been used over the centuries and particularly in modern markets, with a focus on merger arbitrage. From average expected returns to turning a position, cash tender offers, exchange offers, recapitalizations, spinoffs, stub situations, limited risk arbitrage, and corporate freeze-ins, the book provides a step by step walk through of a world of arb strategies illuminated by real world examples and case studies.
Risk Assessment and Decision Analysis with Bayesian Networks
by Norman Fenton Martin NeilSince the first edition of this book published, Bayesian networks have become even more important for applications in a vast array of fields. This second edition includes new material on influence diagrams, learning from data, value of information, cybersecurity, debunking bad statistics, and much more. Focusing on practical real-world problem-solving and model building, as opposed to algorithms and theory, it explains how to incorporate knowledge with data to develop and use (Bayesian) causal models of risk that provide more powerful insights and better decision making than is possible from purely data-driven solutions. Features Provides all tools necessary to build and run realistic Bayesian network models Supplies extensive example models based on real risk assessment problems in a wide range of application domains provided; for example, finance, safety, systems reliability, law, forensics, cybersecurity and more Introduces all necessary mathematics, probability, and statistics as needed Establishes the basics of probability, risk, and building and using Bayesian network models, before going into the detailed applications A dedicated website contains exercises and worked solutions for all chapters along with numerous other resources. The AgenaRisk software contains a model library with executable versions of all of the models in the book. Lecture slides are freely available to accredited academic teachers adopting the book on their course.
Risk Assessment and Financial Regulation in Emerging Markets' Banking: Trends and Prospects (Advanced Studies in Emerging Markets Finance)
by Alexander M. Karminsky Paolo Emilio Mistrulli Mikhail I. Stolbov Yong ShiThis book describes various approaches in modelling financial risks and compiling ratings. Focusing on emerging markets, it illustrates how risk assessment is performed and analyses the use of machine learning methods for financial risk assessment and measurement. It not only offers readers insights into the differences between emerging and developed markets, but also helps them understand the development of risk management approaches for banks. Highlighting current problems connected with the evaluation and modelling of financial risks in the banking sector of emerging markets, the book presents the methodologies applied to credit and market financial risks and integrated and payment risks, and discusses the outcomes. In addition it explores the systemic risks and innovations in banking and risk management by analyzing the features of risk measurement in emerging countries. Lastly, it demonstrates the aggregation of approaches to financial risk for emerging financial markets, comparing the experiences of various countries, including Russia, Belarus, China and Brazil.
Risk Assessment and Risk-Driven Testing: First International Workshop, RISK 2013, Held in Conjunction with ICTSS 2013, Istanbul, Turkey, November 12, 2013. Revised Selected Papers (Lecture Notes in Computer Science #8418)
by Thomas Bauer, Jürgen Großmann, Fredrik Seehusen, Ketil Stølen and Marc-Florian WendlandThis book constitutes the thoroughly refereed conference proceedings of the First International Workshop on Risk Assessment and Risk-driven Testing, RISK 2013, held in conjunction with 25th IFIP International Conference on Testing Software and Systems, ICTSS 2013, in Istanbul, Turkey, in November 2013. The revised full papers were carefully reviewed and selected from 13 submissions. The papers are organized in topical sections on risk analysis, risk modeling and risk-based testing.
Risk Assessment for Asset Owners: A Pocket Guide
by Alan Calder Steve G WatkinsAll organizations face risks to information and information assets. Many organizations seek to identify and control those risks, usually as part of a structured approach to information security risk management. Risk assessment is at the heart of risk management, and the two together form the core competences of information security management. ISO27001 specifies a series of steps that must form part of the risk assessment. While a number of people in the organization will have a role to play in respect of risk assessment, these steps include a specific role for what the standard describes as asset owners . This book is a pocket guide to the ISO27001 risk assessment, and designed to assist asset owners and others who are working within an ISO27001/ISO17799 framework to deliver a qualitative risk assessment. It conforms with the guidance provided in BS7799-3:2006 and NIST SP 800-30.
Risk-Based Approaches to Asset Allocation
by Maria Debora BragaThis book focuses on the concepts and applications of risk-based asset allocation. Markowitz's traditional approach to asset allocation suffers from serious drawbacks when implemented. These mainly arise from the estimation risk associated with the necessary input the most critical being expected returns. With the financial crisis, there has been an increasing interest in asset allocation approaches that don't need expected returns as input, known as risk-based approaches. The book provides an analysis of the different solutions that fit this description: the equal-weighting approach, the global minimum-variance approach, the most diversified portfolio approach and the risk parity approach. In addition to a theoretical discussion of these, it presents practical applications in different investment environments. Three different evaluation dimensions are considered to put these approaches to the test: financial efficiency, diversification and portfolio stability.
Risk-Based Auditing
by Phil GriffithsThe role of internal audit is changing. The Sarbanes-Oxley legislation in the US and the Combined Code for Corporate Governance in the UK focused on the need to demonstrate the active management of risks and report on this subject to shareholders. Boards of Directors are therefore increasingly requiring their Internal Audit functions to provide a much higher level of assurance in this regard. Phil Griffiths' Risk-Based Auditing explains the concepts and practice behind a risk-based approach to auditing. He explores the changing environment in both the private and public sectors and the associated legislation and guidance. The book then provides a blueprint for refocusing the internal audit role to embrace risk and to help plan, market, undertake and report a risk-based audit. The text includes a detailed risk-based audit toolkit with 14 sections of tools, techniques and information to enable a risk-based approach to be adopted. This is an essential guide for internal and external auditors seeking to manage the realities of the audit function in the turbulent and fast-changing business environment that has emerged since the end of the last century.
Risk-based Investment Management In Practice
by Frances CowellA practitioner's account of how investment risk affects the decisions of professional investment managers. Jargon-free, with a broad coverage of investment types and asset classes, the non-investment professional will find this book readable and accessible.
Risk-Based Management
by Richard B. JonesFirst published in 1995. Routledge is an imprint of Taylor & Francis, an informa company.
Risk-based, Management-led, Audit-driven, Safety Management Systems (Workplace Safety, Risk Management, and Industrial Hygiene)
by Ron C. McKinnonRisk-based, Management-led, Audit-driven, Safety Management Systems, explains what a safety management system (SMS) is, and how it reduces risk in order to prevent accidental losses in an organization. It advocates the integration of safety and health into the day-to-day management of the enterprise as a value, rather than an add-on, and emphasizes that the safety movement must be initiated, led and maintained by management at all levels. The concepts of safety authority, responsibility and accountability are described as the key ingredients to safety system success. Safety system audits are expounded in simple terms, and leading safety performance indicators are suggested as the most important measurements, in preference to lagging indicators. McKinnon highlights the importance of the identification and control of risk as a key basis for a SMS, with examples of a simple risk matrix and daily task risk assessment, as well as a simplified method of assessing, analyzing, and controlling risks. The book refers to international Guidelines on SMS, as well as the proposed International Organization for Standardization (ISO) 45001, which could soon become the international safety benchmark for organizations worldwide. Using clear, approachable examples, the chapters give a complete overview of an SMS and its components. Confirming to most of the safety management system Guidelines published by leading world authorities, this volume will allow organizations to structure their own world-class SMS.
Risk-Based Performance Management
by Andrew Smart James CreelmanPulling together into a single framework the two separate disciplines of strategy management and risk management, this book provides a practical guide for organizations to shape and execute sustainable strategies with full understanding of how much risk they are willing to accept in pursuit of strategic goals.
Risk-Based Project Decisions in Situations of High Complexity and Deep Uncertainty
by Yuri G. RayduginThis book integrates for readers three areas of knowledge, pertaining to risk-based project decision making: project risk management (PRM), complexity theory, and decision-making under deep uncertainty (DMDU). Readers will appreciate that in practice, too often relevant complexity and uncertainty factors are either ignored or overlooked resulting in epic project failures. The author discusses a variety of methodologies and a decision-tree-type framework to determine why, when and how particular methodologies should be applied to ensure project success. These include nonlinear Monte Carlo techniques, a dynamic adaptive methodology to adapt to external environment changes, game theory for devising robust decision-making criteria, systems dynamics and cost escalation modelling, as well as risk-based & economic-based alternatives selection methodologies. This book will be an eye-opener for many PRM practitioners, helping to increase their chances of project success by properly handling inescapable project-complexity and deep-uncertainty implications in specific contexts.
Risk-Based Supervision of Pension Funds
by Greg Brunner Roberto Rocha'Risk-Based Supervision of Pension Funds' provides a review of the design and experience of risk-based pension fund supervision in countries that have been leaders in the development of these methods. The utilization of risk-based methods originates primarily in the supervision of banks. In recent years it has increasingly been extended to other types of financial intermediaries, including pension funds and insurers. The trend toward risk-based supervision of pensions reflects an increasing focus on risk management in both banking and insurance based on three key elements: capital requirements, supervisory review, and market discipline. Although similar in concept to the techniques developed in banking, its application to pension funds has required modifications, particularly for defined contribution funds that transfer investment risk to fund members. The countries examined-Australia, Denmark, Mexico, and the Netherlands-provide a range of experience that illustrates both the diversity of pension systems and the approaches to risk-based supervision, and also presents a commonality of focus on sound risk management and effective supervisory outcomes.
Risk-Based Tax Audits
by Munawer Sultan Khwaja Rajul Awasthi Jan LoeprickThis book serves as a toolkit on risk-based audits and brings together country experiences for implementing risk-based audit systems. Risk management is an important element of effective and efficient compliance management in revenue administration. It is impossible for any revenue administration to control and check every single taxpayer, and an unnecessary waste of scarce enforcement resources on routinely examining low-risk, compliant taxpayers. The opportunity costs for such roving examinations are high. Just as a private business allocates its resources to areas they feel have the most potential for generating revenues and profits, a modern revenue administration selects cases for audits using methods focused on high-risk taxpayers. This targeted focus is likely to raise higher revenue and, arguably, provide a stronger deterrence for non-compliance. Risk management techniques should not be considered to be confined to the selection of tax audit cases. It is part of a holistic and cooperative approach to enhance compliance. This is dramatically changing the way revenue administrations and taxpayers interact with each other. The effectiveness of a risk-based compliance management has been enabled by, and depends fundamentally on, the use of automated systems to: (1) gather third-party information and match with taxpayer reporting using reliable databases and a unique taxpayer identification number; (2) undertake selective checks based on risk analysis; (3) standardize payment processes (e.g., payments through banks) and accounting requirements; (4) provide assurance that the legislation and procedures are being applied uniformly; and (5) provide adequate, timely information to support management decision making and tax policy formulation.
Risk Budgeting
by Neil D. PearsonCovers the hottest topic in investment for multitrillion pension market and institutional investorsInstitutional investors and fund managers understand they must take risks to generate superior investment returns, but the question is how much. Enter the concept of risk budgeting, using quantitative risks measurements, including VaR, to solve the problem. VaR, or value at risk, is a concept first introduced by bank dealers to establish parameters for their market short-term risk exposure. This book introduces VaR, extreme VaR, and stress-testing risk measurement techniques to major institutional investors, and shows them how they can implement formal risk budgeting to more efficiently manage their investment portfolios. Risk Budgeting is the most sophisticated and advanced read on the subject out there in the market.
Risk, Choice, and Uncertainty: Three Centuries of Economic Decision-Making
by George G. SzpiroAt its core, economics is about making decisions. In the history of economic thought, great intellectual prowess has been exerted toward devising exquisite theories of optimal decision making in situations of constraint, risk, and scarcity. Yet not all of our choices are purely logical, and so there is a longstanding tension between those emphasizing the rational and irrational sides of human behavior. One strand develops formal models of rational utility maximizing while the other draws on what behavioral science has shown about our tendency to act irrationally.In Risk, Choice, and Uncertainty, George G. Szpiro offers a new narrative of the three-century history of the study of decision making, tracing how crucial ideas have evolved and telling the stories of the thinkers who shaped the field. Szpiro examines economics from the early days of theories spun from anecdotal evidence to the rise of a discipline built around elegant mathematics through the past half century’s interest in describing how people actually behave. Considering the work of Locke, Bentham, Jevons, Walras, Friedman, Tversky and Kahneman, Thaler, and a range of other thinkers, he sheds light on the vast scope of discovery since Bernoulli first proposed a solution to the St. Petersburg Paradox. Presenting fundamental mathematical theories in easy-to-understand language, Risk, Choice, and Uncertainty is a revelatory history for readers seeking to grasp the grand sweep of economic thought.
The Risk City
by Yosef JabareenContemporary cities face phenomenal risks, and they face particularly high levels of mounting social and environmental risks, including social polarization, urban conflicts, riots, terror, and climate change threats. This book suggests that climate change and its resulting uncertainties challenge the concepts, procedures, and scope of conventional approaches to planning, creating a need to rethink and revise current planning methods. Therefore, this book suggests a paradigm shift in our thinking, interrogation, and planning of our cities. Based on the contemporary conditions of risk at cities, this book conceptualizes the risk city as a construct of three interlinked concepts of risk, trust, and practice. It is a construct of risk and its new evolving conditions and knowledge of uncertainties stem from climate change and other risks and uncertainties. As a construct of practices, the risk city produces social and political institutional framework and promotes practices accordingly in order to reduce risk and risk possibilities and to increase trust. In light of the complex challenges and risks to the human habitat that have emerged in recent years, many cities have prepared various types of plans aimed at addressing the challenges posed by climate change. Nonetheless, despite the importance of these plans and the major public resources invested in their formulation, we still know little about them and have yet to begin studying them and assessing their contributions . From the innovative perspective of the risk city, this book asks critical questions about the nature, vision, practices, and potential impact of the recent climate change-oriented plans. What kinds of risks do they attempt to address, what types of practices do they institute, and what types of approaches do they apply? Do they adequately address the risks and uncertainties posed? How do they contribute to the worldwide effort to reduce greenhouse gas emissions? This book uses the methodologically innovative Risk City framework to examine the nature, vision, outcomes, practices, and impact of these crucial plans, as well as their contribution to the resilience of our cities and to global efforts toward reducing greenhouse gas emissions.
Risk Communication: A Handbook for Communicating Environmental, Safety, and Health Risks
by Regina E. Lundgren Andrea H. McMakinThe essential handbook for effectively communicating environmental, safety, and health risks, fully revised and updated Now in its sixth edition, Risk Communication has proven to be a valuable resource for environmental, safety, and health professionals who are tasked with the responsibility of understanding how to apply the most current approaches to communicating risk and debunking misinformation. The sixth edition updates the text with fresh and illustrative examples, lessons learned, and recent research as well as provides advice and guidelines for communicating risk information. The authors include background information to understand the basic theories and practices of risk communication and explain how to plan an effective strategy and put it into action. The book also contains data on evaluating risk communication efforts and explores how to communicate risk during and after a health or environmental emergency. Risk Communication brings together in one resource proven scientific research with practical, hands-on guidance from risk practitioners with over 30 years of experience in the field. This important guide: Provides new examples of communication plans in government and industry, the depiction of probability, methods of working with news media, and use of social media Contains a new chapter on partnerships which covers topics such as assigning roles and expectations, ending partnerships, and more Includes information on Americans with Disability Act laws, particularly Sections 504 and 508 that deal with electronic tools Presents real-world case studies with key lessons all risk communicators can apply. Written for engineers, scientists, professors and students, land use planners, public health practitioners, communication specialists, consultants, and regulators, the revised sixth edition of Risk Communication is the must-have guide for professionals who communicate risks.
Risk Communication
by Andrea H. Mcmakin Regina E. LundgrenA fully updated handbook on effectively communicating environmental, safety, and health risksWritten by two well-known risk practitioners with over twenty-five years' experience in the field, this fully updated Fifth Edition of Risk Communication: A Handbook for Communicating Environmental, Safety, and Health Risks offers sound, scientific research with practical, hands-on advice for those in the public and private sectors.Highly accessible and easy to understand, this must-read includes real-life examples of such headline-making events as the tsunami and radiation release in Japan in 2011, the BP oil disaster in the Gulf of Mexico in 2010, and extreme weather events, along with the lessons learned from them. It offers new chapters on public health campaigns, and on the use and effectiveness of social media for risk communication purposes.Risk Communication is divided into five self-contained parts:Part I provides background information for understanding the basic theories and practices of risk communicationPart II explains how to plan a risk communication effortPart III describes how to put risk communication into actionPart IV discusses how to evaluate risk communication efforts, including techniques for measuring successPart V highlights special cases in risk communication, including disasters and other emergencies, international risk communication, and public health campaignsAn ideal introduction to the field, this book is also a welcome reference for those involved in communicating environmental, safety, and health risks in government, industry, and academia.
Risk Communication for the Future: Towards Smart Risk Governance and Safety Management (SpringerBriefs in Applied Sciences and Technology)
by Mathilde Bourrier Corinne BiederThe conventional approach to risk communication, based on a centralized and controlled model, has led to blatant failures in the management of recent safety related events. In parallel, several cases have proved that actors not thought of as risk governance or safety management contributors may play a positive role regarding safety. Building on these two observations and bridging the gap between risk communication and safety practices leads to a new, more societal perspective on risk communication, that allows for smart risk governance and safety management. This book is Open Access under a CC-BY licence.
Risk-Conscious Operations Management: An Integrated Paradigm for Complex Engineering System (Risk, Reliability and Safety Engineering)
by Prabhakar V. VardeThis book presents various concepts and applications related to risk-conscious operations management. It also provides an overview of the risk-based engineering – fundamental to the concept of risk-conscious operations management. It presents the reliability concept to support Dependency Modelling, which includes hardware systems structures and components for reliability improvement and risk reduction. The book further develops and builds attributes and model for risk-conscious culture – critical to characterize operational approach to risk and presents human factor modelling, where it works on developing an approach for human error precursor analysis. This book will be useful for students, researchers, academicians and professionals working on identifying risk and reliability issues in complex safety and mission critical systems. It will also be beneficial for industry risk-and-reliability experts and operational safety staff working in the complex engineering systems.
The Risk Controllers
by Peter NormanClearing houses, or CCPs, were among the very few organisations to emerge from the global financial crisis with their standing enhanced. In the chaotic aftermath of the bankruptcy of Lehman Brothers, they successfully completed trades worth trillions of dollars in a multitude of financial instruments across listed and over-the-counter markets, and so helped avert financial Armageddon.That success transformed the business of clearing. Governments and regulators around the world gave CCPs and the clearing services they provide a front-line role in protecting the global economy from future excesses of finance. CCPs, which mitigate risk in financial markets, responded by greatly expanding their activities, notably in markets for over-the-counter derivatives, and often in fierce competition with one another.In The Risk Controllers, journalist and author Peter Norman describes how CCPs operate, how they handled the Lehman default, and the challenges they now face. Because central counterparty clearing is a complex business with a long history that continues to influence decisions and structures even in today's fast changing world, The Risk Controllers explores the development of CCPs and clearing from the earliest times to the present.It draws on the experiences of the people who helped to shape the business of clearing today. It sets the development of CCPs and clearing in the broader context of changes in society, politics and regulation. The book examines turning points, such as the 1987 stock market crash, that set clearing on a new path and the impact of long running trends, including the exponential growth of computer power and the ebb and flow of globalisation.Written in non-technical language, The Risk Controllers provides a unique and accessible guide to CCPs and clearing. It is essential reading for clearing professionals, legislators and regulators whose job it is to take this vitally important business into the future."The recent crisis has, thankfully, renewed interest in the importance of central counterparties: how they can help preserve stability or, as Hong Kong showed in 1987, undermine stability if they are not super sound. Peter Norman's book places the role of clearing houses in a historical context, and explains why the financial system's plumbing matters so much. It should be read by anyone interested in building safer capital markets."Paul Tucker, Deputy Governor Financial Stability, Bank of England
Risk Conundrums: Solving Unsolvable Problems
by Roger E KaspersonA risk conundrum can be viewed as a risk that poses major issues in assessment, and whose management is not easily engaged. Such perplexing problems can either paralyze or badly delay risk analysis and directions for progression. Rather than simply focusing on the progress in risk analysis that has already been made, it is crucial to consider what has been learnt about these seemingly unmanageable problems and how best to move forward. <P><P> Risk Conundrums seeks to answer this question by bringing together a range of key thinkers in the field to explore key issues such as risk communication, uncertainty, social trust, indicators and metrics, and risk management, drawing upon case study examples including natural disasters, terrorism, and energy transitions. The initial chapters address risk conundrums, their properties, and the challenges they pose. The book then turns to a greater emphasis on systemic and regional risk conundrums. Finally, it considers how risk management can be changed to address these unsolvable conundrums. Alternative pathways are defined and scrutinized and predictions for future developments set out. <P><P> This book will be of great interest to students and scholars of risk governance, environmental policy, and sustainable development.
Risk Culture
by Erik BanksRisk Culture is a practical volume devoted to the qualitative aspects of risk management, including those that should be firmly embedded in the corporate culture. Through descriptions, examples and case studies, the book analyzes weak and strong cultures and proposes a series of structural and behavioral actions to strengthen a company's culture.