{"product_id":"9781461352419","title":"Risk Management: The State of the Art","description":"\u003ch1\u003eRisk Management: The State of the Art\u003c\/h1\u003e \u003ch2\u003eFiglewski, Stephen; Levich, Richard M.\u003c\/h2\u003e \u003cp\u003eVery often, we associate the dawn of modern financial theory  with Harry Markowitz who in the 1950s introduced the formal  mathematics of probability theory to the problem of managing risk in  an asset portfolio.  The 1970s saw the advent of formal models for  pricing options and other derivative contracts, whose primary purpose  was also financial risk management and hedging.  But events in the  1990s made it clear that effective risk management is a critical  element for success, and indeed, for long term survival, not only for  financial institutions, but also for industrial firms, and even for  nonprofit organizations and governmental bodies. These recent events  vividly show that the world is filled with all manner of risks, and so  risk management must extend far beyond the use of standard derivative  instruments in routine hedging applications. \u003cbr\u003e  The articles in this volume cover two broad themes. One theme  emphasizes methods for identifying, modeling, and hedging specific  types of financial and business risks. Articles in this category  consider the technology of risk measurement, such as Value at Risk and  extreme value theory; new classes of risk, such as liquidity risk; new  financial instruments and markets for risk management, such as  derivative contracts based on weather and on catastrophic insurance  risks; and finally, credit risk, which has become one of the most  important areas of practical interest for risk management.  The second  theme stresses risk management from the perspective of the firm and  the financial system as a whole.  Articles in this category analyze  risk management in the international arena, including payment and  settlement risks and sovereign risk pricing, risk management from the  regulator's viewpoint, and risk management for financial institutions.  The articles in this volume examine the \"State of the Art\" in risk  management from the standpoint of academic researchers, market  analysts and practitioners, and government observers.\u003c\/p\u003e \u003ch3\u003eDetails\u003c\/h3\u003e \u003cp\u003ePublished by: Springer\u003c\/p\u003e \u003cp\u003ePublication Date: 2012-10-26\u003c\/p\u003e \u003cp\u003eFormat: Paperback\u003c\/p\u003e \u003cp\u003e ISBN-10: 9781461352419\u003c\/p\u003e \u003cp\u003eISBN-13: 9781461352419\u003c\/p\u003e \u003cp\u003eDOI: 10.1007\/978-1-4615-0791-8\u003c\/p\u003e \u003cp\u003eDimensions: 235cm x155cm\u003c\/p\u003e \u003cp\u003ePages: 219\u003c\/p\u003e ","brand":"Springer","offers":[{"title":"Default Title","offer_id":44343534289036,"sku":"9781461352419","price":153.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0710\/9545\/1788\/files\/9781461352419_6c52439a-5af5-490e-ace9-c7e4865afa91.jpg?v=1755056885","url":"https:\/\/fh90cf-fv.myshopify.com\/products\/9781461352419","provider":"Late Knight Books and Services, LLC","version":"1.0","type":"link"}