Following the prolonged upswing in the world economy during the eighties, the subsequent downturn is proving to be more persistent than expected. It looks as if the USA is now at last on the road to recovery but Japan and Western Europe are still having a tangible dampening effect at the turn of...

Finance theory does not provide a comprehensive framework for explaining risk management within the imperfect financial environment in which firms operate. Corporate managers, however, rank risk management as one of their most important objectives. Therefore, it is not surprising that papers on...