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I study the consequences of a random exposure to common risk for the purpose of relative performance evaluation (RPE) and find that it significantly affects the usefulness and the empirical measurement of RPE. According to my analysis, the magnitude of the exposure risk not only determines how...
Persistent link: https://www.econbiz.de/10013006074
Uncertainty is the core variable in any contingency theoretical framework (Chapman, 1997; Donaldson, 2001). Many reviews however have claimed that the accounting literature lacks a comprehensive framework for analysis of the relationship between uncertainty and MCS (Otley, 1980; Dent, 1990; Chapman, 1997;...
Persistent link: https://www.econbiz.de/10012720718
The paper is organized in six chapters. For all interested readers chapter two contains a detailed explanation of the ABRM technique with numerical illustrations. For academic researchers in particular, chapter three provides a detailed discussion of the research methodology. For the corporate...
Persistent link: https://www.econbiz.de/10013117874
Corporate-risk has a very different nature from Market-risks: M-risks are generally exogenous so that they cannot be crafted, while C-risk is instead endogenous being the result of a continuous - time managerial process crafting inputs (e.g. specific risks) in order to let firm survive that is...
Persistent link: https://www.econbiz.de/10013120916
In this paper we define a new dynamic approach for measuring the Cash- Flow-at-Risk of a firm. Starting from the assumption that the balance sheet evolves according to a system of difference equations involving the most important accounting records, we define a new risk measure, tailored on our...
Persistent link: https://www.econbiz.de/10012896115
Currently volatility is inherent a supply chain. A business entity within the supply chain faces with demand fluctuations and many other problem situations that cause disruptions. Despite this supply chain should deliver goods or services at acceptable predefined levels of customer value, not...
Persistent link: https://www.econbiz.de/10012998175
Purpose: Many firms did not have mechanisms in place prior to 2007 to identify and track the weak signals of an impending financial crisis, and as a result they were not prepared for the stresses and opportunities the crisis generated. This paper offers a solution for identifying the weak...
Persistent link: https://www.econbiz.de/10013029906
Purpose: The liquefied natural gas (LNG) business comprises a number of economic activities with inherent risks. This paper proposes an integrated modelling approach, as part of the investment decision making process, for optimising economic returns from LNG whilst taking into account...
Persistent link: https://www.econbiz.de/10013105346
2012 was a tumultuous year for international investment banks, not least because of the emergence of the LIBOR scandal, just as the world's largest banks were emerging from the turmoil of the Global Financial Crisis (GFC). For two banks that had survived the GFC fairly well, Barclays and...
Persistent link: https://www.econbiz.de/10013050764
Firms seem to care a lot about "risk management": the practice of hedging risks whether they are correlated with market risk or not. The standard reasons why widely held corporations might be averse to idiosyncratic risk are based on the principal-agent problem, bankruptcy costs, external...
Persistent link: https://www.econbiz.de/10012858780