This paper analyse the use of foreign exchange derivatives by non-financial publicly traded Brazilian companies from 2007 to 2009. Using balance-sheet data on firms’ positions in derivatives and their foreign exchange exposure, the paper verifies the existence of three groups of derivative...

This paper empirically examines the relation between corporate risk-taking and the organizational level with which internal auditing is affiliated in Chinese listed firms. Using a sample of 1,806 firm-year data available from 2007 to 2009, we find that Chinese corporate risk-taking is only...

This paper presents the extensive literature survey based both on theoretical rationales for hedging as well as the empirical evidence that support the implications of the theory regarding the arguments for the corporate risk management relevance and its influence on the company’s value. The...

Analysis of the global financial crisis has served to highlight the requirement to improve existing enterprise risk management (ERM) oversight and this requirement particularly applies at the strategic level of the board and executive management. For an ERM program to operate effectively there...

This article has two objectives. First, it shows how debt financing distorts the inventory decision of a retailer who orders multiple items that differ in cost, revenue, or demand parameters. Taking advantage of limited liability, a debt-financed retailer will favor items with a low salvage...

Tail risk arises at multiple stages in the investment management process – from the high level asset allocation decision down to the individual portfolio manager's process for selecting securities. We believe that conventional practices followed in these investment decision processes, largely...

This paper describes an equilibrium macro finance model where contracts are the mechanism by which differentially risk averse bondholders and stockholders resolve a conflict of interest problem and confront the risks associated with future operating decisions and financing decisions of a...

Operational risk management is an important aspect in an organization to manage operational risk efficiently. Hence, this study intended to investigate the effects of internal and external factor in manufacturing industry towards operational risk. This study employs time series regression...

The purpose of this study is to analyse the performance of Groupe Pierre & Vacances Center Parcs's for five years. The analysis is applied on the sample of Groupe Pierre & Vacances Center Parcs's in France over the period between 2012 and 2016. This study is using a descriptive analysis such as...