S All the articles that comprise this book were first published in the Journal of Applied Corporate Finance. Simkins (Oklahoma State University) Donald J. Risko (Willis Risk Solutions) Angelika Schöchlin (University of St. Waite Rawls III (Continental Bank) Kenneth J. Miller (University of Chicago) Jouahn Nam (Pace University) Andrea M.
Meulbroek (Harvard Business School) Merton H. Heaton (Bartlit Beck Herman Palenchar & Scott LLP) Joel Houston (University of Florida) Nick Hudson (Stern Stewart & Co.) Christopher James (University of Florida) A. Harrington (University of South Carolina) J. Gay (Georgia State University) Jeremy Gold (Jeremy Gold Pensions) Scott E. Doherty (University of Pennsylvania) John R. Carter (Oklahoma State University) Christopher L. Brown (University of Texas at Austin) David A. Bralver (Oliver, Wyman & Company) Keith C. Contributors: Tom Aabo (Aarhus School of Business) Albéric Braas and Charles N. Case studies involve Merck, British Petroleum, the American airline industry, and United Grain Growers, and the conclusion addresses a variety of topics that include the pricing and use of certain derivative securities, hybrid debt, and catastrophe bonds.
Contributors summarize the development and use of risk management products and their practical applications. While typically working to stabilize cash flows, the primary aim of a well-designed risk management program is not to smooth corporate earnings, but to limit the possibility that surprise outcomes can threaten a company's ability to fund its major investments and carry out its strategic plan. ERM is the corporate-wide effort to manage the right-hand side of the balance sheeta firm's total liability structure-in ways that enable management to make the most of the firm's assets. More than thirty leading scholars and finance practitioners discuss the theory and practice of using enterprise-risk management (ERM) to increase corporate values.
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