Dynamic risk management: Theory and evidence

Fehle, Frank; Tsyplakov, Sergey

doi:10.1016/j.jfineco.2004.06.013

Cited by 69 publications

(53 citation statements)

References 39 publications

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“…While for example Nance, Smith, and Smithson (1993) and Sprčić (2008a) did not find evidence supporting the financial distress argument, other studies found evidence that firms with lower liquidity and higher leverage are more likely to use derivatives. Among others following studies have found evidence, Dolde (1995), Mian (1996), Fok, Carroll, and Chiou (1997), Goldberg, Godwin Kim Tritschler, and Myung-Sun (1998) and Haushalter (2000), Judge (2002), Fehle and Tsyplakov (2005), Singh and Upneja (2008), Afza andAlam (2011), Adam, Fernando, andSalas (2015) and Judge (2015).…”

Section: Rationale For Corporate Hedgingmentioning

confidence: 90%

The Impact of Regulation on Corporate Hedging Activities and the Response of Corporates – A Preliminary Conceptual Framework

Kifle

2017

BMR

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Following the financial crisis of 2007/2008 regulators intensified the regulation of financial derivatives through (i) the implementation of the European Markets Infrastructure Directive (EMIR) to increase transparency of over-the-counter (OTC) derivatives and (ii) the implementation of Basel III to increase capital underpinning. Non-financial corporates, who mainly hedge with OTC derivatives, are seeing tendencies of increasing costs and decreasing availability of required OTC derivatives but fail to have a full concept of the impact and possible responses to manage the impact. Also, theoretical research did not consider reguation as an influencing factor and thus does not offer theories to analyse the impact of regulation on corporate hedging activities (defined as the willingness and ability of NFCs to conduct hedging in an optimal way). Given this gap, this paper reviews existing theories and based on that pre-conceptualises a model that helps to analyse the impact of regulation on corporate hedging activities and provides a preliminary conceptual framework that includes corporate responses to manage the regulatory impact.

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Section: Rationale For Corporate Hedgingmentioning

confidence: 90%

The Impact of Regulation on Corporate Hedging Activities and the Response of Corporates – A Preliminary Conceptual Framework

Kifle

2017

BMR

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“…Ðios jëgos galëtø labai pakeisti esmines prielaidas, kuriomis remiantis formuluojami pagrindiniai ámonës tikslai bei strategijos ir iðskirtiniais atvejais grësti ámonës iðlikimui [3,4].…”

Section: Verslo Rizikos Valdymo Tobulinimasunclassified

Verslo rizikos valdymas ir jo tobulinimas

Kaleininkaitė

Trumpaitė

2007

Business: Theory and Practice

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Santrauka. Verslo rizikos valdymas įmonių veikloje yra labai svarbus procesas, suteikiantis pranašumą, siekiant dirbti efektyviau ir norint išlikti konkurencinėje kovoje, užtikrinantis palankius veiklos rezultatus. Tačiau Lietuvos įmonėse rizikos valdymas -vis dar didelė problema. Lietuvoje visuose ekonomikos sektoriuose susiduriama su daugeliu verslo rizikos rūšių, tačiau jos valdomos nepakankamai. Verslo rizikai valdyti straipsnyje siūloma praktiškai naudoti tikimybinius skirstinius, leidžiančius prognozuoti finansinius įmonės veiklos rezultatus, o verslo rizikos valdymui tobulinti siūlomas integruotas rizikos valdymo modelis, kuris atspindi šių dienų sparčiai besikeičiančią ekonomiką bei ekonomikos subjektų poreikį minimaliomis sąnaudomis užtikrinti neriboto skaičiaus rizikos rūšių valdymą.Reikšminiai žodžiai: verslo rizika, verslo rizikos valdymas, neapibrėžtumas, prognozavimas, tikimybinis skirstinys, rizikos valdymo modelis. Abstract. Business risk management is a very important process in any company. It helps to gain advantage over competitors and to work more effectively. Still, in Lithuanian companies risk management is quite a big problem. In Lithuania we face many different kinds of risk in all sectors of economy, but these risks are not suitably managed. In this article we propose to practically use probability distributions for the business risk management, allowing to forecast the future financial results of a company, and for the improvement of business risk management we present integrated risk management model, which reflects nowadays changing economy and the need to ensure the management of different risks at the minimal cost. BUSINESS RISK MANAGEMENT AND ITS IMPROVEMENTKeywords: business risk, business risk management, uncertainty, forecasting, probability distribution, risk management model. ĮvadasRinkos ekonomikos sąlygomis dirbančių įmonių veikla yra labai dinamiška, todėl neišvengiamai sietina su rizika. Kintant aplinkai, verslui būdingas neapibrėžtumas, prognozuojamų rezultatų neužtikrintumas, rizikingi sprendimai. Todėl, keičiantis rinkos sąlygoms bei intensyvėjant konkurencijai, išauga poreikis valdyti riziką. Menka rizikos valdymo patirtis dinamiškoje konkurencinėje rinkoje lemia nepakankamai pagrįstus sprendimus ir gali daryti neigiamą įtaką įmonių veiklos rezultatyvumui. Todėl rizikos valdymas Lietuvos verslininkams tampa ypač aktualus, siekiant ne tik išlikti, bet ir sėkmingai veikti dinamiškoje rinkoje.Lietuvoje rizikos įvertinimas, prognozavimas bei valdymas -kol kas per mažai dėmesio sulaukiantis ekonomi-

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“…In multi-period settings the important questions are how to hedge when only limited funding available to support hedging program or when mark-to-market gives rise to additional risks. These questions are addressed in Emmer, Klüppelberg, and Korn (2001), Lagcher and Leobacher (2003), Lien and Li (2003), and Fehle and Tsyplakov (2004).…”

Section: Introductionmentioning

confidence: 99%

Risk Management in Energy Markets

James¹

2012

Energy Markets

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Dynamic risk management: Theory and evidence

Cited by 69 publications

References 39 publications

The Impact of Regulation on Corporate Hedging Activities and the Response of Corporates – A Preliminary Conceptual Framework

The Impact of Regulation on Corporate Hedging Activities and the Response of Corporates – A Preliminary Conceptual Framework

Verslo rizikos valdymas ir jo tobulinimas

Risk Management in Energy Markets

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