Dynamic Agency And Endogenous Risk Taking

Download Dynamic Agency And Endogenous Risk Taking full books in PDF, epub, and Kindle. Read online Dynamic Agency And Endogenous Risk Taking ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!

Dynamic Agency and Endogenous Risk-Taking

Author : Tak-Yuen Wong
Publisher :
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.:/5 (13 download)

DOWNLOAD NOW!

Book Synopsis Dynamic Agency and Endogenous Risk-Taking by : Tak-Yuen Wong

Download or read book Dynamic Agency and Endogenous Risk-Taking written by Tak-Yuen Wong and published by . This book was released on 2017 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: I study a continuous-time principal-agent model in which a multitasking agent engages in unobserved risk-taking. Risk-taking creates short-term profits but also increases the chance of large losses. The optimal contract incentivizes excessive risk-taking when the agent has insufficient skin in the game. Moreover, if the low effort is not too value-destroying and the private benefit of shirking is low enough, the principal can eliminate risk-taking by implementing the low effort. However, with variable project scale, addressing the risk-taking incentives by downsizing projects is not optimal. The implementation of the optimal contract shows that risk management should take agency problems into account. Complete hedging against downside risks provides incentives for the agent to gamble.

Endogenous Risk-taking and Risk Premia Dynamics

Author : Serhiy Kozak
Publisher :
ISBN 13 : 9781303228872
Total Pages : 94 pages
Book Rating : 4.2/5 (288 download)

DOWNLOAD NOW!

Book Synopsis Endogenous Risk-taking and Risk Premia Dynamics by : Serhiy Kozak

Download or read book Endogenous Risk-taking and Risk Premia Dynamics written by Serhiy Kozak and published by . This book was released on 2013 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: I use a general equilibrium model to jointly explain the time-variation in real bond and stock risk premia along with time-variation in the comovement of realized returns. The model features multiple investment technologies and produces stock and real bond return correlation which changes both in magnitude and sign. The model also delivers a time-varying real term premium that changes sign. I find that changes in investors' appetite for risk are an important source of variation in asset prices. In response to this shock, the term premium and the stock risk premium move in opposite directions. Real default-free bonds are good hedges against an increase in stock discount rates, especially when the level of stock discount rates is high. In those times the bond risk premium and bond-stock correlations are negative (and vice versa). An empirical ICAPM with shocks to discount rates as a factor jointly prices the cross-section of bonds (by maturity) and stock portfolios (value, size, momentum).

Essays in Dynamic Endogenous Risk

Author : Kevin Berry
Publisher :
ISBN 13 : 9781321887037
Total Pages : 131 pages
Book Rating : 4.8/5 (87 download)

DOWNLOAD NOW!

Book Synopsis Essays in Dynamic Endogenous Risk by : Kevin Berry

Download or read book Essays in Dynamic Endogenous Risk written by Kevin Berry and published by . This book was released on 2015 with total page 131 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation extends the literature on endogenous risk to a dynamic setting in order to include problems where the role of time is crucial. It focuses on natural hazards that are rare and driven by exogenous forces such as climate change or globalization. These events are modeled using a Poisson jump process model, which allows the risk of collapse to be modeled using the methods of deterministic optimal control. This method allows the use of the maximum principle and provides a capital theoretic interpretation of the value of stock variables, as well as simplifying welfare analysis. Applications to emerging infectious disease are included, and policy insight is provided into the management of both pandemic risk and the risk of climate driven vector-borne endemic disease.

Corporate Governance, Ownership Structure and Firm Performance

Author : Hoang N. Pham
Publisher : Routledge
ISBN 13 : 1000540332
Total Pages : 132 pages
Book Rating : 4.0/5 (5 download)

DOWNLOAD NOW!

Book Synopsis Corporate Governance, Ownership Structure and Firm Performance by : Hoang N. Pham

Download or read book Corporate Governance, Ownership Structure and Firm Performance written by Hoang N. Pham and published by Routledge. This book was released on 2022-01-24 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: The relationship between ownership structure and firm performance has been studied extensively in corporate finance and corporate governance literature. Nevertheless, the mediation (path) analysis to examine the issue can be adopted as a new approach to explain why and how ownership structure is related to firm performance and vice versa. This approach calls for full recognition of the roles of agency costs and corporate risk-taking as essential mediating variables in the bi-directional and mediated relationship between ownership structure and firm performance. Based on the agency theory, corporate risk management theory and accounting for the dynamic endogeneity in the ownership–performance relationship, this book develops two-mediator mediation models, including recursive and non-recursive mediation models, to investigate the ownership structure–firm performance relationship. It is demonstrated that agency costs and corporate risk-taking are the ‘missing links’ in the ownership structure–firm performance relationship. Hence, this book brings into attention the mediation and dynamic approach to this issue and enhances the knowledge of the mechanisms for improving firm’s financial performance. This book will be of interest to corporate finance, management and economics researchers and policy makers. Post-graduate research students in corporate governance and corporate finance will also find this book beneficial to the application of econometrics into multi-dimensional and complex issues of the firm, including ownership structure, agency problems, corporate risk management and financial performance.

Adaptive Risk-Taking

Author : Remy Levin
Publisher :
ISBN 13 :
Total Pages : 106 pages
Book Rating : 4.:/5 (116 download)

DOWNLOAD NOW!

Book Synopsis Adaptive Risk-Taking by : Remy Levin

Download or read book Adaptive Risk-Taking written by Remy Levin and published by . This book was released on 2020 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: I study how attitudes towards risk and risky behavior adapt over the long-run to changes in risk in individuals' environments. In the first chapter I build a dynamic model of choice in which agents' endogenous foreground risk-taking adapts to evolving beliefs about exogenous background risk. The key features of this model are that foreground and background risk are substitutes, and that the agent learns about both the mean and variance of the background risk from observing its realizations over their lifetime. My model makes sharp predictions about the dynamics of risk-taking, the three most important being that (1) risk aversion increases monotonically in variance increases relative to the prior variance, and is (2) decreasing and (3) convex in mean increases about the prior mean. In the subsequent two chapters I test the predictions of my model for two sources of background risk, using large-scale panel surveys from Indonesia and Mexico containing repeat elicited measures of risk aversion for the same subjects years apart. In chapter two, coauthored with Daniela Vidart, we link changes in measured risk aversion to state-level real GDP growth time series capturing subjects' lifetime macroeconomic experiences. In line with the model's predictions we find that measured risk aversion increases in growth volatility and decreases in mean growth. These findings are robust to controlling for changes in subjects' personal economic circumstances and experiences of violence and natural disasters. Decreases in measured risk aversion correlate with substantial increases in risky behavior in the domains of health, migration, and occupational choice. In chapter three, coauthored with Wesley Howden, we link changes in measured risk aversion to state-level temperature and precipitation time series measuring subjects' lifetime experiences of climate change. We find that measured risk aversion increases in the volatility of temperature in Indonesia and precipitation in Mexico, that it decreases in the mean of temperature in both countries and precipitation in Mexico, and that it is convex in the mean of temperature in Indonesia. These findings are robust to the inclusion of controls. Decreases in measured risk aversion correlate with large changes in migration, occupational choice, and agricultural investment behavior.

Corporate Governance, Ownership Structure and Firm Performance

Author : Hoang N. Pham
Publisher : Routledge
ISBN 13 : 1000540278
Total Pages : 190 pages
Book Rating : 4.0/5 (5 download)

DOWNLOAD NOW!

Book Synopsis Corporate Governance, Ownership Structure and Firm Performance by : Hoang N. Pham

Download or read book Corporate Governance, Ownership Structure and Firm Performance written by Hoang N. Pham and published by Routledge. This book was released on 2022-01-25 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: The relationship between ownership structure and firm performance has been studied extensively in corporate finance and corporate governance literature. Nevertheless, the mediation (path) analysis to examine the issue can be adopted as a new approach to explain why and how ownership structure is related to firm performance and vice versa. This approach calls for full recognition of the roles of agency costs and corporate risk-taking as essential mediating variables in the bi-directional and mediated relationship between ownership structure and firm performance. Based on the agency theory, corporate risk management theory and accounting for the dynamic endogeneity in the ownership–performance relationship, this book develops two-mediator mediation models, including recursive and non-recursive mediation models, to investigate the ownership structure–firm performance relationship. It is demonstrated that agency costs and corporate risk-taking are the ‘missing links’ in the ownership structure–firm performance relationship. Hence, this book brings into attention the mediation and dynamic approach to this issue and enhances the knowledge of the mechanisms for improving firm’s financial performance. This book will be of interest to corporate finance, management and economics researchers and policy makers. Post-graduate research students in corporate governance and corporate finance will also find this book beneficial to the application of econometrics into multi-dimensional and complex issues of the firm, including ownership structure, agency problems, corporate risk management and financial performance.

Economic Dynamics and Information

Author : Jaroslav Zajac
Publisher : Springer Science & Business Media
ISBN 13 : 3540326952
Total Pages : 274 pages
Book Rating : 4.5/5 (43 download)

DOWNLOAD NOW!

Book Synopsis Economic Dynamics and Information by : Jaroslav Zajac

Download or read book Economic Dynamics and Information written by Jaroslav Zajac and published by Springer Science & Business Media. This book was released on 2007-08-01 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes the existence of equilibria in economies having a measured space of agents and a continuum of agents and commodities. Excessive homogeneity with respect to agent productivity leads to instability and non-uniqueness of a given stationary state and the indeterminacy of the corresponding stationary state equilibrium. Sufficient heterogeneity leads to global saddle-path stability, uniqueness of a given stationary state and the global uniqueness of the corresponding equilibrium.

The World of Risk Management

Author : H. Gifford Fong
Publisher : World Scientific
ISBN 13 : 9812565175
Total Pages : 233 pages
Book Rating : 4.8/5 (125 download)

DOWNLOAD NOW!

Book Synopsis The World of Risk Management by : H. Gifford Fong

Download or read book The World of Risk Management written by H. Gifford Fong and published by World Scientific. This book was released on 2006 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risk management is a foundation discipline for the prudent conduct of investment management. Being effective requires ongoing evolution and adaptation. In The World of Risk Management, an expert team of contributors addresses the important issues arising in the practice of risk management. A common thread among these distinguished articles is a rigorous theoretical or conceptual basis as well as their practical significance. The topics include not only broad policy considerations but also detailed how-to prescriptions.

Innovation, Organization and Economic Dynamics

Author : Giovanni Dosi
Publisher : Edward Elgar Publishing
ISBN 13 : 9781782541851
Total Pages : 728 pages
Book Rating : 4.5/5 (418 download)

DOWNLOAD NOW!

Book Synopsis Innovation, Organization and Economic Dynamics by : Giovanni Dosi

Download or read book Innovation, Organization and Economic Dynamics written by Giovanni Dosi and published by Edward Elgar Publishing. This book was released on 2000-01-01 with total page 728 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conventional economic analysis of property rights in natural resources is too narrow and restrictive to allow for effective comparisons between alternative institutional structures. In this book, a conceptual framework is developed for the analysis of the

Dynamics, Games and Science

Author : Jean-Pierre Bourguignon
Publisher : Springer
ISBN 13 : 3319161180
Total Pages : 766 pages
Book Rating : 4.3/5 (191 download)

DOWNLOAD NOW!

Book Synopsis Dynamics, Games and Science by : Jean-Pierre Bourguignon

Download or read book Dynamics, Games and Science written by Jean-Pierre Bourguignon and published by Springer. This book was released on 2015-07-24 with total page 766 pages. Available in PDF, EPUB and Kindle. Book excerpt: The focus of this volume is research carried out as part of the program Mathematics of Planet Earth, which provides a platform to showcase the essential role of mathematics in addressing problems of an economic and social nature and creating a context for mathematicians and applied scientists to foster mathematical and interdisciplinary developments that will be necessary to tackle a myriad of issues and meet future global economic and social challenges. Earth is a planet with dynamic processes in its mantle, oceans and atmosphere creating climate, causing natural disasters and influencing fundamental aspects of life and life-supporting systems. In addition to these natural processes, human activity has developed highly complex systems, including economic and financial systems; the World Wide Web; frameworks for resource management, transportation, energy production and utilization; health care delivery, and social organizations. This development has increased to the point where it impacts the stability and equilibrium in human societies. Issues such as financial and economic crisis, sustainability, management of resources, risk analysis, and global integration have come to the fore. Written by some of the world’s leading specialists, this book presents the proceedings of the International Conference and Advanced School Planet Earth, Dynamics, Games and Science II, held in Lisbon, Portugal, 28 August -6 September 2013, which was organized by the International Center of Mathematics (CIM) as a partner institution of the international program Mathematics of Planet Earth 2013. The book describes the state of the art in advanced research and ultimate techniques in modeling natural, economic and social phenomena. It constitutes a tool and a framework for researchers and graduate students, both in mathematics and applied sciences, focusing mainly on dynamical systems, game theory and applied sciences.

Managing Sex Offender Risk

Author : Ms Hazel Kemshall
Publisher : Jessica Kingsley Publishers
ISBN 13 : 184642030X
Total Pages : 258 pages
Book Rating : 4.8/5 (464 download)

DOWNLOAD NOW!

Book Synopsis Managing Sex Offender Risk by : Ms Hazel Kemshall

Download or read book Managing Sex Offender Risk written by Ms Hazel Kemshall and published by Jessica Kingsley Publishers. This book was released on 2004-09-15 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on key research into assessment, treatment and recidivism, this book offers practical guidance on improving intervention techniques with sex offenders. The contributors explore the monitoring and surveillance strategies and cognitive-behavioural techniques currently used both in prison and in the community, and give clear directions for future practice. Providing a detailed overview of the typologies and characteristics of offenders, they suggest strategies for managing different kinds of offender, including children and young people who are sexually aggressive. The Sex Offenders Act and the Crime and Disorder Act emphasise the need for effective community management of the predatory paedophile. Reviewing the recent growth in multi-agency approaches to this challenge, the book discusses how police, prisons and social work departments can share information and collaborate effectively, and will be essential reading for probation officers, prison staff, social workers and anyone involved in the assessment and management of sex offenders.

Corporate Risk Management

Author : Georges Dionne
Publisher : John Wiley & Sons
ISBN 13 : 1119583152
Total Pages : 454 pages
Book Rating : 4.1/5 (195 download)

DOWNLOAD NOW!

Book Synopsis Corporate Risk Management by : Georges Dionne

Download or read book Corporate Risk Management written by Georges Dionne and published by John Wiley & Sons. This book was released on 2019-04-22 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt: An updated review of the theories and applications of corporate risk management After the financial crisis of 2008, issues concerning corporate risk management arose that demand new levels of oversight. Corporate Risk Management is an important guide to the topic that puts the focus on the corporate finance dimension of risk management. The author—a noted expert on the topic—presents several theoretical models appropriate for various industries and empirically verifies theoretical propositions. The book also proposes statistical modeling that can evaluate the importance of different risks and their variations according to economic cycles. The book provides an analysis of default, liquidity, and operational risks as well as the failures of LTCM, ENRON, and financial institutions that occurred during the financial crisis. The author also explores Conditional Value at Risk (CVaR), which is central to the debate on the measurement of market risk under Basel III. This important book: Includes a comprehensive review of the aspects of corporate risk management Presents statistical modeling that addresses recent risk management issues Contains an analysis of risk management failures that lead to the 2008 financial crisis Offers a must-have resource from author Georges Dionne the former editor of The Journal of Risk and Insurance Corporate Risk Management provides a modern empirical analysis of corporate risk management across industries. It is designed for use by risk management professionals, academics, and graduate students.

The Dynamics of Full Employment

Author : G_nther Schmid
Publisher : Edward Elgar Publishing
ISBN 13 : 9781843765400
Total Pages : 472 pages
Book Rating : 4.7/5 (654 download)

DOWNLOAD NOW!

Book Synopsis The Dynamics of Full Employment by : G_nther Schmid

Download or read book The Dynamics of Full Employment written by G_nther Schmid and published by Edward Elgar Publishing. This book was released on 2002-01-01 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: Persistent unemployment is recognized as one of the main mechanisms of social and political exclusion. The Dynamics of Full Employment provides a new and fresh approach to the question of full employment in contemporary society. It offers an international

Bank Leverage and Monetary Policy's Risk-Taking Channel

Author : Mr.Giovanni Dell'Ariccia
Publisher : International Monetary Fund
ISBN 13 : 1484381130
Total Pages : 41 pages
Book Rating : 4.4/5 (843 download)

DOWNLOAD NOW!

Book Synopsis Bank Leverage and Monetary Policy's Risk-Taking Channel by : Mr.Giovanni Dell'Ariccia

Download or read book Bank Leverage and Monetary Policy's Risk-Taking Channel written by Mr.Giovanni Dell'Ariccia and published by International Monetary Fund. This book was released on 2013-06-06 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: We present evidence of a risk-taking channel of monetary policy for the U.S. banking system. We use confidential data on the internal ratings of U.S. banks on loans to businesses over the period 1997 to 2011 from the Federal Reserve’s survey of terms of business lending. We find that ex-ante risk taking by banks (as measured by the risk rating of the bank’s loan portfolio) is negatively associated with increases in short-term policy interest rates. This relationship is less pronounced for banks with relatively low capital or during periods when banks’ capital erodes, such as episodes of financial and economic distress. These results contribute to the ongoing debate on the role of monetary policy in financial stability and suggest that monetary policy has a bearing on the riskiness of banks and financial stability more generally.

Biodiversity Economics

Author : Andreas Kontoleon
Publisher : Cambridge University Press
ISBN 13 : 1139466259
Total Pages : 606 pages
Book Rating : 4.1/5 (394 download)

DOWNLOAD NOW!

Book Synopsis Biodiversity Economics by : Andreas Kontoleon

Download or read book Biodiversity Economics written by Andreas Kontoleon and published by Cambridge University Press. This book was released on 2007-12-13 with total page 606 pages. Available in PDF, EPUB and Kindle. Book excerpt: Human induced biodiversity loss is greater now than at any time in human history, with extinctions occurring at rates hundreds of times higher than background extinction levels. The field of biodiversity economics analyses the socio-economic causes of and solutions to biodiversity loss by combining the disciplines of economics, ecology and biology. This field has shown a remarkable degree of transformation over the past four decades and now incorporates the analysis of the entire diversity of biological resources within the living world. Biodiversity Economics presents a series of papers that show how bio-economic analysis can be applied to the examination and evaluation of the problem of various forms of biodiversity loss. Containing insightful bio-economic research by some of prominent practitioners in the field, this volume will be an essential research tool to those working on biodiversity issues in the academic, policy and private sectors.

Modeling, Dynamics, Optimization and Bioeconomics II

Author : Alberto A. Pinto
Publisher : Springer
ISBN 13 : 3319552368
Total Pages : 531 pages
Book Rating : 4.3/5 (195 download)

DOWNLOAD NOW!

Book Synopsis Modeling, Dynamics, Optimization and Bioeconomics II by : Alberto A. Pinto

Download or read book Modeling, Dynamics, Optimization and Bioeconomics II written by Alberto A. Pinto and published by Springer. This book was released on 2017-09-30 with total page 531 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concepts and techniques presented in this volume originated from the fields of dynamics, statistics, control theory, computer science and informatics, and are applied to novel and innovative real-world applications. Over the past few decades, the use of dynamic systems, control theory, computing, data mining, machine learning and simulation has gained the attention of numerous researchers from all over the world. Admirable scientific projects using both model-free and model-based methods coevolved at today’s research centers and are introduced in conferences around the world, yielding new scientific advances and helping to solve important real-world problems. One important area of progress is the bioeconomy, where advances in the life sciences are used to produce new products in a sustainable and clean manner. In this book, scientists from all over the world share their latest insights and important findings in the field. The majority of the contributed papers for this volume were written by participants of the 3rd International Conference on Dynamics, Games and Science, DGSIII, held at the University of Porto in February 2014, and at the Berkeley Bioeconomy Conference at the University of California at Berkeley in March 2014. The aim of the project of this book “Modeling, Dynamics, Optimization and Bioeconomics II” follows the same aim as its companion piece, “Modeling, Dynamics, Optimization and Bioeconomics I,” namely, the exploration of emerging and cutting-edge theories and methods for modeling, optimization, dynamics and bioeconomy.

Handbook of Market Risk

Author : Christian Szylar
Publisher : John Wiley & Sons
ISBN 13 : 1118127188
Total Pages : 432 pages
Book Rating : 4.1/5 (181 download)

DOWNLOAD NOW!

Book Synopsis Handbook of Market Risk by : Christian Szylar

Download or read book Handbook of Market Risk written by Christian Szylar and published by John Wiley & Sons. This book was released on 2013-12-04 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: A ONE-STOP GUIDE FOR THE THEORIES, APPLICATIONS, AND STATISTICAL METHODOLOGIES OF MARKET RISK Understanding and investigating the impacts of market risk on the financial landscape is crucial in preventing crises. Written by a hedge fund specialist, the Handbook of Market Risk is the comprehensive guide to the subject of market risk. Featuring a format that is accessible and convenient, the handbook employs numerous examples to underscore the application of the material in a real-world setting. The book starts by introducing the various methods to measure market risk while continuing to emphasize stress testing, liquidity, and interest rate implications. Covering topics intrinsic to understanding and applying market risk, the handbook features: An introduction to financial markets The historical perspective from market events and diverse mathematics to the value-at-risk Return and volatility estimates Diversification, portfolio risk, and efficient frontier The Capital Asset Pricing Model and the Arbitrage Pricing Theory The use of a fundamental multi-factors model Financial derivatives instruments Fixed income and interest rate risk Liquidity risk Alternative investments Stress testing and back testing Banks and Basel II/III The Handbook of Market Risk is a must-have resource for financial engineers, quantitative analysts, regulators, risk managers in investments banks, and large-scale consultancy groups advising banks on internal systems. The handbook is also an excellent text for academics teaching postgraduate courses on financial methodology.