Hedge Funds And Downside Risk

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Hedge Funds

Author : Vikas Agarwal
Publisher : Now Publishers Inc
ISBN 13 : 1933019174
Total Pages : 85 pages
Book Rating : 4.9/5 (33 download)

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Book Synopsis Hedge Funds by : Vikas Agarwal

Download or read book Hedge Funds written by Vikas Agarwal and published by Now Publishers Inc. This book was released on 2005 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedge Funds summarizes the academic research on hedge funds and commodity trading advisors. The hedge fund industry has grown tremendously over the recent years. According to some industry estimates, hedge funds have increased from $39 million in 1990 to about $972 million in 2004 and the total number of hedge funds has gone up from 610 to 7,436 over the same period. At the same time, hedge fund strategies have changed significantly. In 1990 the macro strategy dominated the industry while in 2004 the equity hedge strategy had the largest share of the market. There has also been a shift in the type of investor in hedge funds. In the early 1990's the typical investor was a high net-worth individual investor, today the typical investor is an institutional investor. Thus, the hedge fund market has not only grown tremendously, but the nature of the market has changed. Despite the enormous growth of this industry, there is limited information available on hedge funds. As a result, there is a need for rigorous research from both the investors' and regulators' point of view. Investors need research to better understand their investment and their risk exposure. This research also helps investors recognize the extent of diversification benefits hedge funds offer in combination with investments in traditional asset classes, such as stocks and bonds. Regulators can use this research to identify situations where regulation may be needed to protect investors' interests and to understand the impact hedge funds trading strategies have on the stability of the financial markets. The first part of Hedge Funds summarizes hedge fund performance, including comparisons of risk-return characteristics of hedge funds with those of mutual funds, factors driving hedge fund returns, and persistence in hedge fund performance. The second part reviews research regarding the unique contractual features and characteristics of hedge funds and their influence on the risk-return tradeoffs. The third part reviews the role of hedge funds in a portfolio including the extent of diversification benefits and limitations of standard mean-variance framework for asset allocation. Finally, the authors summarize the research on the biases in hedge fund databases.

Hedge Funds and Downside Risk

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (931 download)

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Book Synopsis Hedge Funds and Downside Risk by :

Download or read book Hedge Funds and Downside Risk written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis investigates whether hedge fund returns of managers with large tail risk exposure as measured by conditional downside factor-betas outperform their peers within a given investment strategy during normal times, thus resembling the payoff profile of selling disaster insurance. Fama-MacBeth cross-sectional regressions of individual fund returns on time-varying downside factor loadings estimated over a 36-month rolling regression window show that in the medium to long term, significant performance differences arise. The direction of performance differences between funds with large downside exposure compared to those that fare well during times of market stress suggests evidence of true managerial skill for hedge fund managers employing event driven, fixed income arbitrage, long/short equity hedge or managed futures strategies. Results are robust across different beta estimation windows but do not retain their explanatory power in a setting of non-parametric analysis with ex-post calculated semivariance downside betas or downside covariance betas.

Hedge Funds

Author : Richard Hills
Publisher : Batsford
ISBN 13 : 9780948035289
Total Pages : 224 pages
Book Rating : 4.0/5 (352 download)

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Book Synopsis Hedge Funds by : Richard Hills

Download or read book Hedge Funds written by Richard Hills and published by Batsford. This book was released on 1996 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Hedge Funds For Dummies

Author : Ann C. Logue
Publisher : John Wiley & Sons
ISBN 13 : 1119907551
Total Pages : 375 pages
Book Rating : 4.1/5 (199 download)

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Book Synopsis Hedge Funds For Dummies by : Ann C. Logue

Download or read book Hedge Funds For Dummies written by Ann C. Logue and published by John Wiley & Sons. This book was released on 2023-01-19 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedge your stock market bets with funds that can deliver returns in down markets Hedge Funds For Dummies is your introduction to the popular investing strategy that can help you gain positive returns, no matter what direction the market takes. Hedge funds use pooled funds to focus on high-risk, high-return investments, often with a focus on shorting—so you can earn profit even when stocks fall. But there’s a whole lot more to it than that. This book teaches you about the diversity of hedge funds, their pros and cons, and their potentially lucrative role as a part of your portfolio. We also give you tips on finding a broker that is right for you and the investment you wish to make. Let Dummies be your investment advisor as you set up a strategy that will deliver results. Understand the ins and outs of hedge funds and how they fit in your portfolio Choose the funds that make the most sense for your unique situation Build a hedge fund strategy based on tested techniques and the latest market data Avoid common mistakes and identify solid funds to ensure success This Dummies guide is for traders and investors looking to learn more about hedge funds and how they can become lucrative investments in a down market.

Hedge Fund Operational Due Diligence

Author : Jason A. Scharfman
Publisher : John Wiley & Sons
ISBN 13 : 0470372346
Total Pages : 324 pages
Book Rating : 4.4/5 (73 download)

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Book Synopsis Hedge Fund Operational Due Diligence by : Jason A. Scharfman

Download or read book Hedge Fund Operational Due Diligence written by Jason A. Scharfman and published by John Wiley & Sons. This book was released on 2008-12-03 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: How to diagnose and monitor key hedge fund operational risks With the various scandals taking place with hedge funds, now more than ever, both financial and operational risks must be examined. Revealing how to effectively detect and evaluate often-overlooked operational risk factors in hedge funds, such as multi-jurisdictional regulatory coordination, organizational nesting, and vaporware, Hedge Fund Operational Due Diligence includes real-world examples drawn from the author's experiences dealing with the operational risks of a global platform of over 80 hedge funds, funds of hedge funds, private equity, and real estate managers.

A Tail of Two Cities

Author : Joseph Cherian
Publisher :
ISBN 13 :
Total Pages : 55 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis A Tail of Two Cities by : Joseph Cherian

Download or read book A Tail of Two Cities written by Joseph Cherian and published by . This book was released on 2015 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the downside risk and loss profiles of hedge funds in North America and Asia to identify any significant differences between the geographic markets and determine how these differences have converged or diverged over time. An attempt is made to understand the performance drivers that differentiate Asian from North American hedge funds. In the downside-risk analysis of 2,631 North American and 994 Asian hedge funds from January 1995 to February 2013, event-driven investment strategies for both geographic regions perform better than the other hedge fund investment strategies in relation to both risk and return, and downside risk. More diversified funds such as multi-strategy hedge funds do not necessarily perform better than single-manager strategies in relation to downside risk, while relative value strategies exhibit the most similar characteristics across the two geographies. Following their lackluster performance during the Asian Financial Crisis, Asian hedge funds improved their risk-adjusted performance, particularly during the recent Global Financial Crisis when their loss profile reached a level similar to that of their North American peers. Lastly, “nearby” funds, i.e., funds whose managers are located in the same investment geography, have slightly worse loss profiles than “distant” funds in both geographic markets, which result is slightly contrary to extant empirical evidence.

Downside Risk Analysis Applied to the Hedge Funds Universe

Author : Josep Perelló
Publisher :
ISBN 13 :
Total Pages : 25 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Downside Risk Analysis Applied to the Hedge Funds Universe by : Josep Perelló

Download or read book Downside Risk Analysis Applied to the Hedge Funds Universe written by Josep Perelló and published by . This book was released on 2007 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedge Funds are considered as one of the portfolio management sectors which shows a fastest growing for the past decade. An optimal Hedge Fund management requires an appropriate risk metrics. The classic CAPM theory and its Ratio Sharpe fail to capture some crucial aspects due to the strong non-Gaussian character of Hedge Funds statistics. A possible way out to this problem while keeping the CAPM simplicity is the so-called Downside Risk analysis. One important benefit lies in distinguishing between good and bad returns, that is: returns greater or lower than investor's goal. We revisit most popular Downside Risk indicators and provide new analytical results on them. We compute these measures by taking the Credit Suisse/Tremont Investable Hedge Fund Index Data and with the Gaussian case as a benchmark. In this way an unusual transversal lecture of the existing Downside Risk measures is provided.

Hedge Funds

Author : Theodor Baums
Publisher : Walter de Gruyter GmbH & Co KG
ISBN 13 : 3110907348
Total Pages : 172 pages
Book Rating : 4.1/5 (19 download)

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Book Synopsis Hedge Funds by : Theodor Baums

Download or read book Hedge Funds written by Theodor Baums and published by Walter de Gruyter GmbH & Co KG. This book was released on 2015-02-06 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: The number of hedge funds and the assets they have under management has increased in recent years. This increase became significantly more pronounced after the market downturn in 2001. Hedge funds can help investors to benefit from volatile and even sinking stock markets. However, despite the prominent use of the word "hedge" in their name, such funds rarely offer a safe hedge against risk, given that they depend heavily on skill-based investment techniques and often invest in highly speculative financial instruments. Nevertheless, such funds received no specific treatment in the legislation of such major markets as Germany and the United States for years. Against the backdrop of international regulatory concern for hedge funds, the Institute for Law and Finance (ILF), in cooperation with Deutsches Aktieninstitut e.V. (DAI), brought together leading scholars, lawyers and bankers, to assess the risks, opportunities and regulatory challenges that hedge funds present. At the time of the conference, German lawmakers were still discussing the need and possible content of a new law. The fruit of their discussions was the German Investment-Modernization Act (Investmentmodernisierungsgesetz), which entered into force on January 1, 2004, and increased the attractiveness of offering hedge fund products in the German market. This inaugural volume of the Institute for Law and Finance Series contains the proceedings of the ILF/DAI May 2003 conference entitled "Hedge Funds: Risks and Regulation", and presents papers discussing the economic characteristics of and regulatory strategies for addressing hedge funds. The first two papers examine hedge funds from an economic perspective. Alexander M. Ineichen, Managing Director and Global Head of AIS Research at UBS, reveals the economic reality of hedge funds from the myths that has surrounded them. Then Franklin R. Edwards, Professor and Director of the Center for the Study of Futures Markets of the Columbia Business School in New York explains how the regulation of hedge funds should be tailored to their core economic reality and the goals of financial stability and investor protection. Next, Marcia L. MacHarg, a partner of Debevoise & Plimpton LLP, Ashley Kovas, a Manager in the Business Standards Department of the Financial Services Authority, London, and Edgar Wallach, a partner of Hengeler Mueller, present the state of the relevant regulatory structures in the United States, the United Kingdom, and Germany, respectively. The book then closes with an analysis of corporate structures used for German hedge funds, offered by Kai-Uwe Steck, a member of the German Asset Management practice group of Shearman & Sterling LLP.

Top Hedge Fund Investors

Author : Cathleen M. Rittereiser
Publisher : John Wiley & Sons
ISBN 13 : 0470501294
Total Pages : 245 pages
Book Rating : 4.4/5 (75 download)

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Book Synopsis Top Hedge Fund Investors by : Cathleen M. Rittereiser

Download or read book Top Hedge Fund Investors written by Cathleen M. Rittereiser and published by John Wiley & Sons. This book was released on 2017-10-09 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: A professional's guide to the world of hedge fund investing Throughout the financial crisis of 2008, many hedge funds suffered massive losses and were often blamed for the extreme market upheavals. In the wake f the crisis, hedge funds remain a source of fascination for the media, legislators, and investors, mostly due to misunderstanding. Historically portrayed as risky investment funds for the very wealthy run by swashbuckling traders, the truth is hedge funds are simply an investment vehicle designed to generate superior returns and reduce an investor's overall portfolio risk. Investors have good reasons to remain fascinated with hedge funds. Although many individual funds have underperformed or collapsed, hedge funds as a whole have provided solid returns while reducing risks. Savvy institutions have invested in hedge funds for many years and have made them a large and powerful force in the markets. Investing in hedge funds requires sophisticated knowledge, understanding, skill, access, and experience. Individuals and institutions, whether they are new to hedge funds or need to improve, can find those attributes in the stories of the successful hedge fund investors profiled in Hedge Fund Investors. Hedge Fund Investors chronicles the challenges and rewards these investors face, in selecting hedge fund managers, managing risks, and constructing portfolios. In revealing conversations, leading hedge fund investors who place hundreds of billions of dollars in hedge funds, share their philosophies, strategies, and advice. Profiles a variety of different investors from the pioneers in hedge fund investing to managers for high net-worth individuals and fund of funds investors Discusses winners and losers in the recent market decline, problematic hedge fund strategies, and how these current events will change future strategies Provides lessons, insights, and advice beneficial to all hedge fund investors Engaging and informative, Hedge Fund Investors will prove valuable to anyone involved in placing money with hedge funds, as well as hedge funds who seek to better understand their clients.

Managing Hedge Fund Risk and Financing

Author : David P. Belmont
Publisher : John Wiley & Sons
ISBN 13 : 0470827262
Total Pages : 400 pages
Book Rating : 4.4/5 (78 download)

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Book Synopsis Managing Hedge Fund Risk and Financing by : David P. Belmont

Download or read book Managing Hedge Fund Risk and Financing written by David P. Belmont and published by John Wiley & Sons. This book was released on 2011-09-13 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ultimate guide to dealing with hedge fund risk in a post-Great Recession world Hedge funds have been faced with a variety of new challenges as a result of the ongoing financial crisis. The simultaneous collapse of major financial institutions that were their trading counterparties and service providers, fundamental and systemic increases in market volatility and illiquidity, and unrelenting demands from investors to redeem their hedge fund investments have conspired to make the climate for hedge funds extremely uncomfortable. As a result, many funds have failed or been forced to close due to poor performance. Managing Hedge Fund Risk and Financing: Adapting to a New Era brings together the many lessons learned from the recent crisis. Advising hedge fund managers and CFOs on how to manage the risk of their investment strategies and structure relationships to best insulate their firms and investors from the failures of financial counterparties, the book looks in detail at the various methodologies for managing hedge fund market, credit, and operational risks depending on the hedge fund's investment strategy. Also covering best practice ISDA, Prime Brokerage, Fee and Margin Lock Up, and including tips for Committed Facility lending contracts, the book includes everything you need to know to learn from the events of the past to inform your future hedge fund dealings. Shows how to manage hedge fund risk through the application of financial risk modelling and measurement techniques as well as the structuring of financial relationships with investors, regulators, creditors, and trading counterparties Written by a global finance expert, David Belmont, who worked closely with hedge fund clients during the crisis and experienced first hand what works Explains how to profit from the financial crisis In the wake of the Financial Crisis there have been calls for more stringent management of hedge fund risk, and this timely book offers comprehensive guidelines for CFOs looking to ensure world-class levels of corporate governance.

Hedge Fund Investing

Author : Kevin D. Peterson
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4./5 ( download)

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Book Synopsis Hedge Fund Investing by : Kevin D. Peterson

Download or read book Hedge Fund Investing written by Kevin D. Peterson and published by . This book was released on 2018-03-29 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: Want to enter the elite world of hedge fund investing? Everyone deserves access to the investment vehicles of the wealthy. Start learning how! Today only, get this bestseller for a special price. Based on report from European Central Bank, the Hedge Fund industry has globally gained a total of 1 trillion US dollars’ assets worth under her control. A Hedge Fund’s size is typically less than US $100 million, with nearly half under US $25 million. Hedge fund investments have massive inﬂuence on the ﬁnancial and economic sector in relation to their size. It is important to note that knowledge and performance of the Hedge Fund industry is guarded with substantial secrecy. The road to selecting a good Hedge fund investment plan can be a windy and rough road, but this book will prepare you for that journey by equipping you with all the information you will need. Here Is A Preview Of What You'll Read... The History Of The Hedge Funds Industry Hedge Fund Investment Strategies What Questions Should I Ask? Hedge Fund Organization Hedge Funds Vs Mutual Funds Hedge Fund Risk Models Aggressive Investment Strategies Problems With Hedge Fund Risk Modelling Hedge Funds Available On The Market And much, much more! Download your copy today! Take action today and download this book now at a special price!

Hedge Funds

Author : Greg N. Gregoriou
Publisher : John Wiley & Sons
ISBN 13 : 1118161033
Total Pages : 487 pages
Book Rating : 4.1/5 (181 download)

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Book Synopsis Hedge Funds by : Greg N. Gregoriou

Download or read book Hedge Funds written by Greg N. Gregoriou and published by John Wiley & Sons. This book was released on 2011-08-04 with total page 487 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whether already experienced with hedge funds or just thinking about investing in them, readers need a firm understanding of this unique investment vehicle in order to achieve maximum success. Hedge Funds unites over thirty of the top practitioners and academics in the hedge fund industry to provide readers with the latest findings in this field. Their analysis deals with a variety of topics, from new methods of performance evaluation to portfolio allocation and risk/return matters. Although some of the information is technical in nature, an understanding and applicability of the results as well as theoretical developments are stressed. Filled with in-depth insight and expert advice, Hedge Funds helps readers make the most of this flexible investment vehicle.

Downside-risk Performance Measures and Hedge Funds

Author : Vishal Mewasingh
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (112 download)

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Book Synopsis Downside-risk Performance Measures and Hedge Funds by : Vishal Mewasingh

Download or read book Downside-risk Performance Measures and Hedge Funds written by Vishal Mewasingh and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper delves into performance measures which have recently emerged in an attempt to circumvent the well recognised flaws of conventional measures derived solely from mean and standard deviation. I use several of these measures to rank both equity indices as well as hedge fund strategies based on their likelihood of achieving a particular return level, relative to the downside risk associated with that target return. This method makes intuitive sense since one of the key characteristics of hedge funds is to seek to capture most upside while protecting the downside. While the conclusions clearly point to the superiority of hedge funds at all return thresholds, with the equity indices improving their rankings from worst to middle of the pack at the higher threshold levels, the use of the downside measures is not clear-cut and can be fraught with some ambiguity in the interpretation of rankings which they yield.

Managing a Hedge Fund

Author : Keith H. Black
Publisher : McGraw Hill Professional
ISBN 13 : 9780071434812
Total Pages : 360 pages
Book Rating : 4.4/5 (348 download)

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Book Synopsis Managing a Hedge Fund by : Keith H. Black

Download or read book Managing a Hedge Fund written by Keith H. Black and published by McGraw Hill Professional. This book was released on 2004-06-25 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedge funds now account for 25 percent of all NYSE trading volume and are one of the fastest growing sectors in today’s financial industry. Managing a Hedge Fund examines every significant issue facing a hedge fund manager, from management of numerous types of risk to due diligence requirements, use of arbitrage and other exotic activities, and more. Broad-based where most hedge fund books are narrowly focused, it provides current and potential managers with a concise but comprehensive treatment on managing—and maximizing—a hedge fund in today’s fiercely competitive investing arena.

The Investor's Guide to Hedge Funds

Author : Sam Kirschner
Publisher : John Wiley & Sons
ISBN 13 : 0470048549
Total Pages : 256 pages
Book Rating : 4.4/5 (7 download)

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Book Synopsis The Investor's Guide to Hedge Funds by : Sam Kirschner

Download or read book The Investor's Guide to Hedge Funds written by Sam Kirschner and published by John Wiley & Sons. This book was released on 2006-11-17 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Eldon Mayer is a battle-tested pro. You should listen to what he and his partner, Sam Kirschner, have to say." --Barton M. Biggs, Managing Partner, Traxis Partners Meet the crème de la crème of the new breed of hedge fund managers, learn how they evaluate world financial markets, hear about their winners and losers, and discover how they apply proprietary strategies to stay ahead of the curve. Through broad-scope interviews with 15 highly successful managers, The Investor's Guide to Hedge Funds provides unparalleled insight into each major hedge fund strategy, its strengths, weaknesses, and performance characteristics. Most importantly, this book shows that despite the sensational headlines, adding hedge funds to a portfolio of stocks and bonds can reduce risk and improve overall performance.

Market Risk Management for Hedge Funds

Author : Francois Duc
Publisher : John Wiley & Sons
ISBN 13 :
Total Pages : 284 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Market Risk Management for Hedge Funds by : Francois Duc

Download or read book Market Risk Management for Hedge Funds written by Francois Duc and published by John Wiley & Sons. This book was released on 2008-12-08 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a cutting edge introduction to market risk management for Hedge Funds, Hedge Funds of Funds, and the numerous new indices and clones launching coming to market on a near daily basis. It will present the fundamentals of quantitative risk measures by analysing the range of Value-at-Risk (VaR) models used today, addressing the robustness of each model, and looking at new risk measures available to more effectively manage risk in a hedge fund portfolio. The book begins by analysing the current state of the hedge fund industry - at the ongoing institutionalisation of the market, and at its latest developments. It then moves on to examine the range of risks, risk controls, and risk management strategies currently employed by practitioners, and focuses on particular risks embedded in the more classic investment strategies such as Long/Short, Convertible Arbitrage, Fixed Income Arbitrage, Short selling and risk arbitrage. Addressed along side these are other risks common to hedge funds, including liquidity risk, leverage risk and counterparty risk. The book then moves on to examine more closely two models which provide the underpinning for market risk management in investment today - Style Value-at-Risk and Implicit Value-at-Risk. As well as full quantitative analysis and backtesting of each methodology, the authors go on to propose a new style model for style and implicit Var, complete with analysis, real life examples and backtesting. The authors then go on to discuss annualisation issues and risk return before moving on to propose a new model based on the authors own Best Choice Implicit VaR approach, incorporating quantitative analysis, market results and backtesting and also its potential for new hedge fund clone products. This book is the only guide to VaR for Hedge Funds and will prove to be an invaluable resource as we embark into an era of increasing volatility and uncertainty.

The Risks of Financial Institutions

Author : Mark Carey
Publisher : University of Chicago Press
ISBN 13 : 0226092984
Total Pages : 669 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis The Risks of Financial Institutions by : Mark Carey

Download or read book The Risks of Financial Institutions written by Mark Carey and published by University of Chicago Press. This book was released on 2007-11-01 with total page 669 pages. Available in PDF, EPUB and Kindle. Book excerpt: Until about twenty years ago, the consensus view on the cause of financial-system distress was fairly simple: a run on one bank could easily turn to a panic involving runs on all banks, destroying some and disrupting the financial system. Since then, however, a series of events—such as emerging-market debt crises, bond-market meltdowns, and the Long-Term Capital Management episode—has forced a rethinking of the risks facing financial institutions and the tools available to measure and manage these risks. The Risks of Financial Institutions examines the various risks affecting financial institutions and explores a variety of methods to help institutions and regulators more accurately measure and forecast risk. The contributors--from academic institutions, regulatory organizations, and banking--bring a wide range of perspectives and experience to the issue. The result is a volume that points a way forward to greater financial stability and better risk management of financial institutions.