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Exposure-Based Cash-Flow-at Risk for Value Creating Risk Management under Macroeconomic Uncertainty

In English

Författare

Redaktör

  • Ulrich Hommel
  • Michael Fabich
  • Ervin Schellenberg

Summary, in English

A strategically minded CFO will realize that strategic corporate risk management is about finding the right balance between risk prevention and proactive value generation. Efficient risk and performance management requires adequate assessment of risk and risk exposures on the one hand and performance on the other. Properly designed, a risk measure should provide information on to what extend the firm's performance is at risk, what is causing that risk, the relative importance of non-value-adding and value-adding risk, and the possibilities to use risk management to reduce total risk. In this chapter, we present an approach - exposure-based cash-flow-at-risk - to calculating a firm's downside risk conditional on the firm's exposure to non-value-adding macroeconomic and market risk and to analyzing corporate performance adjusted for the impact of non-value-adding risk.

Publiceringsår

2012

Språk

Engelska

Publikation/Tidskrift/Serie

The Strategic CFO - Creating Value in a Dynamic Market Environment

Dokumenttyp

Del av eller Kapitel i bok

Förlag

Springer

Ämne

  • Business Administration

Nyckelord

  • cash flow at risk
  • risk assessment
  • macroeconomic risk
  • market risk

Status

Published

Forskningsgrupp

  • Knut Wicksell Centre for Financial Studies