Black Swan Problem

Risk Management Strategies for a World of Wild Uncertainty

AvHakan Jankensgard

Inbunden, Engelska, 2022

Del i serien Wiley Corporate F&A

319 kr

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Beskrivning

An incisive framework for companies seeking to increase their resilienceIn The Black Swan Problem: Risk Management Strategies for a World of Wild Uncertainty, renowned risk and finance expert Håkan Jankensgård delivers an extraordinary and startling discussion of how firms should navigate a world of uncertainty and unexpected events. It examines three fundamental, high-level strategies for creating resilience in the face of “black swan” risks, highly unlikely but devastating events: insurance, buffering, and flexibility:The author also presents: Detailed case studies, stories, and examples of major firms that failed to anticipate Black Swan Problems and, as a result, were either wiped out or experienced a major strategy disruptionExtending the usual academic focus on individual biases to analyze Swans from an organizational perspective and prime organizations to proactive rather than reactive actionPractical applications and tactics to mitigate Black Swan risks and protect corporate strategies against catastrophic losses and the collateral damage that they causeStrategies and tools for turning Black Swan events into opportunities, reflecting the fact that resilience can be used for strategic advantageAn expert blueprint for companies seeking to anticipate, mitigate, and process tail risks, The Black Swan Problem is a must-read for students and practitioners of risk management, executives, founders, managers, and other business leaders.

Produktinformation

Utgivningsdatum:2022-05-05
Mått:160 x 237 x 25 mm
Vikt:436 g
Format:Inbunden
Språk:Engelska
Serie:Wiley Corporate F&A
Antal sidor:240
Förlag:John Wiley & Sons Inc
ISBN:9781119868149

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Mer om författaren

Håkan Jankensgård is a risk philosopher and modeler. He has been passionate about the philosophy, theory and practice of risk management for over 25 years. He has done extensive academic research into various aspects of this field such as the theory of enterprise risk management, firms' hedging strategies, risk governance, and risk capital. This research has been published in well-respected, peer-reviewed academic journals like Financial Management, Journal of Banking and Finance, Journal of Accounting Business & Finance, and European Financial Management. He is actively developing the concept of Risk budgeting, which is about incorporating knowledge about risk and risk appetite into the forecasting models that management uses for financial and strategic decision-making. Jankensgård is a professor of corporate finance and holds a PhD from Lund University.

Innehållsförteckning

Prologue 3Chapter 1: The Swans Revisited 7The nature of randomness 8The Moving Tail 11The role of expectations 16What makes us suckers? 20The relativity of Black Swans 24Meet the preppers 28Chapter 2: Corporate Swans 31The Board’s perspective 31Swans attack 33Strategy Swans 35The Swan within 39The growth fetish 42The fear factor 47The Chief Executive Swan 49Swans on the rise 52Chapter 3: The Black Swan Problem 60Tail risk and firm value 60Understanding wipeouts 65Strategy disruption 71All you zombies 76The affordability issue 78The conundrum 84Chapter 4: Greeting the Swan 90Randomness redux 90The roads not taken 98Functional stupidity 102The Swanmakers 108On tools and models 112A Swan radar for the Board 116Chapter 5: Taming the Swan 122Drawing the line 122Distance to wipeout 129Risk capital 131Stress testing 140The exit option 146Resilience vs endurance 150Quantitative models 155Liquidity is king 162Chapter 6: Catching the Swan 166Antifragility 167Restoring the true path 170Buying on the cheap 173Opportunity capital 176Flight to safety 182Risk as strategy 187Chapter 7: Riding the Swan 192Risk shifting 192A beautiful strategy 199Fuel for growth 203Narcissism redeemed 208A tail of two companies 211End of the ride 215Swans to the rescue? 217Epilogue 221