Clas Wihlborg - Böcker

Very few firms make any attempt in their annual reports to inform market participants about the impact of macroeconomic developments on performance. However, the market is not oblivious to this fact, so the firm, as well as financial analysts, need to pay attention. Corporate Decision-Making with Macroeconomic Uncertainty: Performance and Risk Management develops and presents in an easily comprehensible way the essential elements of a corporate strategy for managing uncertainty in the macroeconomic environment. This Macroeconomic Uncertainty Strategy, or MUST, enhances firm value by allowing management and external stakeholders to distinguish between changes in the intrinsic competitiveness of the firm and changes in performance caused by macroeconomic fluctuations. These fluctuations, manifested as changes in exchange rates, interest rates, and inflation rates, are beyond management's control, but they have a substantial impact on performance. The book includes methods to identify the impact of these fluctuations, to develop strategies for macroeconomic risk management, to develop reports to external stakeholders, to evaluate the relative performance of subsidiaries and business units in multinational companies, and to evaluate performance as part of the due diligence process in an M & A context. The authors' use of value-based management, various performance measurements, and the concept of real options makes the book rich and compelling.

The recent financial crisis has stimulated much debate on the governance of financial institutions, as well as research on the effects of governance arrangements on risk-taking, performance and financial institutions more generally. Furthermore, researchers are asking how regulation, legislation, politics and other factors influence the governance of financial institutions and their behavior in different dimensions. The specially commissioned contributions featured in this timely Handbook confront these complex issues. The contributors - top international scholars from finance, law and business - explore the role of governance, both internal and external, in explaining risk-taking and other aspects of the behavior of financial institutions. Additionally, they discuss market and policy features affecting objectives and quality of governance. The chapters provide in-depth analysis of factors such as: ownership, efficiency and stability; market discipline; compensation and performance; social responsibility; and governance in non-bank financial institutions. Only through this kind of rigorous examination can one hope to implement the financial reforms necessary and sufficient to reduce the likelihood and severity of future crises. Bringing the reader to the frontier of research on governance of financial institutions, this volume is sure to inspire future research in scholars and students of financial institutions, governance and banking. Practitioners in financial institutions and public regulatory and supervisory authorities will also find much of value and insight in this book. Contributors: E. Arbak, F. Arnaboldi, R. Ayadi, J.R. Barth, T. Berglund, A.W.A. Boot, D. Brash, B. Casu, Y. Chang, H. Choe, W.P. De Groen, J.K. Dietrich, W. Dolde, R. Galema, S. Gangopadhyay, C. Girardone, P.A. Gompers, Y. Gong, C.A.E. Goodhart, B.E. Gup, J. Hagendorff, I. Hasan, R.J. Herring, A.G.F. Hoepner, J. Houston, J. Itzkowitz, J.D. Knopf, S. Koibuchi, R.M. Lastra, B. Lee, R. Lensink, L. Li, C. Lin, Y. Ma, P. MacKay, M. Marinc, D.G. Mayes, R. Mersland, R. Mohan, P. Molyneux, A. Mullineux, A. Naranjo, A.A. Palvia, A.P. Prabha, H.L. Root, W. Sawangngoenyuang, S.K. Shanthi, C.-H. Shen, F.M. Song, L. Song, K.R. Spong, T. Subhanij, R.J. Sullivan, F. Vallascas, P.J. Wallison, I. Walter, L.J. White, C. Wihlborg, T.D. Willett, J.O.S. Wilson, Y. Xuan, Z. Zhou