ERM: A Total Failure
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ERM has largely failed in the financial services industry as evidenced by the subprime meltdown which exposed banks' weak commitment to ERM. Key reasons for this failure included the lack of a uniform ERM approach, the newness of ERM practices, an inability to properly aggregate risks across businesses, and a lack of qualified risk professionals.
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L e v e r a g e C o n t r o L a n d Q u a n t i t a t i v e
M a n a g e M e n t : t h e a n a L y s i s o f a M p L i f i C a t i o n
e f f e C t o n f i n a n C i a L s y s t e M
Haidong Feng1, Kaspars Viksne2, Andrea Lunardi3
University of Latvia (Latvia)1,2, University of Verona (Italy)3
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Maintaining the stability of financial leverage is a task in macro-economic management and also a challenge to be faced. Financial
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KEYWORDS: Financial System, Leverage Characteristic, Leverage Category Management.
JEL CODE: G10
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Running Head: LITERATURE REVIEW FOE LEHMAN BROTHERS’ BANKRUPTCY PAPER
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LITERATURE REVIEW FOR LEHMAN BROTHERS’ BANKRUPTCY PAPER
Lehman Brothers Bankruptcy
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Risk Management Today
The document discusses the changing scope of risk management. It covers three types of financial risks traditionally not considered in risk management: commodity price risk, interest rate risk, and currency exchange rate risk. It then discusses how some businesses in the 1990s began taking a more holistic view of pure and speculative risks. Finally, it introduces the concept of enterprise risk management, which takes a broader approach than traditional risk management by also considering strategic risks and operational risks in addition to pure risks.
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L e v e r a g e C o n t r o L a n d Q u a n t i t a t i v e
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E-mail: [email protected]zu.edu.cn
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Running Head: LITERATURE REVIEW FOE LEHMAN BROTHERS’ BANKRUPTCY PAPER
2
LITERATURE REVIEW FOR LEHMAN BROTHERS’ BANKRUPTCY PAPER
Lehman Brothers Bankruptcy
Article 1: The Lehman Brothers Effect and Bankruptcy Cascades.
The article talks about the effects of the bankruptcy of the Lehman Brothers and the consequences that it had on the global financial system. Then, it will take effect to develop a simple model that initiates the Lehman failure event is quantified that will have an immediate effect on the worsening of the creditworthiness of all financial institutions in the economic network. This article has proven that the process to bail out of a company that defaults is not always a solution but it will help in mitigating the effects of global impact, and this will be determined by measuring the part of the company that has not defaulted as a result (Sieczka, Sornette & Holyst, 2011). Also, the article describes the existence of phase transitions, which are between the paramagnetic and the ferromagnetic stages to describe the sensitivity of the system to any form of negative impact. The beneficial effect as described in the article is a counterpart of the large vulnerability of the system of coupled firms. I find this article to be very informative of the consequences of the Lehman Brothers bankruptcy, and it also provides crucial information on the possible alleviation of future crises that are related to the one described.
Article 2: Hedge Funds as Liquidity Providers
The article uses the case of Lehman bankruptcy to pass across the information. Hedge funds that were using the Lehman brothers as their prime broker prior to the bankruptcy faced a decline in funding liquidity after the bankruptcy in the year 2008. This is one of the main consequences that can be associated with the bankruptcy. The stocks that were held by the funds connected to Lehman experienced greater declines in the market liquidity in comparison to other stocks after the bankruptcy was declared. The effect of decline was even greater for the ex-ante illiquid stocks, and this seemed to persist into the start of the year 2009. However, no similar effects were noted with the Bear Stearns Failure according to the article, and this is suggestive that the disruption that is associated with bankruptcy can be used in the explanation of liquidity effects. From the article, the conclusion that can be made is that the shocks that funding liquidity of traders usually experience helps in the reduction of the market liquidity of the assets that they trade in. The article is well formulated and it explains the consequence of the Lehman bankruptcy to the hedge funds. The authors have properly explained the situation associated with the hedge funds, making this article to be very helpful.
Article 3: International Shock Transmission after the Lehman Brothers Collapse: Evidence from Syndicated Lendi.
Mercer Capital's Asset Management Industry Newsletter | Q2 2018 | Focus: Weal...
Mercer Capital’s Asset Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Proposed topic of the res an emperical analysis on interest rate risk managem...
Risk is defined as anything that can create hindrances in the way of achievement of certain objectives. It can be because of either internal factors or external factors, depending upon the type of risk that exists within a particular situation. Exposure to that risk can make a situation more critical. A better way to deal with such a situation; is to take certain proactive measures to identify any kind of risk that can result in undesirable outcomes. In simple terms, it can be said that managing a risk in advance is far better than waiting for its occurrence. Risk Management is a measure that is used for identifying, analyzing and then responding to a particular risk. It is a process that is continuous in nature and a helpful tool in decision making process. According to the Higher Education Funding Council for England (HEFCE), Risk Management is not just used for ensuring the reduction of the probability of bad happenings but it also covers the increase in likeliness of occurring good things. A model called “Prospect Theory” states that a person is more likely to take on the risk than to suffer a sure loss.
Managing Risk in Perilous Times- Practical Steps to Accelerate Recovery
The document discusses lessons that can be learned from the financial crisis regarding effective risk management. It argues that risk management needs greater authority, senior executive leadership, and sufficient risk expertise at high levels. It also stresses the importance of combining quantitative risk model outputs with human judgment, paying attention to the quality of data used in models, and using stress testing and scenario planning to prepare for potential risks and events.
Risk Management Today
The document discusses the changing scope of risk management. It covers three types of financial risks traditionally not considered in risk management: commodity price risk, interest rate risk, and currency exchange rate risk. It then discusses how some businesses in the 1990s began taking a more holistic view of pure and speculative risks. Finally, it introduces the concept of enterprise risk management, which takes a broader approach than traditional risk management by also considering strategic risks and operational risks in addition to pure risks.
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1Running Head LITERATURE REVIEW FOE LEHMAN BROTHERS’ BANKRUPTCY.docx
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